Allianz

Allianz SE, commonly known as Allianz, is a global financial services company that specializes in providing a wide range of insurance, asset management, and banking products and services. With its headquarters in Munich, Germany, Allianz operates through a network of subsidiaries and affiliates across the world.

The company's core operations are divided into several segments. The Property-Casualty segment offers a comprehensive portfolio of insurance products, catering to both private individuals and corporate clients. These products include motor liability and own damage insurance, accident insurance, general liability insurance, fire and property insurance, legal expense insurance, credit insurance, and travel insurance.

Allianz's Life/Health segment focuses on providing life and health insurance solutions to individuals and groups. The offerings in this segment encompass a wide range of products, such as annuities, endowment and term insurance, unit-linked and investment-oriented insurance, as well as private and supplemental health insurance and long-term care insurance.

The company's Asset Management segment specializes in managing investments for institutional and retail clients. Allianz offers a diverse range of asset management products and services, including equity and fixed-income funds, multi-asset, and alternative investment products like infrastructure debt/equity, real assets, liquid alternatives, and customized solutions.

In addition to its primary business segments, Allianz also operates a Corporate and Other segment. This segment provides banking services to retail clients and offers digital investment services to cater to the evolving needs of its customers.

Allianz has a rich history that dates back to its establishment in 1890. Over the years, it has grown into one of the world's largest and most respected insurance and financial services companies. The company's global presence, extensive product portfolio, and strong financial stability have earned it a reputation for reliability and excellence in the industry.

With a commitment to innovation and customer-centricity, Allianz continues to adapt and expand its offerings to meet the evolving needs of individuals, businesses, and institutions worldwide. It strives to provide comprehensive risk management solutions, long-term financial protection, and investment opportunities that help its customers achieve their goals and secure their future.

Foundation

Allianz AG was founded in Berlin on 5 February 1890 by the then-director of the Munich Reinsurance Company Carl von Thieme and Wilhelm von Finck. The joint company was listed in Berlin's trade register under the name Allianz Versicherungs-Aktiengesellschaft. The first Allianz products were marine and accident policies first sold only in Germany, however in 1893 Allianz opened its first international branch office in London. It distributed marine insurance coverage to German clientele looking for coverage abroad. In 1900 the company became the first insurer to obtain a license to distribute corporate policies. 

In 1904, Paul Von Naher took over the sole leadership of the company, as it moved into the US and other markets. Markets entered by 1914 included the Netherlands, Italy, Belgium, France, the Scandinavian countries and the Baltic States, and Allianz had become the largest maritime insurer in Germany. The company suffered an early disaster in expansion when the 1906 San Francisco earthquake caused the company to sustain 300,000 marks in losses. 

In 1905 the company acquired "Fides Insurance Company", a firm that had innovated the first form of home invasion insurance. Other places it would expand into during the 1910s and 1920s included Palestine, Cyprus, Iraq, China, the Dutch Indies, Ceylon, and Siam.

20th-century developments

In 1905 the company began to offer fire insurance, and in 1911 it began to sell machinery breakdown policies. Allianz remained the only company in the world that sold machine breakdown insurance until 1924. In 1918 it began to offer automobile insurance as well. In 1921 Von Naher died and was succeeded by Kurt Schmitt. The company would begin to offer life insurance as of 1922, becoming Europe's largest offerer of the policies by the end of the 1920s.

In 1927 Allianz merged with Stuttgarter Verein Versicherung AG and two years later acquired the insurance businesses of Favag, a large German insurer that declared bankruptcy due to the onset of the Great Depression. Expansion of the company then slowed until 1938 at which point it employed more than 24,000 people. Christian Stadler wrote of the history of Allianz that it "shows how important it is to diversify into related areas to hedge against the risk of fundamental changes in markets and economies".Allianz was a major supporter of the Nazi movement, Hitler's first cabinet included the head of Allianz as a cabinet member. 

On June 30, 1933, Kurt Schmitt, Allianz Director-General, was appointed Economics Minister for the Third Reich under Adolf Hitler. During World War II the Berlin headquarters of Allianz were destroyed by Allied bombing runs. Following the end of the war in 1945, Hans Heß became head of the company, and Allianz shifted its headquarters to Munich in 1949 due to the split between East and West Germany. Heß only held the position until 1948, when he was replaced by Hans Goudefroy. After World War II, global business activities were gradually resumed. Allianz opened an office in Paris in 1959 and started repurchasing stakes in former subsidiaries in Italy and Austria. In 1971 Wolfgang Schieren became the head of the company.

