Money Allianz launches new retirement products business in Australia

15:07  17 may  2018
15:07  17 may  2018 Source:   reuters.com

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Allianz Life today announced the launch of two new index variable annuity (IVA) products , Allianz MINNEAPOLIS--( BUSINESS WIRE)-- Allianz Life Insurance Company of North America ( Allianz Life “These IVAs offer an opportunity to grow a client’s retirement nest egg by being able to participate in

Allianz .com Search. Products Private Insurance: Retirement planning. Allianz is one of the leading providers of insurance and financial solutions services with over 100 years of successful business history.

a close up of a building: The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris© REUTERS/Charles Platiau The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris Germany's Allianz SE (ALVG.DE) is launching a new retirement products business in Australia - a move that comes at a time when the domestic financial industry is on the back foot amid revelations of widespread misconduct.

The new business will target the country's A$2.6 trillion ($2 trillion) retirement savings pool and has been in the works since 2015. It will create more than 50 Sydney-based positions.

An ongoing powerful inquiry, known as a Royal Commission, into the financial sector has become a reputational nightmare for Australia's largest banks and money managers, raising the prospect of more regulation and structural reform as well as creating opportunities for newcomers.

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MINNEAPOLIS--( BUSINESS WIRE)-- Allianz Life Insurance Company of North America ( Allianz Life®) announced today that it has launched the new Retirement Foundation “There is a growing market demand for fee-based products and we believe Retirement Foundation ADV will be well received.”

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Allianz said the business would use the platform of bond fund manager unit PIMCO and would initially be led by Adrian Stewart, PIMCO's head in Australia and New Zealand, while a new CEO was sought.

About 700 people retire every day in Australia, Stewart said in an emailed statement, adding that this meant about A$75 billion of saving funds moved into a spending phase each year.

Details about the financial products it would sell were not disclosed.

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Source: http://au.pressfrom.com/news/money/-64327-allianz-launches-new-retirement-products-business-in-australia/

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