Allianz targets Asia

Allianz targets Asia

SINGAPORE (DPA): The German insurance giant Allianz, after recently taking over the U.S. asset manager Pimco, plans to expand on the Asian market, the company announced Monday.

Europe's largest insurer said it will focus on both internal growth and more corporate takeovers.

"Asia Pacific will be a driving force in the next century," said Allianz AG chairman Henning Schulte-Noelle in Singapore.

"Allianz in the region has set out to become a leading player ... and will develop into a household brand."

The company was looking at the health, life and property insurance markets as well as fund management.

Following a board meeting in the city-state, the Munich-based company's first outside Germany, Schulte-Noelle voiced optimism about a German business delegation's China visit with Chancellor Gerhard Schroeder last week. "We are very satisfied," he said.