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Tag: allianz

  • Allianz secures distribution rights with Malaysia’s Maybank

    Allianz secures distribution rights with Malaysia’s Maybank

    Allianz is hoping the agreement will give access to Maybank’s 4 million customers in Asia. The insurer said it has jointly developed three life insurance products with Maybank which includes a unit-linked life insurance product compliant with Islamic Shariah law, a single-premium investment product and a life policy which combine protect with investment. “This partnership demonstrates Allianz’s continued focus on growing in the Asia region, of which Indonesia is a key priority.

    We’re excited to bring our multi -channel approach, innovative products and digital expertise to serve the protection needs all Maybank customers,” said Allianz’s regional chief executive for Asia Pacific, George Sartorel, in a statement on Tuesday. Under the collaboration, a team of more than 150 insurance advisers will sell the products to Maybank clients via their retail branches. Joachim Wessling, chief exectuive of Allianz Life Indonesia said: “This cooperation between two outstanding companies combines our strengths in providing world-class services and solutions, to deliver insurance protection tailored to our customers’ needs. We look forward to working closely with Maybank to secure a safer future for our customers in Indonesia.”

    Last week, it emerged that Allianz and France’s Axa are locked in a bidding war to acquire the 15-year distribution rights to sell insurance products through Standard Chartered’s channels in Asia. Meanwhile, Hanwha Life, South Korea’s second largest life insurer, is set to pump KRW150bn (£102m, €121m, $134m) into its Indonesian arm in a bid to expand its foothold in the country’s booming insurance sector.

  • Anbang to buy Allianz’s South Korean operations

    Anbang to buy Allianz’s South Korean operations

    China’s Anbang Insurance Group Co. reached a deal to buy the South Korean operations of Germany’s Allianz SE, just days after it walked away from a $14 billion bid for Starwood Hotels & Resorts Worldwide Inc.

    Anbang has exploded onto the international scene in recent years by spending billions to acquire insurers and hotels throughout the world. In February 2015, it laid out nearly $2 billion to buy New York’s Waldorf Astoria, the highest price ever paid for a single U.S. hotel. It is also a big player at home, with stakes in listed Chinese developers and banks, while also investing in a traditional Chinese medicine maker and a wind-turbine manufacturer.

    Anbang made a bid in March for Starwood Hotels after the U.S. luxury hotel owner had struck a deal to sell itself to Marriott International Inc. That sparked a bidding war for Starwood that culminated in a $14 billion offer from Anbang, which dropped the bid last week citing “various market considerations.”

    The deal with Germany’s Allianz marks the Chinese insurance group’s second acquisition in South Korea. Beijing-based Anbang bought a controlling stake in South Korean life insurer Tong Yang Life Insurance Co. for $1 billion a year ago from South Korea-focused private-equity firm Vogo Investment Group and other investors.

    Allianz agreed to sell Allianz Life Insurance Korea and Allianz Global Investors Korea to Anbang for an undisclosed amount, the two companies said in a statement Wednesday. The Allianz purchase is subject to local regulatory approvals and the parties expect to complete the deal in the second half of the year.

  • European Markets Dropped On Renewed China Worries

    European Markets Dropped On Renewed China Worries

    The European markets ended Monday’s session in negative territory, as renewed concerns over China weighed on investor sentiment. Concerns over the upcoming snap elections in Greece and the likelihood of a near-term U.S. interest rate hike also contributed to the negative mood at the start of the new trading week.

    The Financial Times reported that the Chinese government has decided to abandon attempts to boost the stock market through large-scale share purchases. Senior regulatory officials told the Financial Times China’s leaders feel they mishandled their efforts to rescue the stock market.

    The Chinese government resumed large-scale stock buying late in the trading day last Thursday to help the Shanghai Composite Index finish sharply higher, but officials said the government will refrain from further large-scale buying of equities.

    The Euro Stoxx 50 index of eurozone bluechip stocks decreased by 0.52 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, lost 0.30 percent.

    The DAX of Germany dropped by 0.38 percent and the CAC 40 of France fell by 0.47 percent. The SMI of Switzerland finished higher by 0.45 percent, but the FTSE of the U.K. was closed for a banking holiday.

    In Frankfurt, Volkswagen decreased by 1.14 percent. Japan’s Suzuki Motor Corp said that it would buy back the 19.9 percent stake it sold to the German automaker after an international court settled a dispute between the automakers over their soured partnership.

    BMW fell by 0.90 percent and Daimler lost 0.97 percent.

    Insurer Allianz rose by 0.18 percent, on reported that its infrastructure arm is weighing bids for London City Airport.

    RWE sank by 4.25 percent and E.ON dropped by 1.60 percent.

    In Paris, Renault surrendered 2.28 percent and Peugeot weakened by 1.19 percent. Car parts maker Valeo also decreased by 1.45 percent.

    Total tumbled by 0.91 percent and Technip lost 0.99 percent.

    Givaudan gained 0.73 percent in Zurich, after it agreed to acquire Induchem Holding, a cosmetic ingredient producer.

    Shares of NeuroVive Pharmaceutical AB plunged by 39.13 percent in Stockholm after the mitochondrial medicine company announced that it would not pursue development of CicloMulsion in the indication of acute myocardial infarction.

    Eni SpA climbed by 1.53 percent in Milan. The company announced over the weekend that it has discovered a massive natural gas discovery off the coast of Egypt.

    Eurozone inflation remained unchanged at a very low level in August as further fall in oil prices curbed its ability to move upward. Inflation came in at 0.2 percent in August, the same rate as seen in July and June, preliminary data from Eurostat showed Monday. It was forecast to ease to 0.1 percent.

    Germany’s retail sales rebounded in July to grow at the fastest pace in nine months, signaling that consumer spending boosted economic growth at the start of the third quarter. Retail sales advanced 1.4 percent on a monthly basis in July, Destatis reported Monday. This was the fastest growth since October 2014, when sales climbed 1.8 percent.

    Italy’s retail sales dropped for the second straight month in June, figures from the statistical office Istat showed Monday. Retail sales fell a seasonally adjusted 0.3 percent month-over-month in June, following a 0.2 percent decrease in the previous month. In April, sales had risen 0.7 percent.

    Greece’s retail sales declined in June after rising in the previous month, preliminary figures from the Hellenic Statistical Authority showed Monday. The volume of retail sales decreased 0.4 percent year-over-year in June, in contrast to a 4.1 percent sharp gain in May, which was revised down from 4.2 percent. In April sales had fallen 1.8 percent.

    China’s trade deficit in services widened in July, the State Administration of Foreign Exchange said Monday. The deficit on trade in services increased to $17.6 billion in July from $14.9 billion in June. At the same time, the merchandise trade showed a surplus of $46 billion in July.

    Business activity in the Chicago area unexpectedly grew at a slower rate in the month of August, according to a report released by MNI Indicators on Monday. MNI Indicators said its Chicago business barometer dipped to 54.4 in August from 54.7 in July. While a reading above 50 indicates growth, economists had expected the index to inch up to 54.9.