AGF’s history in Belgium dates back to 1913 when Assurances Générales de Paris – which later became Assurances Générales de France – opened a branch in Brussels. For almost a century, the company grew; especially with the merger of several companies which joined the group in the 1990s: L’Escaut/De Schelde (the oldest insurance company in Belgium established in Antwerp in 1821), Union & Fénix and Assubel.
The change of name marks AGF Belgium’s membership of the Allianz Group, which in fact dates back to 1997, when Allianz acquired a majority holding in AGF Group.
The change represents far more than a cosmetic transaction: it is a result of the decision by one of the global leaders in insurance to clearly show its presence in one of the most competitive and dynamic markets in Europe. By presenting itself as the Belgian subsidiary of a global leader in insurance and financial services, AGF Belgium will benefit from the reputation of the strong Allianz brand name.
AGF Belgium will become Allianz
Several reasons for name change in Belgium
Allianz has adopted the legal form of a European Company and the Group’s holding company is now called Allianz SE. It is consequently logical that the subsidiary active in the capital of Europe also bears the Allianz name, especially since Allianz considers Europe as its domestic market and that Belgium naturally has a place there.
Presenting itself as the Belgian subsidiary of this global leader in insurance and financial services enables AGF Belgium to benefit from the reputation of a strong brand name. It is advantageous for brokers and customers to work with a partner whose name inspires credibility, trust and a professional approach.
The Allianz brand name is also a vehicle for recruitment. Finally, in a period of transition, a new name can act as a catalyst for internal motivation and encourage the development of a new corporate culture.
Positive results for 2007 and future ambitions
For the financial year 2006, Allianz recorded a net result in Belgium of 80.7 million euros, i.e., a 56.7 percent increase compared to the previous year. In the first nine months of 2007, turnover amounted to 860.8 million euros, up 15.8 percent compared to the same period in 2006. Growth was highest in life insurance, where it exceeded 23 percent. Growth in non-life insurance products amounted to 3.4 percent.
AGF Belgium is a major player on the Belgian market with a premium income in Belgium of more than one billion euros. In the future, Allianz aims to achieve five to ten percent growth in Belgium in the growing market of small and medium-sized enterprises and self-employed persons.
The transition is far from complete. Robert Franssen, AGF Belgium CEO says: "We envisage with Allianz maintaining our position in the leading three professional brokerage companies. With our progress over recent months and our investments to support this growth, we have confidence in the future."
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