Price of Asia takeovers unreasonable -Allianz CEO
FRANKFURT Feb 22 (Reuters) - Allianz said it saw prices for insurance takeovers in Asia as too high, underpinning its decision to distribute insurance products in partnership with HSBC.
"We just looked at where the opportunities for M&A in Asia are and found them unreasonable from the pricing point of view and also from the scale point of view," Allianz Chief Executive Michael Diekmann told an analysts conference.
"There was nothing clean that we really wanted to invest in," Diekmann said, mentioning insurance assets that Dutch bank ING had put up for sale.
The deal Allianz struck to distribute its insurance products through HSBC offices in Asia and Turkey was better and a cheaper opportunity, he added.
- Scores possibly exposed to U.S. Ebola patient; four isolated |
- Islamic State committing 'staggering' crimes in Iraq: U.N. report
- Scores possibly exposed to U.S. Ebola patient; four isolated
- Hong Kong police warn protesters against occupying buildings |
- Israel's Netanyahu to Obama: Don't allow Iran deal that leaves it at nuclear threshold