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Tag: Allianz

  • Allianz Nigeria workers to get accreditation

    To strenghten competencies of employees, over a dozen staff members of Allianz Nigeria have been accreditted by the Allianz Underwriting Academy, Executive Director (ED), Allianz Nigeria, Mr. Owolabi Salami has said.

    The ED in a statement in Lagos, stated that the technical team members at Allianz Nigeria have been admitted into the prestigious Academy in what will be the first phase of a progressive up-skilling programme following the integration of the local operating entity into the group.

    He said: “The Academy established in 2001, aims to fast-track staff of the global insurance giant – the Allianz Group towards gaining insurance qualifications.

    The Academy’s CII prior learning accreditation award made it the first in-house training programme within the insurance industry to achieve this status at Advanced Diploma Level.

    “The accreditation means that, for the first time, staff passing specific personal lines or commercial (motor, property and casualty) academy modules can earn (up to a maximum of 60) credits within the CII qualification structure.

    ‘’This encourages and enables employees to become qualified and adds value to the internal training programme.”

    Head of Data Analytics & Reporting at Allianz Nigeria, Adekunle Giwa who passed all his papers in the first cycle beamed: “The exams were as rigorous as they were rewarding. I am proud to be a student of the academy and look forward to the accreditation award from the prestigious CII UK.”

    “The programme provides a framework which enables individuals to build the skills required to fulfil career aspirations, achieve professional qualifications through study support and the Chartered Insurance Institute (CII) accreditation and to meet the requirements for Continuing Professional Development (CPD) as required by the CII.

    Salami further explained that prior to the commencement  of the programme, Allianz Nigeria boasted a competent and sound technical team. “Still the exams were rigorous even for my very experienced colleagues. This is proof that the best can be made better. Our risk assessment, pricing and coverage will keep getting better. We are very proud that Allianz is the first insurer to achieve this level of accreditation from the CII. Our clear goal is to have the most technically-skilled underwriters within the industry and this affirms our commitment to achieving this objective”, he emphatically submitted.

    The Allianz Group is one of the world’s leading insurers and asset managers with more than 92 million retail and corporate customers.

  • Allianz Nigeria gets four-star customer rating

    The Allianz brand in Nigeria is leaving no stone unturned in seeking dominance in the local insurance market, Head of Customer Experience, Allianz Nigeria, Ms Uti Ellu has said.

    In a statement by the company, Ellu said apart from triggering an integrated advertising campaign across many traditional and contemporary platforms, the global insurer is determined to make its impact felt by the insurance consumers they cater for.

    We are ecstatic that in our first full month as Allianz Nigeria, our customers have rated us four-star across different performance metrics, she stated.

    She noted that the firm which was recently launched following acquisition by world leading insurer, Allianz, undertook a strategic audit of the business performance across many customer touchpoints over the last couple of months.

    Group Head of Retail Operations and Client Services of the firm, Tunji Oshiyoye added that their objective was simply to make feedback from our retail customers more intuitive and digital by default.

    He said: “We launched an API that integrates to our insurance suite and generates a link to rate the company following any consumer interaction such as policy inception or claims settlement,” he clarified.

    The customer receives an email prompting them to follow a link and rate their satisfaction level on a 1-5 scale. The aggregated score from the nearly 500 customers that have rated the company puts the company at four stars effectively scoring 80 per cent in customer satisfaction.

    “Whereas we find this very encouraging, we will not rest on our oars,” Ms Ellu enthuses.

    “As one of the world’s most trusted insurance providers, we are duty-bound to provide the highest levels of customer satisfaction possible,” she added.

    She explained that in the coming months, the rating prompter will be tailored to the particular phase of the customer journey in order to elicit very specific and actionable customer feedback.

