Bangkok--Jul 19--Charoen Pokphand
Allianz AG, one of the world's largest insurance groups and a key provider of financial services has entered into a joint venture with the insurance arm of the Charoen Pokphand Group to expand into the general and life insurance markets in Thailand. The Thai Cabinet has granted its approval for the joint venture.
Allianz will purchase a 25 per cent stake in both the Charoen Pokphand Life Assurance Company and the Charoen Pokphand Insurance Company. The Charoen Pokphand Group already has a general insurance company operating since 1997, offering property, marine and motor insurance, amongst others.
With the joint venture, the new companies will be known as Allianz C.P. Life Assurance Co., Ltd and Allianz C.P. General Insurance Co., Ltd. Allianz C.P. General Insurance Co., Ltd becomes operational on 1st August 2000 and Allianz C.P. Life Assurance Co., Ltd., on 1st October this year.
The CEOs for the two companies are Brian Greenberg for the life operations and Mr Voravut Tangkoskul for the general insurance company. Mr Greenberg has had a wealth of experience in the insurance industry, having worked in this sector for the past 30 years with different insurance companies. Mr Voravut is a well-respected figure in the local insurance industry with experience of running several insurance companies. Both CEOs work with mixed teams of international and local staff, reflecting the combination of local competence and global expertise within the joint venture.
The joint venture brings together Allianz' extensive insurance know-how and C.P.'s deep knowledge of the Thai and regional business environments. Bringing together C.P.'s wide distribution network and Allianz' triple A rated financial strength, the joint venture will benefit from the individual strengths of the two companies.
"We are confident and excited by the prospects that this joint venture brings. Our combined strengths and experience will enable us to push forward strongly and achieve our goal of being a leading insurer in the Thai market," said Mr Dhanin Chearavanont, the Chairman & CEO of Charoen Pokphand Group.
"C.P. is a valued and established brand name in Thailand and is hence an excellent partner for Allianz. The insurance market in Thailand has a strong potential for growth and Allianz has a long-term commitment to the markets that it enters. Through pooling our skills, we can provide customers and clients with reliable and dedicated service through innovative and high-quality products," remarked Mr Michael Diekmann, Board Member of Allianz AG.
The Charoen Pokphand Group is one of the world's leading agro-industrial conglomerate with a strong presence of more than 200 companies in 20 countries. Founded in Thailand, the CP Group is a major force in Asian industry, with more than 80,000 employees worldwide. At its core is a thriving chain of technologically sophisticated agricultural businesses, ranging from animal feed production through to food processing and retailing. The Group is also engaged in selected industrial and communications enterprises that contribute both to the rapidly developing economy of the region and to its stability.
Allianz is Europe's leading insurance group, with operations in over 70 countries worldwide. It is also among the 10 largest global institutional investors. The group posted net profit of 75.6 billion THB (2 billion euros), with assets under management of 14.51 trillion THB (384 billion euros). In Asia Pacific, the Allianz Group is present in 17 markets, with its regional headquarters in Singapore.
Bangkok/Singapore, 18 July 2000
Exchange rate I Euro = 37.7797 THB (dated 31 Dec 1999)
Issued by:
Charoen Pokphand Insurance Company
Patsharee Congtrakultien (Tel: 662 - 638 2366)
Allianz Insurance Management Asia Pacific
Luisa Masetto (Tel: 65-297 2724)
Joyce Lim (Tel: 65 - 297 4136) End.
-AN-