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In 2015, visitors to Munich’s Oktoberfest drank 7.7 million liters of beer over a period of just 16 days. What makes German beer so good? A simple, centuries-old recipe of hops, barley, yeast and water. It’s a tradition that has been protected since 1516, when Duke Wilhelm IV of Bavaria introduced the beer purity law (Reinheitsgebot). Today, Allianz subsidiary and agricultural insurers Münchener und Magdeburger Agrarversicherung covers 5902 hectares of the aromatic bloom from damage incurred by hail or frost. That’s enough hops to produce seven billion liters of beer. Prost!
Turn on the radio and there they are: summer-themed songs dominate an entire season and there is no way to escape them. Euler Hermes decided to sing along and created their very own playlist for their economic forecasting exercise..
The global economy was hit by several shocks over the past few quarters, which neutralized the positive effects that lower interest rates should have had on growth.
So, to honor another summer of little to no growth, this is their playlist.
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The economic summer playlist is part of Euler Hermes’ monthly publication, The Economic Outlook. Download or read edition 1226-1227 “The Price of Growth”.
Live events are not without risk. When country singer Kenny Chesney performed in Pittsburgh (U.S.) recently, seven people were arrested for various crimes including assault and 99 people had to seek medical attention mostly due to dehydration and intoxication. In Germany, a rock festival ended early when lightning injured at least 80 fans.
Live concerts are becoming increasingly complex. Though no two events are alike, most share common risks (see infographic). Insurers, risk managers and venue operators work together well in advance to devise a strategy to protect the many people involved, safeguard profits and ensure that the show can go on.
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What could be more fun and engaging than using sports to master your investment management technique? That is why AGI launched European Equities 2016, a fantasy fund manager game to run alongside this summer’s EURO 2016 football championship.
The format, look and feel of the game are similar to fantasy football. However, instead of drafting star players for your team, users hand-pick star investments in the form of stocks. With AGI fund managers as coaches, users select 11 equity players from a number of European stocks and then monitor their performance throughout the course of EURO 2016 this summer.
To apply, go to the Those Who Dare Locker Room and create your own video using one of your FC Bayern stars as inspiration. We want to see how well you can motivate your friends and teammates to give their best. If selected, you will be invited to join teenagers from around the world in Munich, Germany for a true football adventure: training with FC Bayern youth coaches, meeting the FC Bayern football stars in person, getting a behind-the-scenes look at your favorite football club and watching an FC Bayern Bundesliga home match. The selection process in Malaysia has already begun. Read “Hope, sweat and passion” to find out more.
Euler Hermes voted in Germany as the Eurovision Trade Contest’s winner. The credit insurance company ranked European countries according to their projected import and export growth, and matched countries with fitting songs such as “Living la vida normal” for Spain.
“There are some striking parallels between song titles and European trade nations,” says Ludovic Subran, chief economist at Euler Hermes. The Euler Hermes Trade Contest illustrates which countries in Europe show the greatest export and import growth potential. Germany wins with “The winner takes a lot”. It is projected to have additional exports of 110 billion euros in the next two years and import growth of 98 billion euros. Runner-up Great Britain sings along to “Don’t go Brexit my heart”. In 2016/2017, it is projected to see a 69 billion euro increase in exports and a 92 billion euro increase in imports.
For the complete ranking, visit Euler Hermes.
What values does Allianz stand for? Why is a market economy not an end in itself? And why does Allianz not insure footballers’ legs? Taking a clear stance is particularly important in our "networked society". The CEO of Allianz SE, Oliver Bäte, took the opportunity to do just that in an unusual interview format. He met Tilo Jung, journalist and founder of the award-winning online video format "Jung & Naiv" (Young and Naive). Bäte and Jung spent 105 minutes discussing Allianz' risk competence in an uncertain world, data protection, inclusion and why it was so difficult for customers to contact their insurers directly for so long.
Jung & Naiv's work is published exclusively online. Its Facebook page boasts just under 200,000 fans.
The 2015 Allianz HR Fact Book just released reports that 68 different nationalities are represented at its Munich headquarters.
