SE (formerly AG, , ) is one of the largest financial services providers in the world,
headquartered in Munich, Germany.
Its core business and focus is insurance
With €92.5 billion of revenue during 2008, Allianz is the second
largest international insurance and financial services
organization in the
Allianz has recently (August 2008) announced plans to sell its
ownership of Dresdner Bank
, largely for shares. As a result of
this proposed merger, Allianz will end up with a 30% controlling
stake in the combined Commerzbank/Dresdner.
Allianz Global Investors ranks as a top-five global active
investment manager, having €970 billion of assets under management
(AuM), of which €725 billion are third-party assets, with
specialized asset managers such as PIMCO
fund), RCM(Equity fund), AAAm(Fund of Hedge fund), Degi(Real estate
was founded in Berlin in 1890 and
shifted its headquarters to Munich in 1949. The first step to become an international
company started with the opening of a branch office in London in the late
After World War
, global business activities were gradually resumed.
opened an office in Paris in the late
1950s, and a management office for Italy in the
1960s. These expansions were followed in the 1970s
by the establishment of business in Great Britain, the Netherlands, Spain, Brazil and the
States. In 1986, Allianz acquired Cornhill Insurance PLC, London, and the
purchase of a stake in Riunione Adriatica di
Sicurità (RAS), Milan,
strengthened its presence in Western and Southern Europe in the
Recently, in February 8
, RAS Shareholders approved the mergers
with Allianz. In 1990, Allianz started an expansion into
eight Eastern European countries with establishing a presence in
the same decade, Allianz also acquired Fireman’s Fund
, an insurer in the
United States, which was followed by the purchase of Assurances Generales de
(AGF), Paris. These acquisitions were followed by the
expansion into Asia with several joint ventures and acquisitions in China and South Korea. Around this time Allianz expanded its
asset management business as well
by purchasing for example asset management companies in California.
In 2001, Allianz acquired Dresdner
, a large German bank. Allianz Group and Dresdner Bank combined
their asset management activities by forming Allianz
In 2002 Michael
as CEO of Allianz AG. The Allianz Group was
reincorporated under a European Company Statute and, as a result of
the cross-border merger with RAS, Allianz converted into a European Company
(SE - Societas Europaea)
in October 13
Allianz is now present in more than 70 countries with over 180,000
employees. At the top of the international group is the holding
company, Allianz SE, with its head office in Munich. Allianz Group
provides its more than 60 million customers worldwide with a
comprehensive range of services in the areas of
• property and casualty insurance,
• life and health insurance,
• asset management and banking.
Henning Schulte-Noelle was the first CEO of Allianz who took up the
history in the Third Reich when he commissioned an Archive for
Corporate History in 1993, which was opened in 1996. In 1997
Schulte-Noelle asked Gerald D. Feldman, historian from the Berkeley
University in California, if he would undertake a larger research
project on Allianz past in the Third Reich. Feldman started the
research in 1998 together with a team of young historians. A few
month later Jewish World War II survivors and their descendants
took Allianz and other European insurance companies to court,
accusing them of unpaid insurance policies. Allianz and four other
insurers supported the creation of the "International Commission on
Holocaust era Insurance Claims" (ICHEIC), furthermore Allianz
became a founding member of the German Foundation "Remembrance,
Responsibility and Future". Both organizations took care of
payments for the victims. Feldman published the comprehensive
results of his research in September 2001. Based on this results
Allianz established an exhibition in the Archive for Corporate
History and in the internet.
The research concluded that Allianz, as an organization and through
its corporate officers, was heavily involved with the Nazi Regime
and the Third Reich, starting as early as the early 1930s and
continuing all the way through to the collapse of the Third Reich
Among the more notable examples:
- Records proved conclusively that Allianz
insured the property and personnel of the infamous Auschwitz extermination
camp, as well as the Dachau concentration camp. It was
also proven that prior to issuing the insurance policies, Allianz
Group inspectors toured the camps and were fully aware of the
purpose of the camps.