    “The Allianz Group is one of the world’s leading insurers and asset managers with more than 88 million retail and corporate customers. Headquartered in Germany, Allianz customers benefit from a broad range of Personal and Corporate insurance services, ranging from Property, Life and Health insurance to Assistance services to Credit insurance and Global Business insurance. The Allianz Group is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers, while their asset managers – Allianz Global Investors and PIMCO – manage an additional 1.4 trillion euros of third-party assets. In 2017, over 140,000 employees in more than 70 countries achieved total revenue of 126 billion euros and an operating profit of 11 billion euros for the group,” he added.

  • Govt to partner Allianz on insurance business

    The Federal Government will partner Allianz, the global insurance group to promote insurance business in Nigeria, Vice President Yemi Osinbajo, has said.

    He spoke at the launch of Allianz Nigeria Insurance Plc in Lagos.

    While assuring investors of the Federal Government’s support, Osinbanjo, represented by Dipe Olu welcomed Allianz to the country.

    He urged promoters of the company to deploy their wealth of experience in promoting insurance business in the country.

    Insurance, he said, has a serious role to play in the country, noting that Nigeria has great potentials for the insurance industry.

    Regional Chief Executive Officer, Allianz Africa and board member, Coenraad Vrolijk, said the company is strongly committed to its business in Africa, where it has presence in 17 countries.

    He said: “The company is dedicated to deploying its considerable technical skills resources and innovations in strengthening business for clients. Allianz Group views Africa as one of the important future growth market.” He added that in 2017, over 140,000 employees in more than 70 countries achieved total revenue of 126 billion euros and an operating profit of 11 billion euros for the group.

    “Allianz is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers, while their asset managers, Allianz Global Investors and PIMCO, manage an additional 1.4 trillion euros of third-party assets,” he added.

    Allianz Nigeria Insurance Plc Managing Director, Sunkanmi Adekeye on his part said the company will deploy four key resources namely, skill, technology, product development and investment in driving its operations.

    “The coming of Allianz to Nigeria, will enable it contribute to offering the best products and services to Nigerian customers in both personal and commercial lines. I am optimistic about the limitless potential of Nigeria’s growing insurance market.

    “Allianz currently offers micro-insurance solution to 500,000 low-income households on the continent. This is a business opportunity the firm looks forward to exploring fully and that attention will also be focused closely on cyber liability insurance coverage,” he said.

  • Allianz Nigeria lays claim to best place to work

    Allianz Nigeria, a composite insurance company owned by the Allianz Group is the Best Company to work in 2019, the Executive Director, Owolabi Salami, has said.

    He said the photo taken by the company’s staff shows that the staff dress down to work not only on Friday but every day.

    He listed Flexi-hour, traditional attire, benefits and remuneration as part of the things that make Allianz Nigeria a strong contender for best workplace in 2019.

    He said:“This photo is not from a dress-down Friday at work. It is not a working holiday either. No, it’s a regular workday, a Monday actually. Surprised? Part of the dress code policy at Allianz Nigeria – a composite insurance company owned by the Allianz Group – allows employees to ‘use their best judgement when determining appropriate attire and appearance’. That’s right, they trust their employees to dress smart and dress right”.

    Three things that make Allianz Nigeria best workplace in 2019

     

    Flexi-hour

    Allianz Nigeria is the first and the only company in Nigeria to have this as a work policy – or at least, they are the only one we know. Employees can choose to resume as early as 7am or as late as 10am provided they put in the required 8 hours of work (plus a 1-hour lunch break) and voila! You’re done for the day. So if you resume by 7am, you can hit the close by 4pm and manage to beat the city traffic. There are, however, concerns about the abuse of such a policy. Might not some staff resume by 10am and close by 4pm?

    “We really don’t care. For us it is substance over form”, clarifies Owolabi Salami, Executive Director at Allianz Nigeria. “We trust our people to do right thing even when no one is watching, and for the past two years our people have made us absolutely proud of the decision to make flexible work hours a company policy”, he added.

