Allianz - Wikipedia, The Free Encyclopedia

7/28/2019 Allianz - Wikipedia, The Free Encyclopedia

1/7

Type Societas Europaea

Traded as FWB: ALV (http://www.boerse-

frankfurt.de/en/equities/search

/result?name_isin_wkn=ALV)

Industry Financial services

Founded 1891 (Berlin)

Headquarters Munich, Germany

Area served Worldwide

Key people Michael Diekmann (CEO)

Henning Schulte-Noelle (Chairman of

the supervisory board)

Paul Achleitner(CFO)

Products Insurance, banking, asset

management

Revenue 106.451 billion (2010)[1]

Operating

income

8.243 billion (2010)[1]

Profit 5.053 billion (2010)[1]

Total assets 624.95 billion (end 2010)[1]

Total equity 46.56 billion (end 2010)[1]

Employees 151,340 (end 2010)[1]

Subsidiaries Allianz France

Allianz Global Investors

Allianz Life

Fireman's FundMondial

PIMCO

Website www.allianz.com

(http://www.allianz.com/)

Allianz SE

From Wikipedia, the free encyclopedia

Allianz SE[2] is a German multinational financial services

company headquartered in Munich, Germany. Its core

business and focus is insurance. As of 2010, it was the world's

12th-largest financial services group and 23rd-largest

company according to a composite measure by Forbes

magazine.[3]

Its Allianz Global Investors division ranks as a top-five global

active investment manager, having 1,443 billion of assets

under management (AuM), of which 1,131 billion are

third-party assets (as of 2010-09-30), with specialized asset

managers including PIMCO (Bonds), RCM (Equities) and

Degi (Real estate).

Allianz sold Dresdner Bank to Commerzbank in November2008.

[4]As a result of this merger, Allianz gained a 14%

controlling stake in the new Commerzbank.

1 History

1.1 20th century1.2 21st century

2 Operations2.1 Australia2.2 Belgium2.3 Bulgaria

2.4 Canada2.5 Germany2.6 India2.7 Indonesia2.8 Pakistan2.9 Slovakia

2.10 United Kingdom

2.11 United States3 Senior management4 Sponsorships5 Controversies6 See also

7 References8 External links

Coordinates: 480916N 113520E

nz - Wikipedia, the free encyclopedia http://en.wikipedia.org/wik

3/17/2013


2/7

The original Allianz logo, designed

in 1923 by Karl Schulpig.

The Allianz building in

Alt-Treptow, Berlin, Germany

Allianz AG was founded in Berlin on 5 February 1890 by Carl von Thieme (a native of Erfurt, whose father was

the director of Thuringia) and Wilhelm von Finck (co-owner of the Merck Finck & Co bank). The first step to

become an international company started with the opening of a branch office in London in the late 19th century.

20th century

Allianz shifted its headquarters to Munich in 1949. After World War II,

global business activities were gradually resumed. Allianz opened an office

in Paris in the late 1950s, and a management office for Italy in the 1960s.

These expansions were followed in the 1970s by the establishment of

business in the United Kingdom, the Netherlands, Spain, Brazil and the

United States. In 1986, Allianz acquired Cornhill Insurance PLC, London,

and the purchase of a stake in Riunione Adriatica di Sicurit (RAS), Milan,

strengthened its presence in Western and Southern Europe in the 1980s.

In 1990, Allianz started an expansion into eight Eastern European countries

with establishing a presence in Hungary. In the same decade, Allianz alsoacquired Firemans Fund, an insurer in the United States, which was

followed by the purchase of Assurances Gnrales de France (AGF), Paris.

These acquisitions were followed by the expansion into Asia with several

oint ventures and acquisitions in China and South Korea and the acquisition

of Australia's Manufacturers Mutual Insurance. Around this time Allianz expanded its asset management

business as well by purchasing for example asset management companies in California.

21st century

In April 2001, Allianz agreed to acquire the 80 per cent of Dresdner Bankthat it did not already own for US$20 billion.[5] As part of the transaction,

Allianz agreed to sell its 13.5 per cent stake in HypoVereinsbank to Munich

Re, and to acquire Munich Re's 40 per cent stake in Allianz Leben.[5]

Following completion of the acquisition, Allianz and Dresdner Bank

combined their asset management activities by forming Allianz Global

Investors. In 2002, Michael Diekmann succeeded Henning Schulte-Noelle

as CEO of Allianz AG. In June 2006, Allianz announced the layoff of 7,280

employees, about 4 percent of its worldwide work force at the time, as part

of a restructuring program aimed at raising profitability.[6] The reductions

comprised 5,000 staff at Allianz insurance operations and 2,480 at DresdnerBank.[6] In the same month, Allianz announced that its Dresdner Kleinwort

Wasserstein investment banking operation would be renamed as simply

Dresdner Kleinwort.[6]

In September 2005, Allianz announced that it would convert its holding

company into a European Company (Societas Europaea), becoming one of

the first major companies to do so.[7]

The conversion was made in

conjunction with Allianz's acquisition of 100 per cent control of its principal Italian subsidiary Riunione

Adriatica di Sicurt (RAS) for around US$7 billion.[7] The conversion to an SE was completed on 13 October


3/17/2013


3/7

Countries in which Allianz currently has operations.

