AUSTRIA: ALLIANZ' PLANS

Article Abstract:

Alexander Hoyos, chief executive of Allianz in Austria, says that the German-based insurance group wants to distribute its policies also through the post office bank Osterreichische Postsparkasse (P.S.K.). Allianz is already cooperating with Bawag, which is taking over P.S.K. Allianz holds 25% of the stock of Bawag's insurance subsidiary Bawag-Versicherung. P.S.K. holds 40% of the stock of Postversicherung, while Osterreichische Post AG holds 60%. This insurance company's back office operations are handled by Wiener Stadtische. Mr Hoyos says that Postversicherung might be combined with Bawag-Versicherung or with Allianz. Mr Hoyos does not rule out Allianz taking a 25% stake in P.S.K., which Bawag is offering to Osterreichische Post. Allianz is near to completing the restructuring programme which should cut costs and raise return on capital to 9%. Due to the costs of restructuring and hailstorms, Allianz does not expect its results to improve in year 2000. However, an improvement is expected in 2001. In 1999 Allianz group's premium income grew 3.7% to Sch 15.8bn, while profit on ordinary activities was up 2.2% at Sch 423.2mn.

Foreign operations, Bawag

---

AUSTRIA: INSURANCE BROKERS CONCERNED

Article Abstract:

Austria's independent insurance agents criticise the moves by the country's leading insurance companies such as Allianz and Uniqa to impose a minimum turnover for brokers. Those failing to meet the limit of Sch 1mn per year will not have full support of the insurance company. The agents maintain that without the full support of insurance companies, they cannot meet the legislative requirement of providing the client with the best possible offers. It is estimated that 60% of Austria's 6,000 or so independent insurance agents are affected by the plans of insurance companies, which have partly been carried out already.

Marketing procedures

---

AUSTRIA: MANAGEMENT CHANGE AT ALLIANZ

Article Abstract:

Christian Oppl is resigning from the board of the insurance company Allianz in Austria. Reportedly Oppl was against the reorganisation of the management of the company, which involves the combining of all distribution channels. Moreover, the company's results from damage insurance are said to be worse than expected. From 3 April 2000 Herbert Schultes, who comes from Winterthur, is responsible for Allianz distribution through brokers, field sales and banks (Bawag). Heinz-Werner Hof was appointed director for the damage and motor vehicle insurance segment and industrial insurance.

Executive changes & profiles

Similar abstracts:

• Abstracts: AUSTRIA: ROMERQUELLE BETTING ON RESTAURANTS. AUSTRIA: MINERAL WATER BOTTLERS OPTIMISTIC. HUNGARY: TAKEOVER PLANS BY ROMERQUELLE
• Abstracts: AUSTRIA/GERMANY: ILLEGAL DRUGS IN PIG FARMING. AUSTRIA: MEAT COMPANY CHANGES HANDS. AUSTRIA: WIESBAUER INCREASES EXPORTS
• Abstracts: AUSTRIA: AGREEMENT ON TELEKOM BUSINESS PLAN. AUSTRIA: NEW BOARD FOR TELEKOM AUSTRIA
• Abstracts: AUSTRIA: REVIEW OF PENSION FUND MARKET. AUSTRIA: WINTERTHUR INTERESTED IN APK
• Abstracts: AUSTRIA: FIGURES ON SMOKERS. AUSTRIA: ALCOHOLISM. AUSTRIA: TOBACCO, ALCOHOL, DRUG ADDICTION

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.