GLOBAL - Allianz chairman Henning Schulte-Noelle is upbeat about the firm's prospects in pensions and fund management, despite seeing Allianz Dresdner Asset Management (ADAM) make a EUR348m loss during 2001.
Speaking at the firm’s annual general meeting, Schulte-Noelle saw cause for optimism especially in Germany, due to the arrival of the new “Reister” pensions market. So far, the firm has claimed 20% of the new market having sold 430,000 contracts, but according to Schulte-Noelle, that is only the tip of the iceberg.
Using its MetallRente pension fund mandate win as an example, Schulte-Noelle pointed out that an estimated 400,000 MetallRente members will take-up the new RRiesterr pension. Calling that “a conservative estimate” he then said that the firm will “easily” surpass the one million mark when companies - such as DaimlerChrysler - take up the new product.
Schulte-Noelle went on to add that the firm has entered into “meaningful” discussions with several companies to become their Reister pension provider. The firm has already landed heavyweight contracts with firms such as Bertelsmann and Otto.
Allianz’ success in the corporate pensions market, according to Schulte-Noelle, is evidence of that the firm’s strategy as an integrated financial services provider - meaning the merger with Dresdner - “is right for the German market”. He also claimed that so far, the merger of both Allianz’s and Dresdner’s fund management divisions into one unit was “the only big area of our business that has undergone a true merger”. Whilst ADAM had made “good progress” in its integration efforts, Helmut Perlet, an Allianz board member, hinted that cost cutting could be implemented soon. So far, the firm has seen costs of EUR82m in setting up and reorganising ADAM.
By Geoffrey Ho
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