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Allianz Aims to Grow in Asia, East Europe, Handelsblatt Reports

Allianz SE (ALV) aims to double the share of total revenue from Asia and eastern Europe from about 12 percent over the next decade, Handelsblatt said, citing an interview with Manuel Bauer, the board member overseeing growth markets.

The Munich, Germany-based insurer wants to boost its stake in Indian joint venture Bajaj Allianz General Insurance Company Ltd. to 49 percent from 26 percent in the “foreseeable future,” the newspaper said, citing the interview. Allianz doesn’t plan acquisitions in eastern Europe in the near term and will focus on organic growth in the region, he said.

To contact the reporter on this story: Aaron Kirchfeld in Frankfurt at akirchfeld@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net; Edward Evans at eevans3@bloomberg.net

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