Allianz

The Allianz Group is a German multinational financial services company headquartered in Munich. It is one of the world's largest insurance groups and financial service providers. Its revenues amounted to more than 106.4 billion euros in 2012.

Created in 1890, the group is present in more than 70 countries on five continents, where 144,000 employees of different nationalities, languages, religions, training and experience serve more than 78 million customers.

History

Simple scheme of Allianz's organization.

In 1890 Allianz AG was founded in Munich by Carl von Thieme and Wilhelm von Finck in their business activity. The company was influenced by the bank Merck Finck & Co, the Dresdner Bank AG, as well as its founders Thieme and Finck, previously established with Munich Re. In 1893 the first foreign branch was founded, in London. Two years later, in 1895, the company's shares were listed on the German stock market.

In 1906 Allianz made its first major remuneration to clients, as they had to deal with payments from the devastating San Francisco earthquake. In April 1912, when the Titanic struck an iceberg, Allianz also faced policy payments.

Registration of the name "Allianz Versicherungs Aktiengesellschaft", at Allianz headquarters.

In 1922, the Allianz subsidiary Lebensversicherungs-AG was founded. During the German merger wave of the 1920s, several companies (including Frankfurter Versicherungs-AG and Bayrische AG insurance) were acquired by Allianz, but retained their names. In 1932 he opened a testing laboratory for the investigation of property damage, the Allianz Center of Technology (AZT). The objective was to verify the real damage to show it to interested companies. From 1933 to 1945 he also secured subregional organizations from the Nazis, and took advantage of the spread of the Third Reich to establish new businesses. In 1990, during the presidency of Henning Schulte-Noelle, Allianz began an expansion into eight Eastern European countries by establishing itself in Hungary. In the same decade, Allianz also acquired Fireman's Fund, an insurance company in the United States, which was followed by the purchase of Seguros Generales de France (AGF), Paris. Following these acquisitions came expansion into Asia with various joint ventures and acquisitions in China and South Korea. Around this time, Allianz expanded its asset management business, as well, for example, through the purchase of asset management companies in California, such as Pacific Investment Management Company, LLC, commonly known as PIMCO, the largest investment fund in the world. world.

In 1998, a group of historians, headed by Gerald D. Feldman, investigated the history of Allianz from 1933 to 1945 and the results were published in September 2001. Based on these results, a permanent exhibition of Allianz Archives.

In 2000 it became the first German company to be listed on the New York Stock Exchange and in 2001, Allianz acquired the Dresdner Bank, a large German bank. The Allianz Group and Dresdner Bank combined their asset management activities through the creation of Allianz Global Investors. In 2002, Michael Diekmann became CEO of Allianz AG.

Allianz is present in more than 70 countries with more than 180,000 employees. At the top of the international group is the holding company, Allianz SE, based in Munich. Allianz Group provides its more than 60 million customers worldwide with a wide range of services in the areas of:

Allianz Building in Munich.

• Property and damage insurance.
• Life insurance and health.
• Asset management and banking.

Controversy

Henning Schulte-Noelle was the first Allianz CEO to have a place in Nazi German history, when he was in charge of the Corporate History Archive in 1993, which was inaugurated in 1996. In 1997, Schulte-Noelle asked Gerald D. Feldman, a historian at the University of California at Berkeley, if he would carry out a major research project on Allianz during the Third Reich. Feldman started the research in 1998 together with a team of young historians. A few months later, Jewish survivors of World War II and their descendants accused Allianz and other insurance companies of non-remuneration of insurance policies. Allianz and four other insurers created the International Holocaust Insurance Claims Commission (ICHEIC). Moreover, Allianz became a founding member of the German Foundation "Memory, Responsibility and Future". Both organizations took over the payments to the victims. Feldman published the results of his extensive research in September 2001. Based on these results Allianz created an exhibit in the Archive of History and Internet Companies.

The investigation concluded that Allianz, through an organization and its employees, was involved with the Nazi regime and the Third Reich, beginning as early as the early 1930s and continuing until the fall of the Third Reich in 1945.

Among the most notable examples:

• Allianz was very involved in the highest levels of the Nazi administration. Allianz Kurt Schmitt served as Minister of Economy.

• Allianz's CEO Eduard Hilgard was head of the "Association for the Reich Private Insurance."

Allianz in the world

Map showing the distribution of Allianz in the world.

Australia

Allianz Australia Limited (ABN 21 000 006 226) operates throughout Australia and New Zealand, through its subsidiaries offering a range of insurance and risk management products and services. Allianz Australia subsidiaries include Marina Club, Allianz Life and Hunter Premium Financing.

Belgium

Allianz Allianz operates in Belgium, through AGF Belgium, which has been renamed Allianz Belgium on November 29, 2007.

