31 May 2006
Allianz Australia has been granted a licence to sell life insurance products nationally. The company will begin selling life products on 1 June 2006 under a new entity, Allianz Australia Life Insurance Limited.
Initially, Allianz Life will pursue life insurance opportunities arising from existing distribution relationships and offering products such as Consumer Credit, Lifestyle Protection and Term Life. The Term Life product will also be available direct to consumers.
"Our distribution partners, who include some of Australia's largest financial institutions and motor dealer groups, are keen for us to broaden our product offering to meet the needs of their customers. As we gain experience and scale we will review other market opportunities, " said Nicholas Scofield, Allianz General Manager Corporate Affairs.
"The decision clearly underlines Allianz's commitment to Australia and the insurance market," he said.
Allianz Life will underwrite the life component of Allianz Australia’s existing Consumer Credit Insurance and Lifestyle Protection Plan products, where this does not conflict with existing commercial arrangements.
Products will be underwritten, locally, by Allianz Life. The company anticipates their products will be available via over 900 partner outlets nationally over the coming months.
"The move into life insurance supports Allianz Australia’s strategy of sustainable growth in market segments where we have strong distribution capabilities," said Mr. Scofield.
Allianz Life will have the benefit of leveraging business systems, IT and expertise of its parent, Allianz Australia and the worldwide Allianz Group, without needing to create any substantial new infrastructure.
"Globally, Allianz is a market leader in life insurance and we are keen to bring this expertise to Australian consumers," Mr. Scofield said.
Allianz Australia is one of the country's largest general insurers and a leading private workers compensation insurer. The company is a wholly owned subsidiary of the worldwide Allianz Group. Allianz Australia provides some form of insurance cover to over 2 million policyholders and a range of Australia’s top 50 companies. In 2005, the company had a combined premium income of $2.4 billion and investment assets of approximately $5.3 billion. It has approximately 3000 staff and operates in Australia and New Zealand.
Media Enquiries: Allianz Australia Limited
Nicholas Scofield, (02) 9390 6596, firstname.lastname@example.org
Allianz Australia offers a wide range of insurance products and services including car insurance, home insurance and Life insurance.