In the third quarter of 2023, German insuranc giant Allianz achieved a significant increase in its business volume, reporting a 4.5 percent rise to 36.5 billion euros. However, the company faced a 14.6 percent decrease in operating profit, amounting to 3.5 billion euros. This decline was largely attributed to the Property-Casualty business segment, which experienced […]
Allianz SE has officially declared the sale of its substantial 49% stake in the well-established CPIC Fund Management Co., Ltd. This significant transaction will see Guotai Junan Securities Co., Ltd., a major player in the securities sector, acquiring the stake. The move is awaiting the green light from the CSRC (China Securities Regulatory Commission) and […]
In a pivotal move underscoring its commitment to the Italian market, Allianz S.p.A. announced the acquisition of Tua Assicurazioni S.p.A. from insurance giant Generali for a cash deal of €280 million. This transaction, steeped in strategic significance, mirrors Generali’s “Lifetime Partner 24: Driving Growth” strategy in Italy, aimed at fostering profitable growth and enhancing operational […]
In the latest financial update, Allianz, the German multinational financial services powerhouse, reported a 7.1% surge in its operating profit, amounting to 3.8 billion euros for the second quarter of 2023. A deeper dive into the data reveals substantial growth across various business segments. Key 2Q 2023 Financial Highlights: A notable 5.9% rise in total […]
Allianz SE has offered to acquire European Reliance General Insurance Company, a Greek insurer, for a sum of around €207 million. The German insurance giant is offering a price of €7.8 per share to the shareholders of European Reliance General Insurance. Allianz has signed share purchase agreements (SPAs) to first acquire a stake of 72% […]
Aviva, a UK-based multinational insurance company, has agreed to divest its Polish business – Aviva Poland to German insurance company Allianz for €2.5 billion in an all-cash deal. The British insurer said that it will now concentrate on its strongest businesses in the UK, Ireland, and Canada where it claims to have top positions in […]
Allianz (China) Insurance (AZCH) will take full ownership in Allianz China Life Insurance by acquiring the 49% stake which it previously did not own from joint venture partner CITIC Trust. The deal is subject to receipt of local regulatory approval. Allianz (China) Insurance is a fully-owned insurance holding company of German insurance group Allianz Group. […]
German insurance giant Allianz Group and Spanish telecommunications company Telefónica Group agreed to create a 50:50 joint venture (JV) for deploying fiber-to-the-home (FTTH) in Germany with an investment of up to €5 billion. The new FTTH company plans to install more than two million Homes Passed in rural and semi-rural areas region by creating a […]
German insurance giant Allianz has closed its BRL 3.2 billion (€500 million) acquisition of the automobile and other property and casualty (P&C) business from Brazilian insurance company SulAmérica Auto e Massificados. The deal, which was signed in 2019, will help in enlarging the service offering for customers and expands Allianz’ geographical presence in Brazil. (Read […]
Allianz, a German multinational financial services company, has entered into an agreement with Brazilian insurance company SulAmérica to acquire the latter’s automobile and other property-casualty operations for €667 million. Through the acquisition, Allianz will grow its geographical presence in Brazil, becoming one of the top three insurers with a market share of around 15% in […]