Volkswagen Financial Services AG will hold 51 percent and Allianz Group will hold 49 percent of its shares. The company will have its head office in Braunschweig, Germany. According to plan, it will be named "Volkswagen Autoversicherung AG", and beginning April 1, 2013, Volkswagen clients will begin to profit from an individualized and affordable offer of car insurance.
”With this planned joint venture, we are continuing the development of Global Automotive as a strategic partner of the automotive industry. We are happy to have the leading global multi-brand car manufacturer Volkswagen by our side," says Karsten Crede,CEO of Allianz Global Automotive.
”Volkswagen Group and Allianz have been working together as trusted partners for more than 60 years. We want to continue and expand this successful cooperation of two partners as equals,” says Frank Witter, CEO of Volkswagen Financial Services AG.
”With this new business model, we have reached a milestone in the cooperation between the automotive industry and Allianz. We want to achieve more growth and profitability in this business area.By developing each other's competencies, we will gain efficiency and can offer our shared clients added value in quality and service," says Karsten Crede. ”In the future, car buyers at dealerships will be able to take advantage of modular products at attractive prices with competent and ongoing service and advice about all car insurance topics."
The planned joint venture is the basis for international activities as well.
Important legal disclaimer:
The discussions between the partners are well advanced. The setting up of the joint venture is pending the signing of contracts and subject to the permissions of all authorities.