     

    Traditional attire, everyday

    The company also has a very interesting dress code policy. The policy states simply that Ankara/wool/cotton attires are acceptable modes of dressing during the week. The Human Resources Manager, Ifeleke Aboyeji, says they want their people to ‘dress the culture’. This contributes greatly to the ambience of the workplace.Employees are free to don traditional attires that are both trendy and comfortable. “In my interactions with employees, I detect that people are generally happy about this flexibility in our dress culture”, she concludes.

     

    Benefits/Remuneration

    Allianz Nigeria may not boast the most robust incentive package out there. But as an employee puts it, ‘the timeliness of our monthly remuneration is as dependable as sunlight’. But why should this even be something to be highlighted. Many reputable companies owe their employees’ salaries for months in a row, in blatant violation of extant labour laws. As shocking as this sounds, it is the grave reality. With unemployment rate at 23percent, employers take undue liberties with the payment of benefits confident that their employees have nowhere to go. Allianz Nigeria has a standing policy of paying out monthly benefits on the same day each month. Where the day falls on a weekend or public holiday, payout is the working day immediately before. “In the final analysis, we make our living here”, argues Mrs Aboyeji “so we want to offer our people financial security and freedom in the knowledge that the reward for their labour stays sacred”, she added.

  • Allianz brand’s value hits$10.06b

    Allianz SE for the seventh year running clinched 49th place in Interbrand’s Best Global Brands ranking with brand value at $10.06 billion.

    In a statement by the company’s corporate communication officer, Lerato Kiviet, there was six per cent increase of brand value in 2017 compared to 2016.

    The statement read: “Allianz brand value now stands at USD 10.06 billion. For the seventh consecutive year, Allianz has climbed the interbrand ranking of the 100 most valuable brands in the world. Allianz started its rise with a brand value of $4.9 billion in 2010. Allianz’s 2017 growth momentum is similar to brands such as Google, SAP and Gucci, according to the study.

    “It’s better to lead change than to be led by it. We are transforming a traditional financial group into an agile company by experimenting with new technologies and ways of working. New forms of collaboration and partnerships have proven invaluable,” said Jean-Marc Pailhol, Head of Group Market Management & Distribution at Allianz SE.

  • Allianz records 122b euro revenue in 2016

    Allianz Global Corporate & Specialty, a global insurance company, has achieved a revenue growth of 122 billion euro in 2016, Chief Executive Officer, Thusang Mahlangu has said.

    He disclosed this known at a cocktail at the National Fire Prevention Awareness and Advocacy (NFPAWA) Conference sponsored by the firm in Lagos.

    According to Mahlangu, who said Allianz Global Corporate&  Specialty has been in Africa for over 100 years, the company achieved an operating profit of €10.8 billion in the same year. He further said the company has over 140,000 employees worldwide.

    “Allianz Group managed an investment portfolio of 653 billion euros. Additionally, our asset managers, AllianzGI and PIMCO, managed over 1.3 trillion euros of third-party assets. We are committed to the continent of Africa, and we will continue to look for eminent opportunities of growth in Africa. We have invested in  60 countries and recently bought Zuric in Morocco and now have a fully-fledged office in Morocco,” he said.

