Allianz Names New CEO of Asia Business, Other Management Moves

Allianz SE has made management changes in Asia with the appointment of its former India country manager to take the helm of the Asia/Pacific region, considered a key growth market for the group.

The German insurer's India joint venture head, Kamesh Goyal, has been named chief executive of Allianz Asia Pacific, succeeding Bruce Bowers, who will take charge of Central and Eastern Europe, the Middle East and North Africa region. Bowers will be based in Munich and will be CEO of the region.

Bowers' move to Europe is to succeed Manuel Bauer, who will become a member of the management board at Allianz. Bowers has held a number of chief executive positions with Allianz group over the past 10 years.

Goyal is currently India country manager of Allianz India and CEO of Bajaj Allianz Life, a joint venture with financial services company Bajaj Finserv Ltd., a subsidiary of Bajaj Auto. Goyal joined Allianz in 1999 and first took charge of Bajaj Allianz General Insurance, Allianz's nonlife joint venture with Bajaj Finserv.

The life and nonlife joint ventures are the "most successful greenfield operations of Allianz Worldwide," snatching significant market share in India since its early investment in 2001, said Allianz in a statement.

Varghese Philip, chief operating officer of Bajaj Allianz Life, will become chief executive of the life insurance unit. All management changes are subject to regulatory approvals.

In Asia, Allianz said its operations reported average gross written premium growth of 24.4% between 2005 and 2010 and the nonlife business has maintained a market-leading position.

In the first half of 2010, Allianz achieved a 31% rise in gross written premiums to 5.6 billion euros (US$7.4 billion) in the Asia/Pacific region. The German insurance group is looking at India and China as strategic markets to deliver new business growth for both life and nonlife insurance (BestWire, Aug. 31, 2010).

India and China's infrastructure investments are huge, contributing to new business development in industrial and commercial insurance lines, according to Allianz. Indonesia also shows positive development in both life and nonlife business.

(By Iris Lai, Hong Kong bureau manager: [email protected])