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Allianz agrees to purchase Westpac’s General Insurance business 

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Allianz today announced it has agreed to purchase the general insurance business of Westpac, and enter into a new 20-year exclusive agreement for the distribution of general insurance products to Westpac customers. On completion of the proposed agreement, worth $725 million1, Allianz will expand its existing general insurance distribution arrangement with Westpac, which will allow Westpac to provide a wider range of Allianz general insurance products to its customers. Subject to receipt of required regulatory approvals, the transaction is expected to complete in mid-2021.

This agreement represents an important step in Allianz growing its consumer insurance portfolio in Australia, building upon the existing relationship between Allianz and Westpac, which has been in place since 2015. Under the new distribution agreement, along with the existing products of motor, caravan and trailer and travel insurance, Allianz will issue and service a range of personal insurance products, including home and contents, under Westpac Group’s brands. 

1 The proposed transaction comprises a payment of AUD$725 million for the purchase of Westpac’s General Insurance business and a 20-year exclusive distribution agreement. Additional future payments are contemplated in the agreement but are dependent on the achievement of certain targets.

“We are delighted to further strengthen our position in the Australian retail market and happy to expand our relationship with Westpac,” said Oliver Bäte, CEO of Allianz SE.  

“Westpac has been a long-term business partner for Allianz and we are very pleased to enter into this new agreement,” said Allianz Australia Managing Director, Richard Feledy. “Both companies share aligned values, particularly in relation to a customer-first approach to design and distribution, and using innovation and technology as key enablers to delivering customer satisfaction, so we see this as a fantastic opportunity.”

“Allianz is a proven bancassurance partner, both globally and locally, and we are committed to further investing in this channel. By combining our insurance and digital expertise we are able to provide valuable protection to Westpac’s customers.” 

Allianz will welcome Westpac’s general insurance employees after the transaction has been finalized. Allianz and Westpac will now go through a process of consulting with key stakeholders including employees and obtaining all relevant regulatory approvals.

The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 790 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 1.7 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are amongst the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2020, over 150,000 employees achieved total revenues of 140 billion euros and an operating profit of 10.8 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

*Including non-consolidated entities with Allianz customers.

Press contacts

Holger Klotz
Allianz SE
Daniela Markovic
Allianz SE
Sarah Blades
Allianz Australia
Nicholas Scofield
Allianz Australia
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

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