Investment in new headquarters which will act as an international hub providing financial services on a cross-border basis within the EU
Creation of an additional 25 jobs by 2019 to manage further growth
New jobs will see Darta Saving/AGL employ around 100 staff
This brings the total employment of the Allianz Group in Ireland to over 1,900
The Allianz International life assurance hub generated over €6 billion in sales in 2017
Allianz Group invested €566 million in Dundrum Shopping Centre
Dublin, 2nd May 2018: Darta Saving Life Assurance/Allianz Global Life, both part of the global Allianz Group, have announced they will contribute to €75 million to the Irish economy by its Irish operations over the next two years. This will see an increase in their combined work force by a quarter and an expansion into new offices in Dublin, serving more European Countries.
The two companies make up the Allianz life assurance international hub in Ireland, which has grown continuously over the past five years. This hub directly employed 26 people in 2012, growing to 74 in 2017 and today’s announcement will see that increase to around 100 staff in the next two years. These roles will include vacancies in marketing, sales, the development of digital distribution, finance, accounting, actuarial and risk management.
The two companies have worked closely to grow the sales of the hub, from €1.5 billion in 2012 to just under €6 billion at the end of 2017. Darta Saving/AGL have also grown their assets under management, with €6 billion in 2012 growing to around €20 billion at the end of 2017.
Darta Saving/AGL are marking this impressive growth and bright future with an event to mark the opening of its new headquarters in Maple House in Blackrock, County Dublin. A plaque was unveiled by Minister of State at the Department of Finance & Public Expenditure and Reform, Michael D’Arcy TD, as well as Carsten Quitter, Chairman of Allianz Global Life and Global CIO of the Allianz Group.
These offices will serve as an international hub for Darta Saving/AGL’s European operations and product development for its customers.
“Today’s announcement represents a significant vote of confidence in the Irish economy,” said Michael D’Arcy, Minister for Financial Services and Insurance. “This investment continues the long standing commitment of Allianz to Ireland and demonstrates the attractiveness of Ireland as a location to do business, with a highly educated workforce and a predictable legal and regulatory framework. The Government continues to work closely with industry to implement the IFS2020 Strategy in its aim to promote Ireland as the European location of choice for financial services”.
“Ireland has proven to be a spring board for our operations,” said Carsten Quitter, Chairman, Allianz Global Life dac. “Our Irish base allows us greater freedom in asset selection and mix, access to in depth experience in unit linked business, plus a competitive cost base while we benefit from a strongly regulated insurance environment, and access to highly educated talent that will help us achieve our ambition to focus on our customer needs, bring innovation to the market, increase operational flexibility and reassure them with the security of the Allianz Group.”
CEO of IDA Ireland Martin Shanahan said: “Today’s investment announcement by Allianz Group, a leading worldwide brand name with whom IDA has enjoyed a longstanding relationship, acts as a valuable addition to the cohort of other insurers that have developed their businesses from their Irish headquarters.
Allianz Group’s commitment to Ireland further bolsters the standing of the international financial services sector in Ireland and also enhances the reputation of the country as a location for regulated insurance activities and will provide a valuable reference sell for IDA when marketing to other European insurers.”
History of the Companies
Darta Saving Life Assurance was established in March 2003 and is a life assurance company operating in the European market on a “Freedom of Services” basis. It is part of the Allianz SpA group and its main business is the sale of innovative and customer oriented Unit Linked products into Italy and Lithuania. It also provides specifically tailored services to High Net worth clients in the Italian market. Darta Saving has over 87,000 customers and is a 100% owned subsidiary of the worldwide Allianz Group.
Allianz Global Life was founded in Dublin in 2008 to provide variable annuities, guaranteed and risk controlled Unit Linked and group life solutions in the EU mainly on a “Freedom of Establishment” basis. The company has rapidly developed its business through its headquarters in Dublin with branches established in a number of EU countries, developing a complete range of saving and protection products and entering the digital distribution. It also offers international group plans to corporate and governmental clients for life, accidental death and dismemberment and it uses its Variable Annuity experience to provide reinsurance for such products within the Allianz Group in conjunction with the Allianz hedging centre of competence in Minneapolis.
In 2015 the two companies began to work in tandem to deliver a better service for their customers and make up the Allianz life assurance hub, which is based in Dublin.
About The Allianz Group
Founded in 1890 and listed on the Stock Exchange for the first time in Berlin in 1895, The Allianz Group is one of the leading integrated financial services providers worldwide. With more than 140,000 employees worldwide, the Allianz Group serves to approximately 86 million customers in more than 70 countries. In 2006 Allianz SE, the parent company, became the first company in the EURO STOXX 50 Index to adopt the legal form of a Societas Europaea (SE), which is a new European legal form for stock corporations. Beyond the quality of our financial performance, a number of other activities and factors are important for the sustainable growth of our competitive strength and company value. These include, but are not limited to, our global diversification, the reduction of complexity, our value-based management approach, and our crucially important employees.
For more information, please visit www.allianz.com