Cultural diversity gives businesses a real competitive advantage. As people from around the world unite behind one driving goal – the success of their company – it creates a tremendous melting pot of ideas. By properly leveraging this cross-cultural thinking, employees are challenged to think outside of the box. This, in turn, increases innovation and productivity. An added bonus, multiculturalism makes workers more adaptable to new situations and processes. With its 68 different nationalities, the Munich headquarters is an excellent example. Chief HR officer at Allianz Christian Finckh underscores, “Allianz is a unique place filled with outstanding and diverse people.”
Allianz HR Fact Book 2015
On average, it takes a burglar only 15 seconds to break into your home and 12-15 minutes to rummage through your things. What’s he looking for? Here is the burglar’s Top 10 hit list.
In 1973, Marlon Brando used the Academy Awards as a platform to protest the treatment of American Indians in the film industry. This year’s Academy Awards is unlikely to disappoint as Hollywood protests the lack of black actor nominees.
Behind the scenes, Allianz has held steady, insuring films since the 1890s. Technological advances over the last 125 years are pushing the envelope in terms of visual effects, stunts and locations so that risk consulting, underwriting and claims expertise have become a much more important component of the entertainment business. As the industry expands into new markets, including emerging economies, new opportunities are being created for insurers to operate on a global level.
Baby boomers aren’t getting older, they’re getting better. Today’s 65+ is typically healthy, engaged and curious. Many of them want to continue working. “But,” as Dr. Norbert F. Schneider, director of the Federal Institute of Population Research (BiB), says: “They don’t want 9-to-5 jobs. Like Millennials, they want to have as much flexibility in the workplace as possible.” Schneider will be speaking on the upsides of demographic change during the 5th Berlin Demographic Forum, February 24-25, 2016.
As to gray hair, one of the latest fashion trends among Millennial men is dying their hair gray. Imitation is indeed the sincerest form of flattery. Think silver foxes Richard Gere and George Clooney.
Allianz Insurance UK reports the most likely time to be burgled is on Wednesday morning.
20 percent of all burglaries happen on Wednesday morning: That is what Allianz Insurance UK discovered during a research conducted in 2015. It seems more attractive to burgle during the week due to people being at work. Not necessarily so. Shockingly, four out of every ten burglaries take place when someone is at home.
Merry Christmas! That was the first SMS. 23 years later, text messaging has proved itself to be a tried and true communication tool, despite strong competition from those social media whippersnappers.
Text messaging is fast, grabs attention and is democratic. Ninety percent of all text messages are read within three minutes of being received. It might be surprising to know that 94 percent of people 70 and over text messages on a weekly basis. And since mobile phones are able to receive and send text messages without being connected to the Internet, SMS is a great way for businesses to help customers young or old resolve issues in real time. In just two years, for example, Allianz Global Assistance increased the amount of SMS traffic by 2.6 million.
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100 years since Alois Alzheimer died, there is still no cure for Alzheimer’s Disease. Though the dramatic increase in life expectancies is one of the greatest achievements of the 20th century, without a cure, this physical blessing is mocked by a disease that slowly and insidiously robs suffers of their minds, humanity and their lives.
It would have been a rare occurrence at the time Bavarian Alois Alzheimer identified the disease that bears his name. The average life expectancy in Germany in 1906 was 45 among men and 49 among women. Today, Alzheimer’s Disease is epidemic. Almost 44 million people in the world have Alzheimer’s or a related form of dementia. The global cost is equivalent to 1 percent of the entire world’s gross domestic product. The human cost, immeasurable.
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Every year, businesses lose a total of 3.7 trillion dollars to fraud. To put that figure into perspective, it would the same as spending 130,000,000 dollars a day for 78 years.
Fraud has many victims. Business owners lose profits; shareholders and investors, dividends and share values; and employees, opportunities for higher pay, bonuses and employment. Sadly, many companies see fraud as just one of the costs of doing business. However, strategies can be put in place to help soften the blow. Measures such as adopting a code of ethics for management and employees, training employees in fraud protection and introducing a fraud hotline.
This autumn, the new head office of Allianz Turkey was opened in Istanbul.
The Allianz Tower in Istanbul (see image) conforms to the highest standards of green construction and was awarded the distinction of being classified as a LEED Platinum building. LEED stands for “Leadership in Energy & Environmental Design,” a determination set by the U.S. Green Building Council (USGBC). Criteria are, for example, sustainable building with construction materials that protect the environment and resources, low water and energy consumption and a high degree of user-friendliness with lots of natural light, solid ventilation and good transport connections.
