PressNewsFinancialsStakes and investments: Allianz agrees to acquire Moroccan subsidiary of Zurich

Allianz agrees to acquire Moroccan subsidiary of Zurich

Service & Contacts

Allianz Group Communications
Koeniginstr. 28
80802 Munich
Germany

Contact overview

Receive the latest Allianz news.

Newsletter

Follow Allianz in the social networks:

Facebook
Twitter
Google+
LinkedIn

  • Contact

  • Newsletter

  • Social Media
  • Acquisition a major milestone for Allianz in Africa

  • Pending regulatory approvals, transaction expected to close end of 2016

 

Allianz SE
Munich, Jun 17, 2016

Allianz Group announced today a binding agreement for Allianz to acquire Zurich Assurances Maroc, a subsidiary of Zurich Insurance Company in Morocco.

Zurich Assurances Maroc is one of the largest insurance companies in Morocco, currently ranking at number 7 in the property and casualty market and serving more than 600,000 customers. In 2015, Zurich Assurances Maroc generated 114 million euros in gross premiums written. The company also has a license for life and health insurance products, which Allianz plans to utilize.

Allianz Group views Africa as one of the important future growth markets. Today Allianz is present in 15 countries in Africa. The acquisition in Morocco, Africa’s second-largest insurance market after South Africa, marks an important step for Allianz to be well positioned to capture future growth in the African region.

“This deal is a major milestone for our strategy to expand in Africa. Morocco presents good growth prospects for both personal and commercial lines. We will be able to support both our Moroccan and international customers in their local and international business. In addition, Allianz is an employer of choice in Africa. We look forward to developing and promoting local talents in a growing market,” said Sergio Balbinot, board member of Allianz SE in charge of southern and western Europe, Africa, MENA and India.

The purchase price is 244 million euros. Pending regulatory approvals, the transaction is expected to close end of 2016.

  Further Information

  Forward Looking Statement disclaimer

As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer:

 

  Press contact

Thomas Atkins
Allianz SE
Phone +49.89.3800-2960
Send email
Elizabeth Goetze
Allianz SE
Phone +49.89.3800-5509
Send email

  More at allianz.com

Winter Olympics 2018: A Support for Sport

Allianz-Winter Olympics 2018: A Support for Sport
Feb 22, 2018 | Allianz SE

The 2018 Winter Olympic Games are well under way in Pyeongchang, South Korea. What is the one thing that such spectacular events just can’t do without?

More...

European Reunion: 10 ideas for a stronger Europe

Allianz-European Reunion: 10 ideas for a stronger Europe
Feb 21, 2018 | Allianz SE

The past decade has been rough for the European Union. EU’s big two, France and Germany, now have an opportunity to strengthen the region. Allianz Research offers 10 ideas...

More...

Allianz delivers strong 2017 results, proposes 5 percent dividend increase

Allianz-Allianz delivers strong 2017 results, proposes 5 percent dividend increase
Feb 16, 2018 | Allianz SE

Allianz Group reported strong results for the full year 2017 due largely to higher performance in Asset Management and Life and Health. Total revenues for the Group rose 3.0 percent to 126.1 billion euros for the year, driven by improvements in all business segments. Operating profit edged 0.4 percent higher to 11.1 billion euros in 2017, squarely in the upper half of the Group’s announced target range of 10.3 to 11.3 billion euros. 

More...
More...