Canada

Allianz put an abrupt end to its Canadian P & C Allianz Canada operation (2% market share) in 2004 after several years of unfavorable company results. Allianz originally entered the Canadian market in the early 1990s through an acquisition of several North American insurance companies, namely American Firemans and the Canadian Bail Bond Fund.

Columbia

In 1999 Allianz acquired 60% of the shares of the Colombian insurance company Colseguros, 3 years later in 2002 it increased its shareholding, becoming the sole owner of this company in Colombia. After almost 10 years in 2012 and with an evolutionary change of brand, Colseguros died as its official name and the entire operation in Colombia was consolidated under the name of Allianz.

Slovakia

Allianz began its life and property and casualty (P&C) operation in Slovakia in 1993, but the local subsidiary was never able to achieve significant market share. In 2001, Allianz AG bought the majority stake, then state-owned Slovenska poisťovňa (Slovak Insurance Company), at the time suffering from political mismanagement, for deep and asset extraction, under reserve. Slovenska, however, a market share of more than 50%, which has made it an attractive privatization target, where Allianz has to compete with said insurance company AXA or like Aegon. A local purchase of Allianz Slovenska operation merged with the creation of a new company Allianz - Slovenska poisťovňa. Their combined market share (life and P&C) currently sits at just under 40% (around 50% in the P&C business), which is by far trailing the market leader.

Spain

Allianz Compañía de Seguros y Reaseguros, S.A. was incorporated as a public limited company, taking advantage of the legislation applicable to insurance companies, in 1918 with the original name of Lucero, S.A. de Seguros, under the direction of Jerónimo Martínez y Mier.

Allianz operates in Spain through Allianz S.A. being one of the most important companies in the country. It also operates through its direct insurance subsidiary with Fénix Directo. According to the latest report, Fénix Directo has a capital of 14,424,000 euros.

Indian

In India, Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited (recently spun off from Bajaj Auto Limited) and Allianz SE. Both enjoy a reputation for experience, stability and strength.

Finance

On March 31, 2008, Bajaj Allianz General Insurance held its top position in the industry by achieving a revenue increase of Rs. 2578 crore, achieving a growth of 43% in the last year.Bajaj Allianz has made a pre-tax profit of Rs. 167 crore and is the first company to cross the mark at Rs.100 crore profit after tax by generating Rs. 105 crores.

In the first quarter of 2008-09, the company earned a gross premium of Rs.733.53 crores against basic Rs.573.73 last year during the same period, recording a growth of 28%.

Bajaj Allianz today the country has a network connected through the most advanced technology for fast communication and response in more than 200 cities throughout the country. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the offices are interconnected with the headquarters in Pune.

Allianz is also relocating its companies in India. The SIAC located in Tecnoparque, Thiruvananthapuram, Kerala, is where the management of off-shore companies is carried out for the company.

Mexico

Grupo Allianz entered the Mexican market in 1987 through a stake in Aseguradora Cuauhtémoc and in 1996 Allianz México was formed with the acquisition of one hundred percent of the Insurer's stake.

Allianz México has a headquarters in Mexico City and five regional offices with an extensive network of insurance agents. This has been valid to achieve the Standard & Poor's "A- (mxAAA).

Netherlands

Allianz Netherlands was formed in 2003 following the merger of Royal Netherlands insurers and Zwolsche Algemeene. The Dutch base head office in Rotterdam. With a market share of 2% it is the tenth insurer in the Netherlands. Since October 2007 Ron Ron Van het Hof is President of Allianz Netherlands. Allianz Netherlands' turnover in 2007 amounted to €1,326 million and profits amounted to €226 million.

United Kingdom

Allianz owns British insurance company Cornhill Insurance plc, later renamed Allianz Cornhill Insurance plc. This simply became Allianz Seguros plc on 30 April 2007 directly reflecting its continental affiliation. Its captive India IT unit of Allianz Cornhill plc Information Services is located in Technopark, Kerala.

Allianz owns Kleinwort Benson which it inherited when it bought Dresdner Bank. The investment bank has later been merged with the company bank Dresdner Bank and renamed Dresdner Kleinwort. She also owns Home and Legacy, an insurance broker.

Image gallery

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  Allianz building in Hanover.

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  Allianz Building in Barcelona.

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  Allianz Building in Berlin.

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  Allianz Building in Bratislava.

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  Allianz Building in Mexico.

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  Allianz Building in Colombia.

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  Allianz Arena Stadium of FC Bayern Munich.

