On September 17, AGF Allianz Argentina changed its name and now operates as Allianz Argentina. "A market study has shown that 80 percent of our brand value stems from the Allianz name", says CEO Edward Lange. "Concentrating on that name means that the brand will have a greater impact. We're sending out a strong message to customers: we're backed by one of the world's strongest financial companies."
After the economic crisis in 2002, Argentina has gone through a remarkable recovery. Just in the past three years, the economy grew around nine percent per annum.
Announcing Allianz Argentina
Edward Lange "80 percent of our brand value stems from the Allianz name"
Highly profitable
Allianz Argentina is highly profitable and ranks eleventh in the country's non-life insurance market, and third in the important agricultural insurance sector as well as marine, engineering, and property insurance. With 1,600 agents and independent brokers, Allianz Argentina has a strong distribution network.
In 2007, the company introduced group life insurance policies and credit insurance from Euler Hermes. Company pension plans and travel insurance products are in the pipeline.
Energy sector gaining importance
In June 2007, the company signed the biggest insurance deal in Argentina's history, covering the construction of two thermal power stations that will cost 1.8 billion US dollars. Allianz Argentina is also involved in a feasibility study for wind parks in the south of the country. Lange: "Renewable energy is still in its infancy in Argentina, but it will certainly be an interesting business sector in the future."
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