Partnering in a green economy
World Diabetes Day on November 14 marks the beginning of a year-long campaign that focuses on the impact of healthy eating on global health and sustainable development.
Global health spending to treat diabetes and manage its complications was estimated at 612 billion dollars in 2014. That figure is set to explode if diabetes continues its epidemic growth. There may not be a cure for diabetes right now, but it can be dramatically reduced and even prevented by adopting a healthier lifestyle. However, a nutritional diet filled with fresh fruits and vegetables, whole grains and lean meat is not always financially possible; particularly for people living in middle- and low-income countries. Providing access to healthy food at an affordable price is essential to reducing the global burden of diabetes and ensuring global sustainable development.
Download full graphic (Source: International Diabetes Foundation)
Each year, some 1.25 million people die in traffic accidents; 20 to 50 million more suffer non-fatal injuries. It only takes a second, but the road back can be long, arduous and costly. Allianz Global Assistance Service Germany is partnered with rehabilitation provider rehacare to both provide optimal care and reduce the cost of claims. Leveraging the broad expertise of doctors, physical therapists, psychologists, vocational experts, social workers and architects, caseworkers come alongside accident victims to help them reclaim their lives. The World Day of Remembrance for Road Accident Victims on November 15 is dedicated to rising awareness, remembering the many victims and paying tribute to the emergency responders and caregivers who have to cope with the traumatic aftermath.
“I don’t like to miss out on things” (page 78)
There’s no shortage of spooktacular things to do on Halloween at Allianz Life in Minneapolis. From trick-or-treating to a costume contest, the holiday’s ghostly spirit is felt all around.
The main event is the beloved, and scary, Haunted House. Hosted entirely by employee volunteers, the Haunted House has 10 different rooms, each with a different theme (see image) and scream-worthy surprise. Last year, brave visitors encountered crazed clowns, bloody butchers and possessed dolls. Guests are asked to make a voluntary cash donation, which goes to the Toys for Tots bike drive. In 2014, Allianz Life raised enough to buy 98 bicycles and 2 adaptive bicycles. “Having a bike like this is a fantastic and liberating experience for me,” said physically handicapped Mikaela, an adaptive bike recipient. “I get more exercise and have a wonderful feeling of independence.”
A popular misconception is that Kenyans do not have access to modern technology. Like most stereotypes it belies the facts.
83 percent of Kenyans use their mobile phones to make payments or access financial services. High-tech countries are lagging well behind. 42 percent of mobile phone users in the United States use mobile banking, 21 percent in Germany and 19 percent in Japan. In 2014, just seven years after the mobile platform was launched, 42 percent of Kenya’s GDP was being conducted using mobile banking. Such financial inclusion will play a vital part in helping the country meet its development goals. According to the World Bank, access to financial services is crucial to reducing poverty and inequality, and stimulating job creation and economic growth.
China’s 20-year economic boom has created a new consumer: the Chinese affluent.
The figures are staggering. Financial assets per capita in Asia have grown by 9.9 percent since 2000, outpacing any other region of the world (see graph). The trend is ongoing with China leading by far. The Chinese private wealth market is expected to reach some $20.3 trillion this year. Even more telling, the number of middle class households is expected to explode from 109 million today to 500 million in just five years. By 2030, 93 percent of the Chinese urban population will be middle class and two-thirds of global middle class will be in Asia. For more information on China’s new consumer, how they are investing and how they are spending, read “Growing around the middle” in PROJECT M.
In opening a customer service contact point in sign language, Allianz France shows its dedication to meeting its customers where they are.
In just a few clicks, the deaf and hearing-impaired can connect to a customer service representative to discuss or follow up on a claim using sign language. The conversation takes place via webcam or chat. It is a simple and innovative service that provides deaf or hearing-impaired customers the same kind of service enjoyed by other customers of Allianz France. There are some 2.5 million people in France who are considered legally deaf. Of those, 300,000 use sign language. Watch the video to see how it works.
Allianz has launched a website dedicated to community engagement: ACT! In doing so, Allianz provides a platform for people who want to share their know-how and skills.
For instance, volunteers in Bremen work together with refugees to repair bicycles at the SOS-Kinderdorf every Monday. With the project nestwärme e.V., you become a ZeitSchenker, giving your time to support families with disabled or critically ill children.