"3 + One" Conversion Program

In the "3 + One", which was decided in 2003, various initiatives were taken to increase the value of Allianz SE. The specific objectives of this program are:

• 1 Protection and strengthening of the capital base
• 2 Significant improvements in operational profitability
• 3 Reduce complexity
• "One +." Sustainable increase in the competitiveness and value of the company

As part of the "3 + One" of the program included the following measures:

• Reduction of the Executive Board of the recently formed portfolio society from 20 to 12 members.
• Complete the merger of the Frankfurter Versicherungs-AG and Bayerische AG and Allianz Versicherungs-AG Insurance Bank.
• Reduction of seven branches in four sales uniforms and service areas in Germany.

Participations

Allianz Official Logo

Logo by Siemens AG, a company from which Allianz has shares.

BMW AG Logo, a company that Allianz has shares.

Sector	Company	Participation
Financial	BPI	2.8%
	Crédit Agricole	2.3 per cent
	ICBC	2.3 per cent
	UniCredit	4.9%
	Popular Bank	9.15%
Energy	RWE	4.4%
	E.ON	3.5%
	Total	1.2%
Chemical	BASF	2.6%
	Linde AG	12.3 per cent
Pharmaceutical	Bayer	4.8%
Consumer assets	Beiersdorf	7.3%
Automotive	BMW	5%
	Continental	5%
Health	Fresenius SE	9.74%
Engineering	GEA AG	10.1 per cent
	Heidelberger Druckmaschinen AG	12%
	Siemens	1.3%
Retail sales	Arcandor	7.56%
	Select	100%
Insurance	Munich Re	1.9%
Paper	Worms et Cie	14.8%

Following the separation of the so-called Deutschland AG, which was the majority shareholder of Allianz AG, Allianz SE progressively reduces its participation in the national industry. Despite everything, Allianz SE remains significant in some shares of the largest German companies.

In April 2007, an Allianz spokesperson announced that talks with Russian financial corporation Progress-Garant were real. The object of debate is the acquisition at a price of 100 million dollars. (around 74 million euros). Progress-Garant is the largest insurer in Russia.

Services

Allianz has a wide range of insurance. Some of them are, for example, Allianz Home Insurance, Auto Insurance or Recreational Boat Insurance. But, in addition to these insurances, each subsidiary offers specific insurance. This is the case of Fénix Directo in Spain, which exclusively offers Auto, Motorcycle and Moped insurance.

Allianz in sport

Bayern Stadium of Munich sponsoring Allianz.

A monopoly of the AT fakeT Williams F1 team with the sponsorship of Allianz.

Allianz owns the rights to the Allianz Arena, a soccer stadium located north of Munich, Germany, which is sponsored by Allianz. Munich's two football clubs, Bayern Munich and TSV 1860 Munich have played their games at the Allianz Arena since the start of the 2005-06 season. Both clubs had played their matches at the Olympic Stadium in Munich, Bayern Munich since 1972 and TSV 1860 Munich since the 1990s.

Allianz is the owner of the Polish soccer team, Górnik Zabrze.

Allianz had been in negotiations with the New York Jets and New York Giants to buy the right to rename Meadowlands Stadium in East Rutherford, New Jersey, but those talks ended due to opposition from Jewish groups and Holocaust survivors.

Allianz has been a sponsor of the AT&T WilliamsF1 team since 2000.

Criticism

Protest in Hamburg.

On June 22, 2006 it was announced that Allianz, with around 7,500 branches in Germany, approximately one in six full-time jobs would have to be axed, of which around 2,500 jobs are at Dresdner Bank. The employees should have the possibility in other business areas to changes, which soon due to normal fluctuations around 3000 vacancies. There were settlements of up to 250,000 euros planned. The number of services from October 21 should be reduced to ten. Among other things, it had been planned, in all entities of North Rhine-Westphalia, and Frankfurt am Main in a competence center for the limit car. In public, these measures are often criticized with reference to the record profits of 4.4 billion euros in the fiscal year of 2005. The council had the job cuts examined by external evaluators. On November 20, 2006, the Corporate Executive Council, after negotiations with the ver.di union, announced that mandatory layoffs until 2009 should apply.

Allianz SE is one of the main donors to political parties in Germany since 2000 and has already donated more than 2.7 million euros to the Bundestag parties, except the Left.

Allianz Shares

JPMorgan Chase & Co. Tower, one of Allianz's shareholders.

The company's shares are listed on both the German stock market and international stock exchanges. In addition, the values that appear in the DAX. There are 432 million shares outstanding.

Current shareholders are:

December 2006 [1]

Executive Directors

Image of the former Executive Director of Allianz, Dr. Henning Schulte-Noelle.

Michael Diekmann has been CEO since April 29, 2003 and successor to Supervisory Board Chairman Henning Schulte-Noelle who served from 1991 to 2003.

Since 2005, the annual remuneration of the Board and the Supervisory Board is designated individually together with the published annual report.