Allianz Australia to sell life insurance

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. ‎

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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,‎

Allianz Australia offers a wide range of insurance products and services including car insurance, home insurance and Life insurance.