Allianz opens a new subsidiary in Kenya

Allianz opens a new subsidiary in Kenya

Allianz opens a new subsidiary in Kenya

The FINANCIAL -- Allianz has taken a further step in its growth strategy in Africa and will start operations in Kenya. Kenya is the twelfth country where Allianz Africa is present. Allianz is already among the leaders of the market in Benin, Burkina Faso, Cameroon, Central Africa, Ivory Coast, Ghana, Madagascar, Mali, Republic of Congo, Senegal and Togo. The insurance business in Africa is run by Allianz Africa, a subsidiary of Allianz France.

With a population of 45 million and a total market size of currently 1.7 billion U.S. dollars, Kenya is both a growth opportunity in a fast developing market and an opening to the East African community. The new entity is a milestone in the Allianz Group's development strategy in Africa, according to Allianz.

Sergio Balbinot, Member of the Allianz SE Board of Management responsible for Insurance Western & Southern Europe, Middle East, Africa and India: "Thanks to our new subsidiary in Kenya, our presence in Africa grows further. Together with our industrial insurance entity Allianz Global Corporate and Specialty and our credit insurance company Euler Hermes, the Allianz Group offers a complete range of products and services on the African continent."

Jacques Richier, CEO of Allianz France, said: "The Allianz Group is extending its network to a new Anglophone African country where the insurance industry is developing strongly, thanks to an economy marked by dynamic growth. This new step of development, which we welcome, will allow us to offer the best products and services in Kenya."