Allianz SE ( AL -i-? nts ; Pronunciation German: [ali'ants] Ã, ( listen ) ) is a European financial services company headquartered in Munich, Germany. The core business is insurance and asset management. In 2014, it is the world's largest insurance company, the largest financial services group and largest company by combined measure by Forbes magazine, and the largest financial services company as measured by revenue in 2013. The company is a component of the Euro Stoxx 50 stock market index.
Its asset management division, comprising PIMCO and Allianz Global Investors, has assets totaling EUR1,960 billion (AuM), where EUR1,448 billion is a third party asset (as of 2017-12-31).
Allianz sold Dresdner Bank to Commerzbank in November 2008. As a result of this transaction, Allianz acquired a 14% controlling stake in the new Commerzbank.
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Allianz AG was founded in Berlin on 5 February 1890 by the director of the Munich Reinsurance Company, Carl von Thieme (originally from Erfurt, whose father was director of Thuringia) and Wilhelm von Finck (one of the owners of Merck Finck & Co.) bank). The joint venture was listed on the Berlin trade list under the name Allianz Versicherungs-Aktiengesellschaft. The first Allianz product was the first marine and accident policy to be sold only in Germany, but in 1893 Allianz opened its first international branch office in London. This distributed marine insurance coverage for German clients seeking coverage abroad.
In 1900 the company became the first insurance company to obtain a license to distribute company policies. In 1904, Paul Von Naher took over the sole leadership of the company, when he moved to the US and other markets. The markets that entered in 1914 included the Netherlands, Italy, Belgium, France, Scandinavian countries and the Baltic States, and Allianz has become Germany's largest maritime insurance company. The company suffered an initial disaster in its expansion, when the San Francisco earthquake of 1906 caused the company to maintain 300,000 losses. In 1905 the company acquired Fides Insurance Company, a company that has innovated the first form of home invasion insurance. Other places to be expanded into during the 1910s and 1920s include Palestine, Cyprus, Iraq, China, the Indies, Ceylon, and Siam.
twentieth century development
In 1905 the company began offering fire insurance, and in 1911 began to sell the machinery damage policy. Allianz remained the only company in the world to sell damage insurance machinery until 1924. Then in 1918, the company began offering auto insurance as well. In 1921 Von Naher died and was replaced by Kurt Schmitt. The company will start offering life insurance starting in 1922, becoming Europe's biggest policy giver in the late 1920s.
In 1927 Allianz joined Stuttgarter Verein Versicherung AG and two years later acquired the Favag insurance business, a large German insurer that declared bankruptcy due to the Great Depression. The company's expansion then slowed down to 1938 where it employed more than 24,000 people. Christian Stadler writes on Allianz's history that "shows how important it is to diversify into related fields to protect against the risks of fundamental change in markets and economies."
During World War II, the Berlin headquarters in Allianz were destroyed by Allied bombing. After the end of the war in 1945, Hans HeÃÆ'Ÿ became head of the company, and Allianz moved its headquarters to Munich in 1949 due to a split between East and West Germany. HeÃÆ'Ÿ only held the position until 1948, when he was replaced by Hans Goudefroy. After World War II, global business activities gradually resumed. Allianz opened an office in Paris in 1959, and began buying back shares in its former subsidiaries in Italy and Austria. In 1971 Wolfgang Schieren became head of the company.
This expansion was followed in 1970 by the formation of businesses in England, the Netherlands, Spain, Brazil and the United States. In 1986, Allianz acquired Cornhill Insurance PLC, London, and purchases of shares in Riunione Adriatica in SicuritÃÆ' (RAS), Milan, strengthened its presence in Western and Southern Europe in the 1980s.