These expansions were followed in the 1970s by the establishment of business in the United Kingdom, the Netherlands, Spain, Brazil and the United States. In 1986, Allianz acquired Cornhill Insurance PLC, London, and the purchase of a stake in Riunione Adriatica di Sicurità, Milan, strengthened its presence in Western and Southern Europe in the 1980s.

In 1990, Allianz started an expansion into eight Eastern European countries by establishing a presence in Hungary. In the same decade, Allianz also acquired Fireman's Fund, an insurer in the United States, which was followed by the purchase of Assurances Générales de France, Paris. These acquisitions were followed by the expansion into Asia with several joint ventures and acquisitions in China and South Korea and the acquisition of Australia's Manufacturers Mutual Insurance. Around this time Allianz expanded its asset management business as well by purchasing for example asset management companies in California. In 1999, Allianz purchased investment management firm PIMCO.

21st-century developments

In April 2001, Allianz agreed to acquire 80 percent of Dresdner Bank which it did not already own for US$20 billion. As part of the transaction, Allianz agreed to sell its 13.5 per cent stake in HypoVereinsbank to Munich Re and to acquire Munich Re's 40 per cent stake in Allianz Leben. Following the completion of the acquisition, Allianz and Dresdner Bank combined their asset management activities by forming Allianz Global Investors. In 2002, Michael Diekmann succeeded Henning Schulte-Noelle as CEO of Allianz AG. In June 2006, Allianz announced the layoff of 7,280 employees, about 4 percent of its worldwide workforce at the time, as part of a restructuring program aimed at raising profitability. The reductions comprised 5,000 staff at Allianz insurance operations and 2,480 at Dresdner Bank. In the same month, Allianz announced that its Dresdner Kleinwort Wasserstein investment banking operation would be renamed as simply Dresdner Kleinwort. 

In September 2005, Allianz announced that it would convert its holding company into a Societas Europaea, becoming one of the first major companies to do so. The conversion was made in conjunction with Allianz's acquisition of 100 per cent control of its principal Italian subsidiary Riunione Adriatica di Sicurtà for around US$7 billion. The conversion to an SE was completed on 13 October 2006. The Allianz Group also simplified its brand strategy in 2006 and its previous emblem was replaced by the current combination mark. By 2008 the company was Europe's largest insurer. In 2007 it was a founder member of the Hedge Fund Standards Board which sets a voluntary code of standards of best practice endorsed by its members. On 31 August 2008, it was announced that Allianz had agreed to sell 60.2 per cent of Dresdner Bank to Commerzbank for €9.8 billion, with an agreement that Commerzbank would acquire the remainder of Dresdner Bank by the end of 2009. 

After renegotiations, it was announced in November 2008 that Commerzbank would acquire 100% ownership of Dresdner Bank earlier. The sale price was lowered to 5.5 billion euros. Shortly after the transaction was completed, Commerzbank was partially nationalized by the German government to save it from bankruptcy. Allianz currently retains a stake of around 14% in Commerzbank. Allianz X founded in 2013 and headed by Nazim Cetin is Allianz Tech Investment Fund with one billion Euros in size. In August 2015, a consortium led by Allianz acquired German motorway service station group Tank & Rast for an undisclosed sum believed to be in the region of €3.5 billion. In April 2018, TH Real Estate and Allianz partnered to provide £100m in debt finance to developers YardNine, for the development of 80 Fenchurch Street, a 240,000 sq ft office development in London. 

In October 2020, Allianz was named the world's top insurance brand by Interbrand's Best Global Brands Ranking. On August 1, 2021, Allianz disclosed that the United States Department of Justice had launched a probe into Allianz to determine the role that executives had played in the loss of billions of euros from Allianz Global's Structured Alpha Funds. In September 2021, the German Federal Financial Supervisory Authority launched its own probe. On September 30, 2021, it was reported that asset management chief Jacqueline Hunt would step down as part of a shake-up that followed the investigations into the losses 17 May 2022, Allianz SE agreed to pay $6 billion in a U.S fraud case due to the collapse of its Structured Alpha funds during COVID-19 pandemic.

The mission of Allianz is succinctly captured in their statement: "We secure your future." This mission statement reflects the core purpose and driving force behind all of Allianz's activities and decisions.

Allianz is dedicated to ensuring that individuals, families, and businesses have the means to safeguard their future and protect themselves against unforeseen risks. By offering a comprehensive range of insurance, asset management, and banking solutions, Allianz aims to provide the necessary tools and support to help customers navigate the uncertainties of life and achieve their long-term financial goals.

