Warning: You are using an outdated Browser, Please switch to a more modern browser such as Chrome, Firefox or Microsoft Edge.

Allianz completes transaction to purchase Westpac’s general insurance business

Downloads

Related links

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. 

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 785 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 1.8 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
Nicholas Scofield
Allianz Australia
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

Further information

Allianz invests in quality used car platform heycar and becomes insurance & services partner

Allianz X, the digital investment unit of the Allianz Group, is investing into Mobility Trader Holding GmbH, the parent company of heycar, an international digital platform for quality used car sales. Allianz Partners, a leading company in B2B2C insurance and assistance services, will become the insurance partner of heycar for the next five years in all existing and future markets.

Allianz completes transaction to purchase Westpac’s general insurance business

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.

Allianz to partner with American Tower in Europe

Allianz and American Tower Corporation (NYSE: AMT) announced that Allianz Capital Partners on behalf of Allianz insurance companies (“Allianz”) and the Allianz European Infrastructure Fund will acquire a 10 percent stake in ATC Europe, joining Caisse de dépôt et placement du Québec (CDPQ) in a long-term strategic partnership with American Tower.