In 1990, Allianz started expanding into eight Eastern European countries by establishing a presence in Hungary. In the same decade, Allianz also acquired Fireman's Fund, an insurance company in the United States, followed by the purchase of Assurances GÃÆ'Ã © nÃÆ'Ã… © rales de France (AGF), Paris. The acquisition was followed by expansion into Asia with several joint ventures and acquisitions in China and South Korea and the acquisition of Australian Mutual Insurance Manufacturers. Around this time Allianz expanded its asset management business by buying for example asset management companies in California.
the development of the 21st century
In April 2001, Allianz agreed to acquire 80 percent of Dresdner Bank that has not been owned for US $ 20 billion. As part of the transaction, Allianz agreed to sell its 13.5 percent stake in HypoVereinsbank to Munich Re, and to acquire a 40 percent stake in Munich Re in Allianz Leben. Following the completion of the acquisition, Allianz and Dresdner Bank combine their asset management activities by establishing Allianz Global Investors. In 2002, Michael Diekmann replaced Henning Schulte-Noelle as CEO of Allianz AG. In June 2006, Allianz announced the dismissal of 7,280 employees, about 4 percent of the workforce worldwide at that time, as part of a restructuring program aimed at improving profitability. Reduction consists of 5,000 staff in Allianz and 2,480 insurance operations at Dresdner Bank. That same month, Allianz announced that investment banking operations Dresdner Kleinwort Wasserstein will be renamed to Dresdner Kleinwort only.
In September 2005, Allianz announced that it would transform its parent company into Societas Europaea (SE: Latin: European Company), becoming one of the first major companies to do so. The conversion was made in conjunction with Allianz's acquisition of 100 per cent of the control of a major Italian subsidiary of Riunione Adriatica in SicurtÃÆ' (RAS) of approximately US $ 7 billion. Conversion to SE was completed on October 13, 2006. Allianz Group also simplified its brand strategy from 2006 and their previous symbols were replaced by the current combination. In 2008 the company was the largest insurance company in Europe.
In 2007, he was a founding member of the Hedge Fund Standards Board which set voluntary standards from the best practice standards passed by members.
On August 31, 2008, it was announced that Allianz had agreed to sell 60.2 percent of Dresdner Bank to Commerzbank for EUR9.8 billion (US $ 14.4 billion), with an agreement that Commerzbank would acquire the remainder of Dresdner Bank by the end of 2009. After renegotiation, it was announced in November 2008 that Commerzbank will acquire 100% of Dresdner Bank's previous holdings (January 12, 2009). Selling price is lowered to 5.5 billion Euros. Shortly after the transaction was complete, Commerzbank was partially nationalized by the German government to save him from bankruptcy. Allianz currently holds a 14% stake in Commerzbank.
In August 2015, a consortium led by Allianz acquired the group of German motor service stations Tank & amp for an undisclosed amount believed to be in the region of EUR3.5 billion.
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Operation
Allianz operates in more than 70 countries and has approximately 147,000 employees. The parent company, Allianz SE, is based in Munich, Germany. Allianz has over 85 million customers worldwide and services including property and accident insurance, life and health insurance and asset management. In 2013, this is number 25 on the Forbes 2000 global list.
Australia
Tracing its roots back to 1914, Allianz Australia Insurance Limited operates throughout Australia and New Zealand and through its subsidiaries offers a range of insurance and risk management products and services. Allianz Australia subsidiaries include Club Marine, Allianz Life and Hunter Premium Funding. In 2012, Allianz Australia announced a multi-year agreement with SCG Trust to change the name of the Sydney Football Stadium to Allianz Stadium.
Belgium
Allianz operates through Allianz Belgium, formerly Belgian AGF which has been re-branded to Allianz Belgium in November 2007.
Bulgarian
Allianz Bank Bulgaria is a commercial commercial bank headquartered in Sofia. Founded in 1991. On 13 October 2003 the bank received the name of its main shareholder - Allianz Bulgaria Holding. Before that the bank was named 'Bulgaria Invest' Commercial Bank. Allianz Bank Bulgaria offers its products in over a hundred branches and offices across the country, as well as through the extensive agent network of Allianz Bulgaria Holding. The Bank has full banking license to conduct banking and financial transactions.