  • Allianz: macroeconomic conditions, others are major risks to business

    Allianz: macroeconomic conditions, others are major risks to business

    Nigeria may face macroeconomic challenges, including low commodity prices, due to Chinese slowdown and the tightening of US monetary policy.
    The economy may also suffer from inflation, weak domestic demand and socio-political tensions, Chief Executive Officer, Allianz Global Corporate & Specialty (AGCS) Africa, Delphine Maïdou has said.
    She made this known at a press conference organised by the body in Lagos.
    She said these wre the key findings of the Sixth Allianz Risk Barometer, where corporate riskswere analysed globally, as well as by region, country, industry and size of business.
    She explained that the report was based on a survey conducted among 1,237 risk experts from 55 countries noting that in Nigeria, AGCS Africa worked with the Association of Enterprise Risk Management Professionals Nigeria (ERM), Risk Managers Society of Nigeria (RIMSON) and Risk Managers Association of Nigeria (RIMAN).
    According to her, the country’s growth is held back by weaker macroeconomic environment, the struggling financial sector, underdeveloped infrastructure, insufficient health and education.
    She stated that Nigerian risk managers sighted tough macroeconomic conditions and market volatility as their top two risks.
    To mitigate volatility risks and anticipate any sudden changes of rules that could impact markets, companies in Nigeria will need to invest more resources into better monitoring politics and policy-making around the world in 2017.
    She said companies operating in Nigeria increasingly worry about the struggling economy, corruption, volatility and political risks and violence with other growing concerns like digital dilemmas arising from new technologies and cyber risks, as well as government policies which do not enable businesses to thrive.
    Quoting trade credit insurer, Euler Hermes, a subsidiary of Allianz SE, since 2014, Maïdou said there have been 600 to 700 new trade barriers introduced globally every year.

    She said: “Corruption was ranked fourth indicating that it is still a concern in the country. Corruption in Nigeria could cost up to 37 per cent of GDP by 2030 if it’s not dealt with immediately. This cost is estimated to be nearly $2,000 per person by 2030. Corruption is ranked second as one of the most problematic factors for doing business in Nigeria in the Global Competitiveness Report. A significant reduction in corruption will boost current per capita income and improve the lives of many in Nigeria.
    “Political risks and violence is still a major challenge largely due to terrorism and kidnap for ransom (KNR). The overall risk for Nigeria in 2017 is high on crime, terrorism, conflict, political violence and kidnap. The resurgence of violence in the Niger Delta is expected to continue into 2017. Militant groups are likely to continue high-profile attacks on oil and gas infrastructure to press the federal government into meeting its demands, which include greater autonomy for the region and a greater share of the oil wealth, which may be untenable considering Nigeria’s current fiscal woes. Greater military action risks increasing anti-government sentiment.
    “Kidnapping, primarily for the purposes of financial gain, will remain a complex and multifaceted security threat in Nigeria in 2017. The country was one of the world’s top five worst kidnapping-affected countries and the region’s kidnapping capital. However, ongoing state military offensives over the past 18 months have led to the relative containment of Islamic State (IS) affiliate, Boko Haram, in north eastern Nigeria. According to available information, Boko Haram conducted no successful abductions of foreign nationals within the country in 2016. However the group is extending its operations into Chad and Cameroon and this could lead to an increase in KRE activity.”
    RIMSON President, Jacob Odeonsun, said the Allianz Risk Barometer 2017 is a worthy compass, telescope and guide which risk managers, investors, professionals, governments, policy makers and corporate entities should not ignore in strategic decisions in the year.

  • Allianz agrees to acquire Moroccan subsidiary of Zurich

    Allianz Group has announced a binding agreement for Allianz to acquire Zurich Assurances Maroc, a subsidiary of Zurich Insurance Company in Morocco.

    Zurich Assurances Maroc in a statement said it is one of the largest insurance companies in Morocco, currently ranking at number 7 in the property and casualty market and serving more than 600,000 customers.

    In 2015, Zurich Assurances Maroc generated 114 million euros in gross premiums written.

    The company also has a license for life and health insurance products, which Allianz plans to utilise.

    Allianz Group views Africa as one of the important future growth markets. Today Allianz is present in 15 countries in Africa.

    The acquisition in Morocco, Africa’s second-largest insurance market after South Africa, marks an important step for Allianz to be well positioned to capture future growth in the African region.

    “This deal is a major milestone for our strategy to expand in Africa. Morocco presents good growth prospects for both personal and commercial lines. We will be able to support both our Moroccan and international customers in their local and international business. In addition, Allianz is an employer of choice in Africa.

    “We look forward to developing and promoting local talents in a growing market,” said Sergio Balbinot, board member of Allianz SE in charge of southern and western Europe, Africa, MENA and India.

