Allianz Sold 20,000 Policies of New German Life Insurance Cover

Allianz Deutschland AG, the German unit of Allianz SE, sold 20,000 new life insurance policies featuring lower guarantees and higher returns since the product was introduced in July.

The sales, valued at more than 720 million euros ($997 million), mark Allianz Deutschland’s most successful new life insurance product, the Munich-based unit of Europe’s biggest insurer said in a statement today. The policies represented half of the new business in the fourth quarter, the company said.

To reduce costs tied to guaranteed returns, Allianz Deutschland AG, led by Markus Riess, is among German insurers that have introduced such new products. It may help Allianz reverse a trend, which saw its German unit contribute less than 25 percent of group profit between 2009 and 2013 compared with as much as 30 percent in prior years, Moody’s Investors Service said last month.

Before it's here, it's on the Bloomberg Terminal.