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Allianz completes transaction to purchase Westpac’s general insurance business

Allianz SE | Munich/Sydney | Jul 01, 2021

Allianz Australia announced the completion of the transaction to acquire Westpac’s general insurance business, and commenced a 20-year exclusive agreement to distribute general insurance products to Westpac customers.

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Allianz Australia

Allianz Australia announced today the completion of the transaction to acquire Westpac’s general insurance business, and commenced a 20-year exclusive agreement to distribute general insurance products to Westpac customers. As part of this agreement, over 350 Westpac general insurance employees have now officially joined Allianz, bringing with them a suite of talents and industry knowledge that will help Allianz to continue to grow and innovate.

Announced in December 2020, the agreement, worth A$725 million, sees the expansion of Allianz’s product offering available through Westpac. In addition to an agreement to provide Westpac with Allianz’s motor, caravan and trailer, and travel insurance, which has been in place since 2015, Allianz now issues and services a range of personal insurance products, including home and contents, to Westpac Group’s brands.

Richard Feledy, Allianz Australia Managing Director, said: "Allianz and Westpac both share a commitment to simplicity and delivering customer-centric products and services. These aligned values have provided us with a strong foundation to build upon and we are excited to enter the next phase of our long-term partnership with Westpac.

"Today marks an important step in our strategy to grow our partnerships and consumer insurance portfolio in Australia. Not only does this see Allianz become Australia’s third largest insurer, it also represents a significant growth in our talented team. We are thrilled to welcome our new colleagues into our organization, knowing that our team and customers will benefit from their collective wealth of experience."

About Allianz Australia

Allianz Australia delivers a wide range of personal, commercial and corporate insurance products and services to more than 3.5 million policyholders. Allianz Australia also insures over 25 percent of the top 200 ASX companies, making us one of the leading private workers compensation insurers in the country. In the last 12 months, Allianz’s comprehensive car insurance customers gave their claims experience a satisfaction rating of 4.4 out of 5. 

About Allianz

The Allianz Group is one of the world's leading insurers and asset managers with more than 122 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 717 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 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 among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2022, over 159,000 employees achieved total revenues of 152.7 billion euros and an operating profit of 14.2 billion euros for the group***.
*Including non-consolidated entities with Allianz customers.
**As of March 31, 2023
***As reported – not adjusted to reflect the application of IFRS 9 and IFRS 17.

Press contacts

Holger Klotz
Allianz SE
+49 89 3800 90921
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Daniela Markovic
Allianz SE
+49 89 3800 2063
Send email
Nicholas Scofield
Allianz Australia
+61 416 088414
Send email

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