    The purchase price is 244 million euros. Pending regulatory approvals, the transaction is expected to close end of 2016.

  • Allianz earnings dip in Q3

    Allianz’s earnings fell by more than expected in the third quarter as market turbulence hit asset management and insurance results, raising the pressure on Europe’s biggest insurer ahead of this month’s strategy review.

    The Chief Executive Oliver Baete will unveil conclusions on November 24 of a review after taking charge in May as Allianz seeks to boost its underwriting strength in face of persistently low interest rates and tightening regulation.

    Allianz’s Pimco asset management business has been hit by cash outflows and its issues came into the spotlight last year with the acrimonious departure of “Bond King” Bill Gross.

    Quarterly net profit fell 15 per cent, a sharper decline than analysts had expected dented by fallout from financial market ructions in China and interest rate uncertainty in the United States.

    Investment declines and claims for events including deadly explosions at the port of Tianjin in China also played havoc with results at rivals such as Zurich, Generali and Munich Re in the quarter.

    Tianjin cost Allianz around 60 million Euros ($65 million).

    The company said it expected a result towards the upper end of its full-year target for operating profit of between 10.0 and 10.8 billion Euros, reflecting increased uncertainty about financial market volatility relative to its previous forecast to be at the top end.

    The Financial Officer, Dieter Wemmer sought to temper expectations for the strategy presentation, which he said would centre on boosting growth through a sharper focus on clients and digitisation as well as improving international teamwork.

    “Whether it’s a sea change will certainly be judged differently seen from the inside and outside; internally, it is a big step towards the changes needed in the organisation,” Wemmer told reporters.

    • Culled from Reuters
  • Allianz raises payout, confirms target amid Pimco trouble

    Allianz raises payout, confirms target amid Pimco trouble

    Allianz SE has pledged to pay a higher share of profit to shareholders and confirmed its full-year profit target as the Pimco asset management unit struggles to contain outflows following the departure of Bill Gross.

    “Starting with the financial year 2014, the intention is to propose an increased regular payout to Allianz shareholders of 50 percent of net income,” the Munich-based company said in a statement. That compares with a pay-out ratio of 40 per cent at Europe’s biggest insurer in the past.

    Investors have pulled billions of dollars from Pacific Investment Management Company’s funds since the September 26 announcement that Gross, who was chief investment officer and co-founded Pimco more than four decades ago, was joining Denver-based Janus Capital Group Inc.

    Pimco, based in Newport Beach, California, suffered 49.2 billion euros ($60.9 billion) in client redemptions in the third quarter, Allianz said. Most of the outflows occurred in the last week of September.

    The asset manager said clients pulled $27.5 billion in October from its biggest mutual fund. “Net outflow development after the resignation of Bill Gross is within our expectation,” Chief Financial Officer Dieter Wemmer said in the statement. “Our unchanged outlook for the full year 2014 and the newly established multi-year dividend policy are visible demonstration of management confidence about the future of Allianz.”

    Allianz’s net income climbed 11 per cent to 1.61 billion euros in the third quarter. That compared with an average estimate of 1.57 billion euros in a Bloomberg survey of 13 analysts. Operating profit at the asset-management unit, which includes Pimco and Allianz Global Investors, fell five per cent to 694 million euros.

    The insurer had been expected to pay 6.20 euros a share for this year, according to the Bloomberg Dividend Forecast. Allianz has promised investors to update them on payouts before year-end. It paid 5.30 euros a share as dividend for 2013, or 40 percent of profit.

    Allianz said it will “evaluate and pay out the unused budget earmarked for external growth every three years.” The first such evaluation will take place at the end of 2016. Payouts won’t be allowed to push the insurer’s Solvency II ratio, a measure of financial stability, below 160 per cent, Allianz said.

    Allianz shares have declined 2.8 percent this year, valuing the company at about 58 billion euros. The Bloomberg Europe 500 Insurance Index has risen 4.3 percent during the same period.