Allianz Australia has welcomed the decision by the Australian Prudential Regulatory Authority (APRA) to remove the $150 million Remaining Supervisory Adjustment from the calculation of Allianz’s Prudential Capital Requirement.
As part of the Court Enforceable Undertaking (CEU) delivered by Allianz to APRA on 9 March 2021, Allianz implemented Transformation Programs to further strengthen its governance, culture and risk management practises. APRA’s decision acknowledges the successful completion of these Transformation Programs, which has been verified by Independent Reviewer reports, in accordance with Allianz’s undertakings.
Allianz Managing Director, Richard Feledy said, “Allianz has implemented a significant program of work to further strengthen our culture, governance, and risk and compliance frameworks. I am immensely proud of the dedication and commitment of the whole Allianz team in bringing about this uplift, and I am confident this will not only be sustained, but continuously enhanced going forward.
Allianz’s investment in uplifting our risk governance and culture will be a key enabler for the creativity and entrepreneurship that will help underpin our continued strong customer focus and growth as we navigate the challenging and ever changing business and economic environment in which we operate.”