Allianz aims to almost double revenue in growth mkts
FRANKFURT, July 12 (Reuters) - Europe's largest insurer Allianz (ALVG.DE) expects to almost double revenue from growth markets to 15 billion euros ($21 billion) in the medium term, its finance chief told analysts on Thursday.
The insurer has Russia, China and India in its sights as it seeks to bolster revenue, which now stands at about 8 billion euros. The group overall has revenues of more than 100 billion euros.
In Russia, Allianz owns the country's third-biggest player, Rosno, and is in talks with Progress-Garant, a mid-sized non-life insurance company.
In China, where U.S. rival AIG (AIG.N) has had a strong foothold, Allianz is increasing its number of agents to 4,400 from 1,000 less than two years ago.
It owns a stake in Industrial and Commercial Bank of China
(ICBC) (1398.HK) (601398.SS). ICBC is contributing about 40 percent of Allianz's business in China while heightening its brand awareness.
((Reporting by John O'Donnell, editing by David Holmes; john.odonnell@reuters.com; +49 69 7565 1273))
($1=.7273 Euro) Keywords: ALLIANZ GROWTH/
(C) Reuters 2007. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.nL12818578
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters