At today’s Annual General Meeting in Munich, Allianz AG CEO Michael Diekmann saw the trend of the 2006 first quarter as "an initial indicator that we will achieve our goals for 2006". Based on the 2005 results, the board proposed to the Annual General Meeting that the dividend should be increased to two euros – an increase of 14 percent.
In his speech to shareholders, Diekmann saw Allianz as well equipped to master the challenges of the future, continue to improve results and achieve a good return, "without going in for spectacular takeovers".
The Group was said to have a "an excellent basis" with more than 60 million clients in over 70 countries, with all the necessary product factories and sales channels, with a strong brand and the necessary solidity. "In short, we are confident of the superiority of an integrated financial services provider, in the knowledge that we are significantly ahead of most competitors in this regard", Diekmann said.
"Allianz well equipped for the future"
At the 2006 Annual General Meeting, CEO Michael Diekmann presented the progress Allianz already made through its "3+One" program and the new business model due to be introduced in stages internationally as well, to the shareholders.
CEO Michael Diekmann at the AGM: "Satisfied customers are the cornerstone for sustainable growth"
Progress with bankassurance and assurbanking
As an integrated financial services provider Allianz had already made great progress in Germany, Diekmann said: "Five percent of revenues in Property and Casualty insurance is generated through Dresdner Bank and every eighth Allianz life insurance policy is now sold over banking counters".
In addition Allianz tied agents had acquired more than 370,000 new clients for banking products. "Although the majority of new customers was only gained in the second half of 2005, the bank has generated 100 euros gross income for each customer”, Diekmann stressed and added: "These successes are gratifying, but they are only the first step."
In addition Allianz tied agents had acquired more than 370,000 new clients for banking products. "Although the majority of new customers was only gained in the second half of 2005, the bank has generated 100 euros gross income for each customer”, Diekmann stressed and added: "These successes are gratifying, but they are only the first step."
Michael Diekmann with board members Paul Achleitner and Werner Zedelius at the Annual General Meeting
Focusing on customers
After all, Allianz had by no means yet exhausted its own potential to tie customers in and acquire new ones, "because our '3+One' program has given us the tools and processes we need in order to be even more successful in turning these opportunities into reality. But I'm also optimistic on this front. That's because it is very much through our '3+One' program that we now have the tools and processes we need to realize this potential".
As an example he mentioned the customer focus program. "Satisfied customers are the cornerstone for sustainable growth", Diekmann said. "A higher level of client's willingness to recommend Allianz will also be a concrete constituent of our compensation including that of board members."
As an example he mentioned the customer focus program. "Satisfied customers are the cornerstone for sustainable growth", Diekmann said. "A higher level of client's willingness to recommend Allianz will also be a concrete constituent of our compensation including that of board members."
Customers at the center of the business model
The restructuring of the insurance business in Germany is also based on striving for greater customer orientation. The customer is the central focus of the new structure.
Therefore, all marketing activities for insurance business in Germany will be merged. Sales, policy management and damages adjustment will be bundled under the umbrella of the new Allianz Deutschland AG which will make it stronger and more efficient. All activities that distinguish the individual product lines will remain separate.
"We developed this business model in Austria and then implemented it successfully in Switzerland", Diekmann said. "In future it will also serve as a model for our companies in other countries".
Therefore, all marketing activities for insurance business in Germany will be merged. Sales, policy management and damages adjustment will be bundled under the umbrella of the new Allianz Deutschland AG which will make it stronger and more efficient. All activities that distinguish the individual product lines will remain separate.
"We developed this business model in Austria and then implemented it successfully in Switzerland", Diekmann said. "In future it will also serve as a model for our companies in other countries".
Well positioned in growth markets
Allianz is looking beyond its German and European domestic markets and has also recorded growth in its international business in all business segments - most strongly in the regions of Central and Eastern Europe and Asia-Pacific, where business increased by 15 and 19 percent respectively in 2005. Better still: operating profit grew by almost 50 and 71 percent respectively.
Diekmann: "The work invested in building up business in these growth regions means we are now so well positioned, that we will take advantage of the dynamic situation there".
As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer, provided on the right.
Diekmann: "The work invested in building up business in these growth regions means we are now so well positioned, that we will take advantage of the dynamic situation there".
As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer, provided on the right.
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