Canada
Allianz entered the Canadian market in the early 1990s through the acquisition of several North American insurance companies, the American Firemans Fund and the Canadian Surety. After the exit market, commercial and private line units are sold to ING Canada (Now Intact) market leaders, and Allianz Canada continues operations in Kitchener Ontario. Allianz Canada also joined TIC Travel Insurance in 2014 and has become one of Canada's largest insurance companies as a result.
Colombia
Allianz acquired in 1999 60% of Colombian insurance company Colseguros, 3 years later in 2002 increased its shareholding, becoming the sole owner of this company in Colombia. After nearly 10 years in 2012 and with the change of brand evolution Colseguros died as its official name and the entire Colombian operation was consolidated under the name Allianz.
German
Allianz offers a wide range of general, life, and health insurance products in Germany through its subsidiary Allianz Deutschland AG. It is the market leader in the general and life insurance market. Allianz products are distributed primarily through a network of fully bonded agents. Since September 2010, Allianz products have also been sold through the Commerzbank branches.
Greek
In Greece Allianz began work on December 2, 1985. It was founded the first Company Office in Abelokipoi Athens. Now Allianz has nearly 500 Offices in Greece and many people provide the Company's products.
India
In India Allianz mainly operates through Bajaj Allianz Life Insurance Company & amp; 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 retirement policies.
Indonesia
Allianz started 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 Indonesian life insurance market by opening PT Asuransi Allianz Life Indonesia in 1996.
Italy
Allianz Group in Italy is led by the joint insurance company Allianz SpA and ranks second in terms of written premium and fifth in terms of assets under management as well as fourth for financial advisors.
The parent company of Italy, Allianz SpA, resulted from integration - in October 2007 - from three previous insurance companies: Ras, founded in Trieste in 1838 and based in Milan (part of Allianz Group since 1987), Lloyd Adriatico, founded in 1836 and based in Trieste (part of the Allianz Group since 1995) and Allianz Subalpina, founded in 1928 and based in Turin (formerly a subsidiary of Ras).
Malaysia
Allianz officially started in Malaysia in 2001 when he became the controlling shareholder of Allianz General Insurance Malaysia Berhad ("AGIM"). In 2007, AGIM's general insurance business was transferred to a wholly owned subsidiary, Allianz General Insurance Company (Malaysia) Berhad ("Allianz General"). Upon the completion of the general insurance business transfer, AGIM changed its name to Allianz Malaysia Berhad ("AMB"). AMB is an investment holding company with two wholly owned subsidiaries: Allianz Life Insurance Malaysia Berhad ("Allianz Life") and Allianz General.
Pakistan
In Pakistan Allianz mainly operates through EFU Allianz Health Insurance Company Limited, a joint venture between Allianz and Eastern Federal Union.
Slovakia
Allianz started life and Property & amp; Operation Casualty (P & amp; C) in Slovakia in 1993. In 2001 Allianz AG bought majority ownership in a state-owned SlovenskÃÆ'¡ pois company? Ov? A (SP, Slovak Insurance Company). After purchase, SP has a market share of more than 50%. After the purchase of local Allianz operations combined with SP created the new company AllianzÃ, - SlovenskÃÆ'¡ pois? Ov? A.
United Kingdom
Allianz acquired British insurance company Cornhill Insurance plc in 1986, later renamed Allianz Cornhill Insurance plc. This then became Allianz Insurance plc in April 2000. Allianz Insurance plc has Petplan UK, a UK pet insurance provider. The company also has a high-value Home and Legacy insurance broker purchased in 2006. Their IT catcher unit in India, ACIS is located in Technopark, Trivandrum in Kerala. Allianz previously owned Kleinwort Benson, which was inherited when it acquired Dresdner Bank. The investment bank then joined the Dresdner Bank corporate bank and renamed Dresdner Kleinwort.