To read more about Allianz community engagement and find out how you can get involved, click on the map found on the ACT! homepage.
In the video, Allianz employees describe the many ways they have contributed to helping others and how volunteering has enriched their lives.
Viktualienmarkt. Munich’s open-air food market boasts stalls and shops catering to the most discriminating gourmets. When Allianz Deutschland Board Member Bernd Heinemann and local cheese-store owner Susanne Hofmann met for wine and cheese to talk shop, it wasn’t long before they realized how much their businesses had in common.
Both companies offer a broad palette of products and their customers have similar buying styles. Some come in knowing exactly what they want. Others immerse themselves totally in the subject. Then there is the customer who know they want to buy something, but aren’t quite sure what. “These customers have to be able to articulate what they need,” says Heinemann. Hofmann continues, “That’s where good salesmanship comes in by patiently asking questions.” The true art of the sale is to meet customers where they are. Paying careful attention to their individual requirements builds customer trust and loyalty.
Listening to music during a long car trip not only makes it less tedious, it can also raise alertness. However, having the music turned on can also increase the chance of having an accident.
Music itself is not the problem, it is the type of music and the volume at which it is being played that can be distracting, so a new study by Allianz, “Musik im Auto” (Music in the car). The study suggests drivers refrain from listening to highly rhythmic, hard or shrill music, but rather select songs with simple melodies, rhythms and structure. High volumes can interfere with concentration as can emotionally charged music and songs with lyrics in one’s native language. Not surprisingly, channel hopping is a nonstarter.
Ellie Goulding’s “Love me like you do” didn’t just make it to the top of Billboard, it also made it to the Allianz Hit Parade.
Hurricane Katrina was the most expensive natural disaster in the history of the global insurance industry. Not only was New Orleans devastated, the Gulf Coast was flooded by storm surges up to 28 feet.
Seven of the top 10 cities in terms of assets exposed that year were located on the Atlantic basin. But the times, they are a changing. According to an OECD study, by 2070, asset exposure will be concentrated in Asia. That is because, as development increases, port cities will expand and people will flood to cities in search of better opportunities. For example, the amount of developed low-elevation coastal land in China is expected to increase to over 60,000 km2 – about twice the size of Belgium – by 2030. The outlook is worsened by the fact that the growth of exposures is far outpacing the take-up of insurance coverage, resulting in a growing gap in natural catastrophe preparedness and response.
My Finance Coach Foundation was established in 2010 by Allianz in collaboration with partner companies Grey and McKinsey. The aim: to raise children and young people's awareness of how to handle money in a responsible way. As part of a wide-ranging offer, numerous Allianz employees visit schools throughout Germany to spark young people's interest in economic relationships and transfer their own knowledge. My Finance Coach is supported by many companies in the process, and helps to steer young people away from falling into debt or insolvency.
In a poor town located in the southwest part of Macedonia, a struggling school had a big vision. They wanted to have their own football stadium.
Learning that the South Stand of the Allianz Arena was being torn down to create standing room space for FCB’s most devoted fans, the Bundesliga champions were approached by a fan club on behalf of the school. Their modest goal? One hundred of the disassembled seats to use for a stadium in Delogoždi. With the true heart of a champion, FC Bayern Munich donated 255 stadium seats and even paid to have them installed around the perimeter of the football pitch. The kickoff was held during a tournament of local youth teams in September 2014.
“With all the knowledge and skill acquired in thousands of flights in the last ten years, I would hardly think today of making my first flight on a strange machine in a twenty-seven mile wind, even if I knew that the machine had already been flown and was safe.” Orville Wright
Just 11 years after brothers Orville and Wilbur Wright (shown in the picure) took flight in 1903, a budding industry took its first commercial flight. And as pilots pushed the limits of the possible, Allianz became a pioneer in aviation insurance.
Today, a century later, Allianz is one of the three largest insurers of a global industry that generates 2.4 trillion USD a year and provides employment to 58 million people worldwide. The latest edition of Global Risk Dialogue takes a look at its aeronautic beginnings, its astronautic aspirations and maritime ambitions.
