Allianz and Sri Ayudhya Capital PCL (AYUD) have today completed the expansion of their strategic partnership in Thailand, ensuring a stronger insurance franchise focused on meeting the diverse and growing protection needs of local customers and enhancing the Allianz proposition in the region.

The transaction will result in:

• The combination of Allianz General Insurance (AZTH) and Sri Ayudhya General Insurance (SAGI) to form a larger P/C company well positioned for future growth and innovation
• Key insurance-related entities falling under the Allianz Ayudhya brand – enhancing local market presence and delivering a consistent experience for customers
• Allianz SE becoming the largest shareholder in AYUD

The deepened partnership across both life and general insurance businesses will increase investment and innovation locally and ensures the partnership is well-placed to accelerate growth and deliver increased value for customers in Thailand.

As part of the transaction, AYUD will be renamed Allianz Ayudhya Capital PCL. It continues to be listed on the Stock Exchange of Thailand under the ticker AYUD.  Further, Sri Ayudhya General Insurance (SAGI) will be renamed Allianz Ayudhya General Insurance PCL.

Veraphan Teepsuwan remains as Chairman of Allianz Ayudhya Capital PCL.  Bryan Smith has assumed the role of President & CEO Allianz Ayudhya Capital PCL and the newly created position of Country Manager, Allianz Thailand, overseeing the overall business in Thailand.  He remains the President & CEO of Allianz Ayudhya Assurance PCL, the life insurance business.  Lars Heibutzki has been appointed President & CEO of Allianz Ayudhya General Insurance PCL.

Allianz Asia Pacific Deputy Regional CEO Solmaz Altin, said, “Today represents an important milestone for Allianz’s growth ambitions in Thailand and the wider region.  The closer relationship between both businesses will increase collaboration and expertise, and deliver an improved customer proposition in the country.  These moves reflect the strategic efforts we are making across Asia and we look ahead with confidence.”

Chairman of Allianz Ayudhya Capital PCL Veraphan Teepsuwan, said, “We are confident that bringing our businesses closer together is the right decision to take our customer offering in Thailand to the next level.  The future is positive for all stakeholders associated with the company and we look forward to our closer union better serving existing customers, while welcoming new ones to our family.”

Allianz Thailand Country Manager, President and CEO of Allianz Ayudhya Capital PCL and Allianz Ayudhya Assurance PCL Bryan Smith, said, “The expanded partnership is a huge win for local customers and secures Allianz’s future growth in Thailand.  We are now in a stronger position to deliver more comprehensive protection solutions under the Allianz Ayudhya banner.  Today is a game changer for local customers and the insurance sector in Thailand.”

Thailand is an important and strategic market for Allianz Asia, with strong potential due to its low insurance penetration as well as robust macroeconomic prospects¹  Allianz and AYUD’s partnership is long-standing stretching back for almost 20 years and today serves more than one million customers across the country.