Allianz Group is global financial service provider with its headquarter in Munich, Germany, and has a strong global presence along with German operations.
The company was established in 1890 in Berlin and sold marine and accident policies in Germany. The company is now over a century old and at present has over 1,42,000 employees worldwide and serves over 85.4 mn customers in more than 70 countries.
The financial services of Allianz can predominantly be classified into insurance and asset management business. Under insurance business the company operates in almost every continent. It has strong presence in home market – Western, Northern and Southern Europe. Besides it is one of leading insurance companies in Central and Eastern Europe and Asia Pacific. Globally it is the largest property and casualty insurer and is among the top five companies in life and health insurance.
It is global leader in credit insurance, travel insurance and assistance services. Under the asset management business it is among the top five asset managers across the globe. This business is operated out of two distinct units – Alliance Group Investors (AllianzGI) and PIMCO. Both units come under Allianz Asset Management (AAM). The asset management business has stronghold in United States, Germany, France, Italy, the United Kingdom and Asia-Pacific region. Allianz has managed third-party assets of worth 1276 billion euros as of December 31, 2015.
The company has redefined the strategic plans and includes five initiatives: the Customer centricity, Digital by default, Technical excellence, Growth engines and inclusive meritocracy. The purpose behind this plan is to secure growth in revenues and profitability. The company enjoys strong rating from top rating agencies – Standard and Poor’s (AA), Moody’s (Aa3) and A.M. Best (A+). The top brands of Allianz include Allianz, Euler Hermes and PIMCO.
Allianz has started the year 2016 with good results in the first quarter. It has achieved revenues of 35.4 billion euros and operating profit of 2.8 billion euros. The company is quite confident of achieving its operating profit target of 10.5 billion euros with plus or minus of 500 million euros for the fiscal year 2016.