- Records also confirmed that Allianz also insured the engineers
working at the IG Farben Company, which supervised the manufacture
of the Zyklon B cyanide gas used at
Auschwitz and other camps used to execute captives.
- Allianz provided insurance throughout the war to the Nazis for
valuables seized from those captured by the Nazis prior to their
forced relocation to the camps and eventual extermination.
- Allianz leadership was heavily involved at the highest echelons
of the Nazi administration. Allianz Chief Executive Kurt Schmitt served as Hitler’s Reich Economy Minister from June 1933 until January
1935, and can be seen in photographs wearing an SS-Oberführer’s
uniform and standing just behind Hitler
while delivering the Nazi salute. Allianz General Director Eduard
Hilgard was head of the "Reich Association for Private Insurance"
during the entire Nazi regime, and was responsible for creation and
enforcement of the Nazi policy to terminate or refuse to pay off
any life insurance policies issued to Jews, instead sending
beneficiary payments directly to the Nazis. Allianz records also
show that the company fully supported this policy, recording it in
their business records as "business as usual".
CEOs to date:
Allianz Australia Limited (ABN 21 000 006 226) operates throughout
Australia and New Zealand and through its subsidiaries offers a
range of insurance and risk management products and services.
Subsidiaries of Allianz Australia include Club Marine, Allianz Life
and Hunter Premium Funding.
Allianz operates through Allianz Belgium, previously AGF Belgium
which has been re-branded to Allianz Belgium on the 29 November 2007
Allianz put a sudden halt to its Canadian P&C operation Allianz
Canada (market share 2%) in 2004 after several years of unfavorable
business results. Allianz originally entered the Canadian market in
the early 1990s through an acquisition of several North American
insurers, namely the American Firemans Fund and the Canadian
Surety. Upon the market exit the personal and commercial lines unit
was sold off to the market leader ING Canada, whereas its
industrial underwriting branch was bought by Allianz US, which has
retained the Toronto office.
In India Bajaj Allianz General Insurance Company Limited is a joint
venture between Bajaj Finserv Limited (recently demerged from Bajaj
Auto Limited) and Allianz SE.
Allianz started its life and Property & Casualty (P&C)
operation in Slovakia in 1993 but the local subsidiary was never
able to achieve a relevant market share. In 2001 Allianz AG bought
the majority ownership in then state-owned Slovenska poistovna
(Slovak Insurance Company), at the time suffering from political
mismanagement, asset-stripping and deep under-reserving. Slovenska
however held a market share of well over 50%, which had made it an
attractive privatization target, where Allianz had to compete with
such insurers as AXA or Aegon. Upon the purchase the local Allianz
operation was merged with Slovenska creating a new company Allianz
- Slovenska poistovna. Its combined market share (life and P&C)
presently stands at just below 40% (about 50% in P&C business),
still making it by far the market leader.
Allianz owns British insurance company Cornhill Insurance plc,
subsequently renamed Allianz Cornhill Insurance plc. This then
simply became Allianz Insurance plc on 30
to directly reflect its
continental parentage. Their IT captive unit in India Allianz Cornhill
Information Services plc is located at Technopark,
Benson which it inherited when it bought Dresdner Bank.
The investment bank has
subsequently been merged with the corporate bank of Dresdner Bank
and rebranded as Dresdner
. It also owns the High Net Worth insurance broker
provided naming rights for the
Arena, a football
stadium in the north of Munich, Germany, which is sponsored by
The two professional Munich football clubs Bayern Munich
and TSV 1860 München
have played their
home games at Allianz Arena since the start of the 2005–06 season.
Both clubs had previously played their home games at the Munich
Olympic Stadium; Bayern Munich since 1972 and 1860 München since
owns the Polish football team Gornik Zabrze.
had been in negotiations with the New York
Jets and the Giants to buy
naming rights to the Meadowlands Stadium in East Rutherford, NJ, but those talks ended due to opposition from
Jewish groups and holocaust survivors.
Allianz has been a sponsor of the AT&T
- Allianz note to shareholders confirming conversion to
- Auschwitz and Zyklon B