2006.[7] The Allianz Group also simplified its brand strategy from 2006 and their previous emblem was replaced

by the current word-picture brand.[8]

On 31 August 2008, it was announced that Allianz had agreed to sell 60.2 per cent of Dresdner Bank to

Commerzbank for 9.8 billion (US$14.4 billion), with an agreement that Commerzbank would acquire the

remainder of Dresdner Bank by the end of 2009.[9]

After renegotiations, it was announced in November 2008

that Commerzbank would acquire the 100% ownership of Dresdner Bank earlier (12 January 2009). The sale

price was lowered to 5.5 billion Euro. Shortly after the transaction completed, Commerzbank was partiallynationalized by the German government to save it from bankruptcy. Allianz currently retains a stake of around

14% in Commerzbank.

Allianz has operations in over 70 countries and has around 180,000 employees. The parent company, Allianz

SE, is headquartered in Munich, Germany. Allianz has more than 76 million customers worldwide and its

services include property and casualty insurance, life and health insurance and asset management.

Australia

Allianz Australia Insurance Limited[10] operates throughout Australia and New Zealand and through its

subsidiaries offers a range of insurance and risk management products and services. Subsidiaries of Allianz

Australia include Club Marine, Allianz Life and Hunter Premium Funding.

Belgium

Allianz operates through Allianz Belgium, previously AGF Belgium which has been re-branded to Allianz

Belgium on 29 November 2007.

Bulgaria

Allianz Bank Bulgaria[11] is a universal commercial bank having its headquarters in Sofia. It was established in

1997. On October 13, 2003 the bank received the name of its principal shareholder Allianz Bulgaria Holding.

Before that the bank was named Bulgaria Invest Commercial Bank. Allianz Bank Bulgaria offers its products

in more than hundred branches and offices all over the country, as well as through the broad agents network of

Allianz Bulgaria Holding.

The bank possesses a full banking license for carrying out banking and financial transactions.


3/17/2013


4/7

Canada

Allianz put a sudden halt to its Canadian P&C operation Allianz Canada (market share 2%) in 2004 after several

years of unfavorable business results. Allianz originally entered the Canadian market in the early 1990s through

an acquisition of several North American insurers, namely the American Firemans Fund and the Canadian

Surety. Upon the market exit the personal and commercial lines unit was sold off to the market leader ING

Canada (Now Intact), whereas its industrial underwriting branch was bought by Allianz US, which has retained

the Toronto office.

Germany

Allianz offers a wide range of general, life and health insurance products in Germany through its Allianz

Deutschland AG subsidiary.[1] It is the market leader in both the general and life insurance markets.[1]

Allianz products are distributed principally through a network of full-time tied agents.[1] Since September 2010

Allianz products have also been sold through Commerzbank branches.[1]

India

In India Allianz primarily operates through Bajaj Allianz General Insurance Company Limited, a joint venture

between Allianz and Bajaj Finserv Limited.

Bajaj Allianz has around 1,200 branches across India and offers services including unit-linked, traditional,

health, child and pension policies.

Indonesia

Allianz started its operations in Indonesia with a representative office in 1981. In 1989, Allianz established PT

Asuransi Allianz Utama Indonesia, a general insurance company. Furthermore, Allianz entered the Indonesianlife insurance market by opening PT Asuransi Allianz Life Indonesia in 1996.

Pakistan

In Pakistan Allianz primarily operates through EFU Allianz Health Insurance Company Limited, a joint venture

between Allianz and Eastern Fedral Union.

Slovakia

Allianz started its life and Property & Casualty (P&C) operation in Slovakia in 1993 but the local subsidiary was

never able to achieve a relevant market share. In 2001 Allianz AG bought the majority ownership in then

state-owned Slovensk poisova (SP, Slovak Insurance Company), at the time suffering from political

mismanagement, asset-stripping and deep under-reserving. SP however held a market share of well over 50%,

which had made it an attractive privatization target, where Allianz had to compete with such insurers as AXA or

Aegon. Upon the purchase the local Allianz operation was merged with SP creating a new company Allianz -

Slovensk poisova. Its combined market share (life and P&C) presently stands at just below 40% (about 50%

in P&C business), still making it by far the market leader.

