Allianz takes over Westpac’s insurance business. For this you pay around 450 million euros. The two companies have been working together for years. According to the contract, Allianz is now allowed to offer Westpac customers exclusive insurance for 20 years.
This extends the previous agreement, and more insurance policies can be offered. So far, the partnership has mainly focused on auto, travel, business and boat insurance.
Many financial details of the deal are still unclear. From the point of view of the analysts at Pareto Securities, however, from a strategic point of view it makes sense for Allianz to improve its market position in Australia. The analysts also praise the fact that Allianz is not strengthening itself with a large acquisition, but rather relies on smaller acquisitions that serve as a supplement.
The experts confirm the buy recommendation for Allianz shares. The price target remains at EUR 210.00.
Allianz shares lose 0.7 percent today to 197.74 euros.