The mission of securing the future is reflected in several key principles that guide Allianz's operations:

Financial Protection: Allianz recognizes the importance of financial security and seeks to provide individuals and businesses with the means to protect themselves against various risks. Through their insurance products, Allianz offers coverage for homes, properties, health, life, vehicles, businesses, and more. By offering comprehensive protection, they aim to ensure that customers are prepared for unexpected events and have the necessary resources to recover and move forward.

Long-Term Planning: Allianz encourages individuals to plan for their future by offering a range of investment and retirement products. Through their asset management services, they help clients grow and preserve their wealth, providing them with options for building a solid financial foundation and achieving their long-term goals.

Customer Focus: Allianz places a strong emphasis on understanding and addressing the unique needs of their customers. They strive to provide personalized solutions and tailored advice to help individuals and businesses make informed decisions about their financial well-being. By offering responsive and reliable customer service, Allianz aims to build long-lasting relationships based on trust and mutual success.

Innovation and Adaptation: Allianz is committed to staying ahead of the curve in a rapidly changing world. They embrace innovation and technology to enhance their products, services, and customer experience. By continuously evolving and adapting, Allianz ensures that they remain relevant and responsive to the evolving needs of their customers.

Social Responsibility: Allianz recognizes its role as a responsible corporate citizen. They are committed to acting in an ethical and sustainable manner, considering the environmental, social, and governance (ESG) aspects of their operations. Allianz actively contributes to social initiatives, promotes diversity and inclusion, and supports the communities in which they operate.

By embodying their mission of "securing your future," Allianz strives to be a trusted partner and enabler for individuals, families, and businesses worldwide. Their aim is to provide peace of mind, financial stability, and the confidence to pursue dreams and aspirations, knowing that their future is protected and secure.

The vision of Allianz, as stated in their statement, is "living your life with confidence." This vision reflects Allianz's aspiration for every customer who places their financial trust in the company's hands.

Allianz strives to be more than just a financial services provider. They aim to empower individuals, families, and businesses to live their lives to the fullest by providing them with the confidence and security they need to pursue their dreams and aspirations.

To fulfil this vision, Allianz focuses on several key areas:

Trust and Integrity: Allianz places great importance on building and maintaining trust with its customers. They operate with the highest ethical standards and aim to foster long-term relationships based on transparency, integrity, and reliability.

Customer-Centric Approach: Allianz places the needs and interests of their customers at the centre of everything they do. They strive to understand their customers' unique circumstances, risks, and goals in order to tailor solutions that provide the most relevant and effective financial protection and support.

Comprehensive Solutions: Allianz offers a wide range of insurance, asset management, and banking products and services to address the diverse needs of their customers. By providing comprehensive solutions, they aim to offer holistic support and guidance throughout different stages of life and business.

Innovation and Adaptability: Allianz is committed to embracing innovation and staying at the forefront of industry trends. They continuously seek new ways to improve their products, services, and customer experience, leveraging advancements in technology and data analytics to better serve their customers.

Global Reach and Expertise: As a global financial services provider, Allianz leverages its extensive network and expertise to deliver world-class solutions to customers across different regions and industries. They combine global insights with local knowledge to provide tailored solutions that align with local market conditions and regulatory requirements.

By embodying their vision of "living your life with confidence," Allianz aims to be a trusted partner that empowers individuals and businesses to face the future with optimism and resilience. They strive to provide financial security, peace of mind, and the freedom to pursue dreams, knowing that their customers' financial well-being is in safe hands.

Allianz offers a range of insurance and financial products and services to its customers, including:

Property and casualty insurance: Allianz offers a variety of property and casualty insurance products, including home insurance, car insurance, and liability insurance.

Life and health insurance: Allianz offers life and health insurance products such as term life insurance, whole life insurance, and health insurance.

Investment and asset management: Allianz provides investment and asset management services to institutional and retail customers, including investment funds, structured products, and portfolio management.

Retirement planning: Allianz offers retirement planning products such as annuities, retirement income solutions, and pension plans.

Banking and lending: Allianz provides banking and lending services, including savings accounts, loans, and mortgages.

Travel insurance: Allianz offers travel insurance products that provide coverage for trip cancellations, medical emergencies, and other travel-related incidents.

Cybersecurity insurance: Allianz provides cybersecurity insurance that protects businesses from losses due to cyber-attacks and data breaches.

Allianz's products and services cater to a wide range of customers, from individuals to businesses of all sizes. Their global presence and diversified portfolio help it to serve customers across multiple industries and geographies.