About Fireman's Fund Insurance Company

One of the world's biggest insurers, Allianz SE offers a range of insurance products and services -- including life, health, and property/casualty coverage for individuals and businesses -- through more than 1,000 subsidiaries, ventures, and affiliates operating all over the globe (Allianz SE and its subsidiaries are collectively known as the Allianz Group). The company serves some 88 million customers in such key markets as France, Germany, Italy, and the US. In addition to selling insurance, Allianz provides retail and institutional asset management services through Allianz Asset Management, private equity investment through Allianz Capital Partners, and banking services through Allianz Bank.

Operations

Allianz operates through four business segments -- Property/Casualty, Life/Health, Asset Management, and Corporate and Other -- which are further divided, primarily by geography, into 14 reportable segments. The company is one of the world's largest property/casualty insurers, offering auto, property, accident, general liability, and travel insurance, among others. The Life/Health business segment offers savings and investment products in addition to life and health policies. Allianz gets more than half of its revenues from its Life/Health segment; the Property/Casualty segment accounts for another 40% of revenues. These two segments do most of their business in France, Germany, Italy, and the US.

The Asset Management segment has two primary investment management businesses -- PIMCO and Allianz Global Investors (AllianzGI). Combined, these units have some €1,448 in third-party assets under management, making Allianz one of the world's largest active asset managers. They offer a variety of stock, bond, and alternative investment products and chiefly operate in France, Germany, Italy, the UK, the US, and the Asia/Pacific region.

Geographic Reach

Allianz operates in more than 70 countries, with most of its operations in Europe. It also operates in the Asia/Pacific region and the Americas.

Sales and Marketing

Allianz markets its products through independent agents and brokers, dedicated agents, bank representatives, and direct marketing channels.

Financial Performance

Note: Numbers may vary upon currency conversion.

Allianz revenue increased 3% to €126.1 billion in 2017 -- the third straight year that the company saw gains. That modest increase was driven by the Life/Health business segment, which had higher sales in Germany, Italy, and Taiwan. Property/casualty and asset management businesses also saw growth, but this was offset by declining investment results.

Net income fell 2% to €6.8 billion that year, as natural disasters in North America and Europe bumped natural catastrophe losses to €1.1 billion. Furthermore, one-off charges from US tax changes and the sale of German bank Landesbank impacted the group's bottom line. However, operating cash flow increased by €11.7 billion to €33.2 billion that year.

Strategy

Allianz is in the midst of a global strategic initiative deemed the Renewal Agenda. It is focused on five core pillars: being truly customer-centric, continuing its push towards digital processes, improving its margins and growing through innovation, seeking new avenues for revenue sources, and establishing an inclusive people-focused corporate culture. The company's investment strategy is conservative, with the goal of providing stable returns. Allianz also enjoys its strong brand name, which is highly valued by the general public.

While the US and Europe are Allianz's largest markets, the company is pursuing growth in emerging markets as well. For example, it is expanding its presence in Central and Eastern Europe and the Asia/Pacific region. Targeted markets include China, India, and Russia. In early 2017 the company launched its Allianz Maroc business in North Africa, further expanding its business in that area. The following year, it agreed to buy Sri Lankan insurer Janashakthi for €85.9 million.

Another key strategy is embracing and tackling changes in technology, especially around its property/casualty operations. As part of its growing interest in digitalization, in 2017 Allianz invested in Lemonade Insurance Company, which specializes in artificial intelligence and behavioral economics. Lemonade hopes to transform the insurance industry by increasing efficiencies, and partnering with Allianz will give it some needed heft to tackle the US insurance market. Other tech-related goals including simplifying products, reducing complexity in its corporate structure, and streamlining sales processes. In fact, Allianz is planning to offer its proprietary Allianz Business System management platform in an Open Source environment.

While investing in growth markets, the group has also been divesting underperforming assets, including Germany's Landesbank (the group's only German banking operation, sold in early 2018) and a large portfolio of life policies in Taiwan, as well as its South Korean life operations, sold in 2016.

Like most insurers, Allianz was impacted by natural catastrophes in 2017. Ongoing low interest rates have also hurt insurers in terms of investment earnings. And just to keep things extra challenging, the industry is rapidly changing: Technology is transforming the way companies are able to do business, but it also creates additional vulnerabilities such as the possibility of cyberattacks.

Mergers and Acquisitions

In 2018, Allianz agreed to buy Sri Lankan insurer Janashakthi for €85.9 million. That deal will build up its presence in the Asia/Pacific region. Also that year, the company acquired some 95% of Paris-based trade credit insurer Euler Hermes.

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Fireman's Fund Insurance Company

1465 N Mcdowell Blvd Ste 100
Petaluma, CA 94954-6516
Phone: 1 (415) 899-2000
Fax: 1 (415) 899-2940

Stats

  • Employer Type: Subsidiary
  • President and CEO, AGCS North America and Fireman's Fund: Art Moossmann
  • Executive Assistant To Antonio Derossi, Chief Operating Officer: Christine Todahl
  • Chief Financial Officer: Kevin Walker
  • Employees: 4,400

Major Office Locations

  • Petaluma, CA

Other Locations

  • Burbank, CA
  • Fresno, CA
  • San Diego, CA
  • Washington, DC
  • Alpharetta, GA
  • Chicago, IL
  • Huntley, IL
  • Minneapolis, MN
  • Earth City, MO
  • O Fallon, MO
  • New York, NY
  • Dallas, TX
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