Allianz is adding its name to the name of its local partner in Lebanon, Société Nationale d’Assurances s.a.l. (SNA). This strategic step, which was announced at a Beirut press conference on January 14, comes in line with both Allianz's major shareholding in Allianz SNA, as well as plans to expand in the Middle East.
For Antoine Wakim, CEO of Allianz SNA, adopting the Allianz name underlines SNA's drive to offer the best services and products to the Lebanese market. "We are proud to have the Allianz name with SNA. I am certain that Allianz and their international experience will give a new dimension to our business. With this collaboration, we will be able to better serve our clients who deserve first class service and products," he said.
A new brand in Lebanon: Allianz SNA
SNA in Lebanon is now Allianz SNA
Growth potential in all business lines
At the press conference, Allianz's Regional CEO for the Middle East, Sam Ghosh, added: "Allianz is stepping up its commitment to the Middle East. While we already have subsidiaries in Lebanon, Egypt, Bahrain, Jordan, Pakistan, and Saudi Arabia, we want to elevate our presence in the region to a new level."
Last September, Allianz declared the Middle East as its third major growth region, in addition to Asia-Pacific and New Europe.
In the Middle East, Allianz will focus on life and retirement business and health insurance as areas with highest growth potential. In property & casualty insurance, rising wealth and large development projects in the region also offer opportunities. In addition, Allianz will further develop its Islamic insurance, or Takaful business, which has already been launched in countries such as Bahrain, Saudi Arabia and Indonesia.
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