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Allianz welcomes APRA decision to reduce Prudential Capital Requirement

14 July 2022

Allianz Australia has welcomed the decision by the Australian Prudential Regulatory Authority (APRA) to remove the $150 million Remaining Supervisory Adjustment from the calculation of Allianz’s Prudential Capital Requirement.

As part of the Court Enforceable Undertaking (CEU) delivered by Allianz to APRA on 9 March 2021, Allianz implemented Transformation Programs to further strengthen its governance, culture and risk management practises. APRA’s decision acknowledges the successful completion of these Transformation Programs, which has been verified by Independent Reviewer reports, in accordance with Allianz’s undertakings.

Allianz Managing Director, Richard Feledy said, “Allianz has implemented a significant program of work to further strengthen our culture, governance, and risk and compliance frameworks. I am immensely proud of the dedication and commitment of the whole Allianz team in bringing about this uplift, and I am confident this will not only be sustained, but continuously enhanced going forward.

Allianz’s investment in uplifting our risk governance and culture will be a key enabler for the creativity and entrepreneurship that will help underpin our continued strong customer focus and growth as we navigate the challenging and ever changing business and economic environment in which we operate.”

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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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Allianz acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Custodians of the lands on which we live and work across Australia. We pay our respect to First Nations Elders past and present.



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