United Kingdom


3/17/2013


5/7

Allianz - Slovensk

poisova

headquarters,

Bratislava

The Allianz Arena in Munich, Germany.

Allianz owns British insurance company Cornhill Insurance plc, subsequently renamed

Allianz Cornhill Insurance plc. This then simply became Allianz Insurance plc on 30

April 2007 to directly reflect its continental parentage. It also owns the high-net-worth

insurance broker Home and Legacy. Their IT captive unit in India Allianz Cornhill IT

Services plc is located at Technopark, Trivandrum in Kerala.

Allianz previously owned Kleinwort Benson, which it inherited when it acquired

Dresdner Bank. The investment bank has subsequently been merged with the corporate

bank of Dresdner Bank and rebranded as Dresdner Kleinwort.

United States

Allianz has a growing prevalence within the United States, notably Allianz Life

Insurance Company of North America and Allianz Global Corporate & Specialty and

Fireman's Fund. Allianz Life Insurance Company of North America employs close to

2,000 employees. Allianz's investment arm, Allianz Global Investors (AGI), owns

Pacific Investment Management Company, commonly called PIMCO on the fixed income side as well as RCM

Capital Management and NFJ on the equities side.

CEOs to date:

2003 Present : Michael Diekmann

1991 2003: Henning Schulte-Noelle

Allianz provided naming rights for theAllianz Arena, a football stadium in the

north of Munich, Germany. The two

professional Munich football clubs Bayern

Munich and TSV 1860 Mnchen have

played their home games at Allianz Arena

since the start of the 200506 season. Both

clubs had previously played their home

games at the Munich Olympic Stadium;

Bayern Munich since 1972 and 1860

Mnchen since the 1990s.

Allianz owned the Polish football team Gornik Zabrze but sold its shares in the club in April 2011.

Allianz had been in negotiations with the New York Jets and the Giants to buy naming rights to the New

Meadowlands Stadium (now known as MetLife Stadium) in East Rutherford, NJ, but those talks ended due to

opposition from Jewish groups and Holocaust survivors.[12]

Allianz has been involved in Formula One since 2000, firstly as a sponsor of the AT&T WilliamsF1 Team, and

since 2011 as a sponsor of the Mercedes GP Petronas team (http://drivesafely.allianz.com/en/f1-season-

2012/mercedes-amg-petronas.html) .


3/17/2013


6/7

In early 2009, Allianz signed an agreement to become the Global Partner of the St. Andrews Links Trust.

In early 2012, Allianz entered an agreement with the Sydney Cricket & Sports Ground Trust which oversaw the

Sydney Football Stadium being renamed Allianz Stadium.[13]

As part of the deal, some of the seats were

replaced to read Allianz as well as the future installation of external dramatic lighting.

2012 also saw Allianz partner up with Saracens to be their main shirt sponsor as well as securing an 8m deal for

naming rights to their new Barnet Copthall home to be called Allianz Park.

In 1993 Henning Schulte-Noelle commissioned a new Archive for Corporate History, becoming the first Allianz

CEO to address the company's activities during the Third Reich. The Archive opened in 1996. In 1997 Schulte-

Noelle asked Gerald Feldman, historian from the University of California-Berkeley, if he would undertake a

larger research project on Allianz's past involvement with the Third Reich. Feldman started the research in 1998

with a team of young historians. A few months later, Jewish World War II survivors and their descendants took

Allianz and other European insurance companies to court, accusing them of unpaid insurance policies. Allianz

and four other insurers supported the creation of the "International Commission on Holocaust Era Insurance

Claims" (ICHEIC). Furthermore, Allianz became a founding member of the German Foundation"Remembrance, Responsibility and Future". Both organizations took care of payments for the victims. Feldman

published the comprehensive results of his research in September 2001. Based on these results Allianz

established an exhibition in the Archive for Corporate History and on the Internet.

The research concluded that Allianz, as an organization and through its corporate officers, was forced to comply

with the Nazi Regime and the Third Reich, starting as early as the early 1930s and continuing all the way

through to the collapse of the Third Reich.

Among the more notable examples:

Allianz managers held senior positions in the administration of national socialist Germany. Kurt Schmitt, directorgeneral of Allianz until 1933, was Hitlers Reich Economics Minister from June 1933 until January 1935. He

became a member of both the Nazi Party and the SS in 1933, rising to the rank of Brigadefhrer, which is a

one-star general in the SS. Eduard Hilgard, member of the board of Allianz, became head of the "Reich Group

for Insurance" in 1934. He represented the insurance industry in a conference summoned by Hermann Gring

after the November Pogrom of 1938. Hilgard reported on the material damages caused during the Kristallnacht

Pogrom and the estimated amounts of money insurance companies had to cover.

