Allianz and Western Union sign Memorandum of Understanding
May 07 2012 - 7:30AM
Business Wire
Allianz SE and Western Union Company (NYSE: WU) have signed a
Memorandum of Understanding to develop, design and distribute
insurance products in several countries around the world.
Allianz and Western Union will work closely over the next year
to develop solutions for customer needs within each of the
companies' networks, which together reach millions of potential
customers. The companies anticipate that Allianz will take the role
of product provider and Western Union will serve as distributor.
They will also explore co-marketing opportunities and premium
payments for Allianz customers through Western Union.
"The global demand for protection against life, property and
health risks is growing far beyond developed markets," says Michael
Diekmann, CEO of Allianz SE. "It is our goal to provide an
increasing number of customers with this protection in order for
them to be able to better participate in the economic development.
We'll explore these opportunities with Western Union, considering
joint proposals to customers in the markets where we both
operate."
"The changes taking place at Western Union include expanding our
portfolio to include a broader range of products and services that
are needed by our customers and are not readily available
elsewhere," said Hikmet Ersek, Western Union President and CEO. "We
will leverage the power of our brand and extensive network of
500,000 Agent locations in more than 200 countries and territories,
and partner with insurance companies to offer products that better
serve the two billion financially underserved consumers around the
world."
These assessments are, as always, subject to the disclaimer
provided below.
About Allianz
Together with its customers and sales partners, Allianz is one
of the strongest financial communities. Around 78 million private
and corporate customers rely on Allianz's knowledge, global reach,
capital strength and solidity to help them make the most of
financial opportunities and to avoid and safeguard themselves
against risks.
In 2011, around 142,000 employees in some 70 countries achieved
total revenue of 103.6 billion euros and an operating profit of 7.9
billion euros. Benefits for our customers reached 86.5 billion
euros.
This business success with insurance, asset management and
assistance services is based increasingly on customer demand for
crisis-proof financial solutions for an ageing society and the
challenges of climate change. Transparency and integrity are key
components of sustainable corporate governance at Allianz SE.
About Western Union
The Western Union Company is a leader in global payment
services. Together with its Vigo, Orlandi Valuta, Pago Facil and
Western Union Business Solutions branded payment services, Western
Union provides consumers and businesses with fast, reliable and
convenient ways to send and receive money around the world, to send
payments and to purchase money orders.
The Western Union, Vigo and Orlandi Valuta branded services were
offered through a combined network of approximately 500,000 agent
locations in 200 countries and territories. In 2011, The Western
Union Company completed 226 million consumer-to-consumer
transactions worldwide, moving $81 billion of principal between
consumers, and completed 425 million business payments.
Cautionary Note Regarding Forward-Looking Statements
The statements contained herein may include statements of future
expectations and other forward-looking statements that are based on
management’s current views and assumptions and involve known and
unknown risks and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or
implied in such statements. In addition to statements which are
forward-looking by reason of context, the words "may", "will",
"should", "expects", "plans", "intends", "anticipates", "believes",
"estimates", "predicts", "potential", or "continue" and similar
expressions identify forward-looking statements. Actual results,
performance or events may differ materially from those in such
statements due to, without limitation, (i) general economic
conditions, including in particular economic conditions in the
Allianz Group’s core business and core markets, (ii) performance of
financial markets, including emerging markets, and including market
volatility, liquidity and credit events (iii) the frequency and
severity of insured loss events, including from natural
catastrophes and including the development of loss expenses, (iv)
mortality and morbidity levels and trends, (v) persistency levels,
(vi) the extent of credit defaults, (vii) interest rate levels,
(viii) currency exchange rates including the Euro/U.S. Dollar
exchange rate, (ix) changing levels of competition, (x) changes in
laws and regulations, including monetary convergence and the
European Monetary Union, (xi) changes in the policies of central
banks and/or foreign governments, (xii) the impact of acquisitions,
including related integration issues, (xiii) reorganization
measures, and (xiv) general competitive factors, in each case on a
local, regional, national and/or global basis. Many of these
factors may be more likely to occur, or more pronounced, as a
result of terrorist activities and their consequences. The company
assumes no obligation to update any forward-looking statement.
No duty to update
The company assumes no obligation to update any information
contained herein.
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