According to a current study by Allianz International Pensions, Germany, Great Britain, the USA and Japan will lose up to one fifth of their workforce due to demographic changes. As a result, overall wealth could also drop by up to 15 percent, in terms of per capita income. To prevent this loss of wealth, Brigitte Miksa, who heads up the team of experts, suggests three possible solutions: a flexible retirement age, more productivity and opening up the labor market to women, the elderly and immigrants.
Press release "Reduce the threat of wealth loss"
In January 2009, the pilot of US Airways flight 1549 managed to safety land his plane on the Hudson river shortly after a bird strike: he'll go down in the history books as a hero. As discovered by the AGCS Global Aviation Study 2014, accidents involving flocks of birds and other animals count amongst the fifth most common insured events. Most of the damage results from animals colliding with the windscreen or machinery. Airports are now taking steps to make the areas surrounding runways less attractive to animals, hoping to increase safety and protect birds.
With 54 wind farms and 7 solar parks, Allianz Capital Partners is already one of the world’s leading investors in alternative investments. Allianz’s current renewable energy portfolio includes Allianz locations in France, Germany, Italy, Sweden - and now Austria as well. Viewed as a whole, the portfolio generates enough renewable energy to supply over 800,000 households. This is comparable to a city the size of Barcelona.
Last year, Allianz Capital Partners acquired Porterbrook Rail Finance Limited, one of the three main rolling stock leasing companies in the UK. The acquisition was made together with three international financial investors; one from Australia, one from Canada and one from France. Porterbrook owns and manages a modern fleet of more than 6,000 passenger trains and freight rolling stock, holding approximately one third of the UK’s total number of passenger trains. Porterbrook is on course to expand further. Recently, the company agreed to purchase 108 new trains for the Gatwick Express, which links Gatwick Airport to London’s Victoria Station, beginning in 2016. So, by taking a train in the UK, you indirectly support the retirement plan of millions of Allianz customers.
Weddings are a major social event in India, and the bride and groom may save for decades to make sure their dreams come true. Nothing can go wrong. But, if it does, Bajaj Allianz offers wedding insurance. Among others, the comprehensive policy covers the wedding party from accidents and food poisoning as well as damage caused by monsoons. Prices range from 3,770 and 14,276 rupee (approximately 60 to 225 dollars).
WLAN networks in aircrafts represent a serious security gap for aviation insurance. Hackers have obviously succeeded in infiltrating the on-board computer via these networks, enabling them to steer the plane from their seat. As the current Global Risk Dialogue of the industrial insurer AGCS now confirms, nearly all operational procedures in the aviation industry are dependent on computer systems. As a result, the threat that emanates from cyber risks is also increasing – from cyber terrorism to extortion and data protection violations through to network failures. "Over the next five to ten years the cyber issue will advance to the top of the aviation industry agenda," claims Henning Haagen, Global Head of Aviation at AGCS. A few days ago Warsaw airport had to cancel several flights due to a hacker attack.
New mobility concepts are not just going to change the course of traffic, they are going to change the consumer behavior of tomorrow’s drivers. “Nowadays, especially for the younger generation, owning a car is no longer a goal pursued as a matter of course. Our customers are increasingly becoming users, and automotive manufacturers, mobility suppliers,” explains Karsten Crede, CEO of Allianz Global Automotive. That’s why Allianz is working with the automotive industry to develop new mobility concepts. Crede continues, “With more than 50 million insured vehicles, Allianz is using the potential of loss data to advise automotive manufacturers on the subject of car development, accompany them closely throughout the process – and make cars safer as a result.”
Together with numerous technology firms, Allianz Global Automotive will participate in this year's International Motor Show (IAA) taking place in Frankfurt from September 17 to 27.
What's a hectare of ocean worth? A group of researchers, led by the USA's Robert Costanza, started investigating this issue as far back as 2012. As part of their research, they calculated the average value of the nine most important ecosystems around the world. According to their calculations, a hectare of ocean is worth USD 135, but a hectare of coral reef is worth a whopping USD 197,900. The study's findings are intended to help better prioritize research and conservation projects, thus safeguarding ecosystems and their biodiversity. Additional information and a gallery of images can be found on Open Knowledge.
