Posted on Dec 14, 2010 by Sergio Ulloa
Allianz Asia Pacific has announced the appointment of Kamesh Goyal as Chief Executive Officer of the Asian region; he will be based in Singapore. Kamesh Goyal will move from his current post as the Allianz Country Manager for India and MD & CEO Bajaj Allianz Life Insurance; in addition to his new role he will continue as Allianz Country Manager for India.
Kamesh Goyal became Chief Operating Officer (COO) of Bajaj Allianz General Insurance in 2001 changing rolls in 2004 to CEO, and was later appointed as Country Manager, MD and CEO of Bajaj Allianz Life Insurance in 2007; he originally joined Allianz in 1999.
The insurer has also confirmed that the current COO of Bajaj Allianz Life Insurance - Mr Varghese Philip - will take up the role of CEO in February 2011. This appointment is subject to final approval from the Insurance Regulatory and Development Authority (IRDA) - India's insurance regulator. Varghese Philip also joined Allianz in 1999 and took part in Allianz's Indian joint venture with Bajaj when it was first established in 2001.
The current regional CEO for Allianz Asia Pacific - Bruce Bowers - will take up the role of CEO Central and Eastern Europe, Middle East and the North Africa Region (CEEMA) for Allianz; the change will take effect in February 2011. Bruce Bowers succeeds Manuel Bauer, who becomes a member of the Board of Management of Allianz - as announced earlier in the year. Bruce Bowers has more than 30 years experience in the life and general insurance industry, holding a variety of CEO positions within the Allianz Group in the last 10 years.
is one the world's largest insurers, providing insurance products and services which include life, health, property and casualty cover for individual clients and corporate businesses. Allianz is a German based financial institution, with approximately 100 subsidiary and affiliated operations sustaining the insurer's global reach.
Allianz recently released its global results for the third quarter 2010, with the German insurer generating a 2.3 percent increase in operating profit - uplifting profit for this period from €2 billion (US$ 2.6 billion) to € 2.1 billion (US$ 2.8 billion).
Indian based Bajaj Allianz is one the leading private life and general insurers in India. Bajaj Allianz is a joint venture between Allianz and local Indian insurer Bajaj Finserv Limited. Since Bajaj Allianz's inception in 2001, the Indian based insurer has generated a presence in approximately 1100 locations throughout the country.
Bajaj Allianz is currently in a strong position within the Indian insurance market, which is forecast to grow significantly as the Indian economy continues to expand. The demand for life, saving and healthcare products is set to increase in-line with improving individual financial prosperity.
The Bajaj Allianz product range includes home, motor, travel, business, life and health insurance. The private healthcare sector in India in particular is set to grow substantially as insurers design products to meet emerging health demands for a country with a population in excess of 2 billion people. Other major players in the Indian health sector such as Star Heath & Allied Insurance, Appollo Munich Health and the newly formed MaxBupa will provide Bajaj Allianz with tough competition.
Over the last five years Allianz has performed robustly in growth markets, with Allianz's Asian operations reporting sound results. Business in Central and Eastern Europe and the Middle East is also reported to have performed well. Allianz state that premiums from the life and health sectors have been the driving force for income generation during 2010 and there are approximately 30 million Allianz customers located in growth markets in Asia and the CEEMA region. Since the global financial crisis, which started in 2007-2008, Allianz's Asian operations have emerged as the pivotal basis for business growth, with the German insurer recording an average growth in gross written premiums of 24.4 percent between 2005 and 2010 in the the region.
All management changes are subject to approval of the respective regulatory authorities.
Insurance Company Mentioned:
Allianz Group is one of the leading global services providers in insurance and asset management. With approximately 153,000 employees worldwide, the Allianz Group serves approximately 75 million customers in about 70 countries. On the insurance side, Allianz is the market leader in the German market and has a strong international presence.