Allianz targets 100 mln clients with help of HSBC

BRATISLAVA, Sept 18 - Europe's biggest insurer Allianz aims to reach 100 million customers within a few years, helped by a global sales cooperation pact with Europe's biggest bank, HSBC.

Allianz, which last year had about 85 million customers worldwide, plans to counter stagnation in mature western European markets by further expansion in the growing regions of eastern Europe and Asia, Allianz Chief Executive Michael Diekmann told journalists at a briefing this week.

These high growth markets are expected to deliver sales of at least 20 billion euros ($28.4 billion) by 2010/2011 compared with 15 billion expected this year or in 2009 at the latest, said Werner Zedelius, the Allianz board member responsible for the regions.

Allianz currently has about 27 million customers in growth markets, which contributed about 13 percent of total sales and 10 percent of net profit to the group in 2007.

The insurer is expanding its global sales cooperation with HSBC, which has a strong presence in Asia, reaching more 20 local sales agreements so far, with another 40 in negotiation.

The cooperation is being tested for three years and is expected to generate premiums of 300 million euros by 2011.

HSBC is the world's third biggest bank and has an extensive branch network through which Allianz plans to sell property and casualty, life and credit insurance.

Allianz this month sold its own Dresdner Bank operations, which have been hit hard by the global credit crisis, to rival Commerzbank for nearly 10 billion euros.

As part of the deal, Allianz is taking a 30 percent stake in Commerzbank, thus securing a strong additional sales channel in its home market, but Commerzbank's limited presence in international markets has prompted Allianz to seek out a strong global partner in HSBC.