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Allianz agrees to purchase Westpac’s General Insurance business

2 December 2020
  • Allianz increases its share in the Australian consumer insurance market
  • Transaction worth AUD$725 million and expected to complete in mid 2021

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 million, 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. 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. 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.

“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 finalised. Allianz and Westpac will now go through a process of consulting with key stakeholders including employees and obtaining all relevant regulatory approvals.

Media enquiries

For more information, email Nicholas Scofield or contact Nicholas by phone on 0416 088 414. Alternatively, you can email Sarah Blades or contact Sarah by phone on 0478 365 712.  

About Allianz Australia

Allianz Australia has been securing the future of our customers in Australia since 1914. We deliver a wide range of personal and commercial insurance products and services to more than 4 million policyholders. We also provide support for workers' compensation insurance to around 25% of the top 200 ASX companies, making us one of the leading workers' compensation insurers in Australia.

Allianz Australia Limited is a wholly owned subsidiary of the worldwide Allianz Group. The Allianz Group is one of the world's leading insurers and asset managers with 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, credit insurance and global business insurance. 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.

Disclaimer

This article has been prepared by Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL234708 (“Allianz”). In some cases, information has been provided to us by third parties and while that information is believed to be accurate and reliable, its accuracy is not guaranteed in any way.

Any opinions expressed constitute our views at the time of issue and are subject to change. Neither Allianz, nor its employees or directors give any warranty of accuracy or accept responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in this article.

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