Allianz's Australian unit has been granted a license to sell life insurance products nationally. The company will begin selling life products on June 1, 2006 under a new entity, Allianz Australia Life Insurance.
Initially, Allianz Life will pursue life insurance opportunities arising from existing distribution relationships and offering products such as consumer credit, lifestyle protection and term life. The term life product will also be available directly to consumers.
Our distribution partners, who include some of Australia’s largest financial institutions and motor dealer groups, are eager for us to broaden our product offering to meet the needs of their customers. As we gain experience and scale we will review other market opportunities, said Nicholas Scofield, Allianz’s general manager of corporate affairs.
Allianz Life will underwrite the life component of Allianz Australia’s existing consumer credit insurance and lifestyle protection plan products, where this does not conflict with existing commercial arrangements.
Products will be underwritten locally, by Allianz Life. The company anticipates their products will be available via over 900 partner outlets nationally over the coming months.