Feldman summarized his findings stating: "It was just one more piece of business in the Third Reich, but it

demonstrated that such pieces on any large scale made contact at some point with all that is represented by the

name Auschwitz from slave labor to extermination virtually inescapable.[14]

European Financial Services Roundtable

The Geneva Association


3/17/2013


7/7

^ abcdefg ij "Annual Report 2010" (https://www.allianz.com/static-resources/en/investor_relations

/reports_and_financial_data/annual_report/ar2010/v_1301386895000/ar2010_group.pdf) (PDF). Allianz.

https://www.allianz.com/static-resources/en/investor_relations/reports_and_financial_data/annual_report/ar2010

/v_1301386895000/ar2010_group.pdf. Retrieved 22 April 2011.

1.

^ Allianz note to shareholders confirming conversion to SE (http://www.allianz.com/azcom/dp/cda

/0,,1266136-44,00.html)

2.

^ "The Global 2000: 1100" (http://www.forbes.com/lists/2010/18/global-2000-10_The-Global-2000_Rank.html) .

Forbes. 21 April 2010. http://www.forbes.com/lists/2010/18/global-2000-10_The-Global-2000_Rank.html.

Retrieved 9 May 2011.

3.

^ AFX-News: Allianz jumps after Dresdner deal sealed (http://www.finanznachrichten.de/nachrichten-2008-11

/12497703-glance-stocks-news-europe-allianz-jumps-after-dresdner-deal-sealed-020.htm)

4.

^ ab "Allianz Says It Will Acquire Dresdner Bank for $20 Billion" (http://www.nytimes.com/2001/04/02/business

/allianz-says-it-will-acquire-dresdner-bank-for-20-billion.html) . The New York Times. 2 April 2001.

http://www.nytimes.com/2001/04/02/business/allianz-says-it-will-acquire-dresdner-bank-for-20-billion.html.

Retrieved 28 May 2012.

5.

^ abc "Allianz to Lay Off 7,280 in Germany" (http://www.nytimes.com/2006/06/22/business/22cnd-allianz.html) .

The New York Times. 22 June 2006. http://www.nytimes.com/2006/06/22/business/22cnd-allianz.html. Retrieved

28 May 2012.

6.

^ abc "Allianz Plans Buy Out of AGF Minority Shares; German Life Minorities" (http://www.insurancejournal.com

/news/international/2007/01/18/75994.htm) . Insurance Journal. 18 January 2007. http://www.insurancejournal.com

/news/international/2007/01/18/75994.htm. Retrieved 28 May 2012.

7.

^ "Allianz Logo: Design and History" (http://www.famouslogos.us/allianz-logo/) . Famouslogos.us.

http://www.famouslogos.us/allianz-logo/. Retrieved 2011-07-29.

8.

^ "Commerzbank paying Allianz 9.8 billion for Dresdner Bank" (http://www.nytimes.com/2008/08/31/business

/worldbusiness/31iht-31bank.15776908.html) . The New York Times. 31 August 2008. http://www.nytimes.com

/2008/08/31/business/worldbusiness/31iht-31bank.15776908.html. Retrieved 28 May 2012.

9.

^ http://www.allianz.com.au/10.

^ http://bank.allianz.bg/11.

^ "Jets-Giants end naming rights talk with Allianz - NFL - SI.com" (http://sportsillustrated.cnn.com/2008/football

/nfl/09/12/giants.jets.ap/index.html) . http://sportsillustrated.cnn.com/2008/football/nfl/09/12/giants.jets.ap

/index.html. Retrieved 2008-09-12.

12.

^ http://www.allianz.com.au/news/2012/sydney-football-stadium-renamed-allianz-stadium13. ^ Gerald D. Feldman: "Allianz and the German Insurance Business, 1933-1945", Cambridge University Press, 200114.

Official website (http://www.allianz.com/)Allianz Reiseversicherung (http://www.allianz-reiseversicherung.de/)

Retrieved from "http://en.wikipedia.org/w/index.php?title=Allianz&oldid=542997254"

Categories: Banks of Germany Insurance companies of Germany Companies based in Munich

German brands Mutual fund families Companies formerly listed on the New York Stock Exchange

Investment management companies of Germany

This page was last modified on 9 March 2013 at 09:10.

Text is available under the Creative Commons Attribution-ShareAlike License; additional terms mayapply. See Terms of Use for details.Wikipedia is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.


Allianz - Wikipedia, The Free Encyclopedia

Documents

Transcript of Allianz - Wikipedia, The Free Encyclopedia