On completion of the proposed agreement, worth AUD 725 million, ALLIANZ will expand its existing general insurance distribution arrangement with WESTPAC, which will allow WESTPAC to provide a wider range of ALLIANZ general insurance products to its customers.
"We are delighted to further strengthen our position in the Australian retail market and happy to expand our relationship with WESTPAC," said Oliver BATE, CEO of ALLIANZ SE.
Subject to receipt of required regulatory approvals, the transaction is expected to complete in mid-2021.
"This agreement represents an important step in ALLIANZ growing its consumer insurance portfolio in Australia, building upon the existing relationship between ALLIANZ and WESTPAC, which has been in place since 2015. Under the new distribution agreement, along with the existing products of motor, caravan and trailer and travel insurance, ALLIANZ will issue and service a range of personal insurance products, including home and contents, under WESTPAC Group's brands", the German insurer informed in a statement.