United States
Allianz is present in the United States, including Allianz Life Insurance Company in North America and Allianz Global Corporate & amp; Privileges (which incorporate Fire Funds). Allianz Life Insurance Company of North America has been ranked the 100 best companies to work by Fortune Magazine. Allianz's investment arm, including two asset managers, Pacific Investment Management Company, commonly called PIMCO, and Allianz Global Investors, also referred to as AllianzGI or AGI.
Senior management
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Sponsors
Allianz gives the naming rights to Allianz Arena, a football stadium north of Munich, Germany. Two professional football clubs Munich Bayern Munich have played their home game at the Allianz Arena since the start of the 2005-06 season. TSV 1860 MÃÆ'¼nchen has played their home game at the Allianz Arena until the 2016-17 season. Other stadiums linked to Allianz include the Allianz Parque football stadium in Sao Paulo, Brazil, the Allianz Riviera football stadium in Nice, France, Allianz Park rugby stadium in London, England, the Allianz Stadium football stadium in Turin, Italy, the Allianz Stadium stadium football in Vienna, Austria, Allianz Stadium in the Moor Park, Australia, and Allianz Field football stadium under construction in Saint Paul, Minnesota.
Allianz has negotiated with the New York Jets and Giants to buy the naming rights to New Meadowlands Stadium (now known as MetLife Stadium) in East Rutherford, New Jersey, but the talks ended because of opposition from Jewish groups and survivors of the Holocaust.
Allianz has Polish football team Gornik Zabrze but sold his stake in the club in April 2011. Allianz has been involved in Formula One since 2000, first as a sponsor of Team F1 AT & amp; T Williams, and since 2011 as a sponsor of Team Mercedes GP Petronas. In 2009, Allianz signed an agreement to become a Global Partner of St. Andrews Links Trust. In early 2012, Allianz signed an agreement with Sydney Cricket & amp; The Sports Ground Trust that oversees the Sydney Football Stadium is named Allianz Stadium. 2012 also saw Allianz partner with Saracen to sponsor their top shirts as well as secure a £ 8 million deal for naming rights to their new Barnet Copthall home to be called Allianz Park.
The company has also become another sports sponsor, including British Open (golf), Allianz Open de Lyon (golf), Allianz Championship (golf), Allianz Golf Open du Grand Toulouse (golf), Allianz Suisse Open Gstaad (tennis), Allianz Cup (tennis), Allianz Championship (golf), La Liga (football), Premier League (football) and FINA Swimming World Cup (swimming) events.
In Ireland, the national Gaelic Football League is officially named the Allianz National Football League.
Nazi-era activity and litigation
In 1993 Henning Schulte-Noelle commissioned a new Archive for Company History, becoming the first CEO of Allianz to handle the company's activities during the Third Reich. In 1997 Schulte-Noelle asked Gerald Feldman, a historian from the University of California-Berkeley, if he would undertake a larger research project about Allianz's past involvement with the Third Reich. After the research began, Jews who survived World War II and their descendants took Allianz and other European insurance companies to court, accusing them of having unpaid insurance policies. Allianz and four other insurance companies support the establishment of the "International Commission on Claim for Era Holokaus Insurance" (ICHEIC).
Furthermore, Allianz became a founding member of the German Foundation "Remembrance, Responsibility and Future". Feldman published the comprehensive results of his research in September 2001. Based on these results Allianz established exhibitions in the Archives for Company History and on the Internet. The study concludes that Allianz, as an organization and through its corporate officers, voluntarily partnered with the Nazi Regime and the Third Reich, beginning as early as the 1930s and continuing through the collapse of the Third Reich.
Feldman summarizes his findings stating: "That is just one more part of the business in the Third Reich, but it shows that the pieces on a large scale make contact at some point with all that is represented by the name 'Auschwitz' - from forced labor to annihilation - almost inevitable. "They were recorded in a book published by Cambridge University Press.
See also
- European Financial Services Roundtable
- The Geneva Association
References
External links
- Official website
- Documents and clippings about Allianz in the 20th Century Press Archive from the German National Economic Library (ZBW).
Source of the article : Wikipedia
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