Allianz, HSBC sign bancassurance deal

MANILA, Philippines - Allianz SE of Germany and HSBC had entered into a 10-year exclusive bancassurance distribution agreement for life insurance in Asia. Allianz life insurance products will be distributed by HSBC in China, Indonesia, Malaysia, Australia, Sri Lanka and Taiwan. Life insurance products will be provided by strategic partners of Allianz in Brunei and the Philippines. It will allow Allianz to enlarge its bancassurance distribution reach to an additional segment of retail banking customers in its major growth markets in Asia Pacific. Bancassurance is a significant distribution channel for Allianz life insurance in Asia. In 2011 around 40 percent of gross written premiums in life insurance derived from this channel. The Allianz Group has been a preferred strategic partner globally for HSBC since 2008.  Allianz has a wide range of partnerships with HSBC in Asia, including life & health insurance, credit insurance as well as asset management. Allianz is a German multinational financial services company headquartered in Munich, Germany.  Its core business and focus is insurance. As of 2010, it was the world’s 12th-largest financial services group and 23rd-largest company according to a composite measure by Forbes magazine.