Antibiotic resistance poses an increasing threat to public health systems worldwide and will be one of the major health topics of the forthcoming G7 summit in Schloss Elmau. Despite the direness of the situation, no new antibiotics have been discovered for 26 years. The reason for this: Pharmaceutical companies have no real incentives to produces new ones. As opposed to an antibiotic, which someone might take for an illness for one week once a year, patients with diabetes, high blood pressure or high cholesterol take a pill every day for the rest of their lives.
There are more and more crashes when parking. The reason for this: the shape of vehicles has changed and urbanization is growing. These are the findings of a joint research project carried out by the Allianz Center for Technology (AZT) and Continental AG. Over the past decades, cars have tended to become wider and longer, whilst the size of parking spaces has stayed the same. Analysis showed that vans and SUVs are most frequently involved in accidents during parking and maneuvering. That’s why van and SUV drivers cause around 30 percent more of these accidents than small or compact vehicles. In addition, drivers' visibility has been considerably reduced, particularly through the rear and side windows, as a result of changed structure and designs.
Many standard bike racks available on the market are not entirely suited to transporting pedelecs and other kinds of e-bikes. This was the conclusion reached by the Allianz Center for Technology (ACT) in an extensive series of tests (available in German only). The reason: with their electric motor, battery and reinforced frame, most e-bikes weigh more than 20 kilograms. This makes them considerably heavier than traditional bicycles. The fact that electric bikes are heavier doesn't cross the minds of most cyclists. They use their traditional car roof rack to transport their e-bikes as well. Melanie Kreutner wants to bring this to people's attention. She is a research engineer at the Allianz Center for Technology. Her advice: attach your bike rack to the tow-bar instead of the roof of your car.
Commercial agriculture is the main reason for deforestation. This is the conclusion Allianz Open Knowledge comes to in its most recent report, "The top 10 drivers of deforestation". In South America, soybean cultivation is responsible for 68 percent of deforestation. However, the increase in cattle farming, in addition to heightened demand in the palm oil industry, is also to blame for this environmental damage.
What do Europeans aged 60 and over spend their money on? According to an Allianz study, Britons love animals: no-one spends more money on their four-legged friends than the Brits. Macedonians, by contrast, splurge on fancy footwear. Swedes spend their pensions on household appliances and garden furniture. However, it's important to bear in mind that prices vary across Europe and that this has a considerable influence on consumer behavior.
An updated version for 2015 will be published shortly.
According to figures provided by the German Center for Tourism (DZT), the Allianz Arena in the north of Munich ranks among the thirty most popular travel destinations in Germany. Based on visitor numbers, Europe's most modern stadium (around four million visitors) is ahead of Neuschwanstein castle (around 1.4 million), Dresden's Frauenkirche (around two million) and the Reichstag (around three million). Alongside these results, this year brings yet another reason to celebrate: May 19, 2015 marks the 10-year anniversary of the Allianz Arena.
More than two thirds of young German drivers could imagine switching to a vehicle with electric drive if it had the same price-performance relationship as a diesel or petrol powered car. 26 percent of those surveyed would still consider the e-car to be an attractive alternative even if the purchase price were higher. This is the conclusion reached by a survey conducted as part of the Allianz Center for Technology's study "Young and urban". The growing readiness of German citizens to use an electromobile is also made clear by the increased number of registered vehicles of this type: since 2013, registrations of e-cars have doubled to almost 19,000.
The capacity of container ships has increased twelvefold over the last fifty years. The so far largest container ship, the MSC Oscar, was launched in January 2015 with a capacity of 19,223 TEU (Twenty-foot Equivalent Unit). That’s as long as four football fields in a row. This growth trend is a major challenge for marine insurers, according to the latest study by industrial insurer Allianz Global Corporate & Specialty (AGCS). “The industry should prepare for losses exceeding 1 billion US dollars in the future, in particular if container vessels or specialized floating offshore facilities are involved,” says Sven Gerhard, Global Product Leader Hull & Marine Liabilities, at AGCS.
According to an investigation carried out by Allianz, many investors still prefer secure, but low-interest forms of saving. "This means that investors are losing interest and compound interest, which are vital in building up an additional income for retirement", says Hans-Jörg Naumer, Global Head of Capital Markets & Thematic Research at Allianz Global Investors. "Saving based on life stage allows you to position yourself more broadly and invest in equities, for instance, in addition to bonds. This reduces the risk of inflation eating up the return from an investment, so that you aren't left with a considerable chunk of income missing in your old age."
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