Allianz and AGF Announce Global Strategy In Furthering Their Partnership

Following the decision to join their activities in Spain and Singapore and in the framework of their initial agreement, Allianz and AGF have made further strategic decisions in order to implement their partnership. These decisions will be implemented following the approval of the companies' boards and, in some cases, by relevant public authorities.

In Great Britain, Allianz's Cornhill subsidiary will acquire AGF's portfolio of industrial and commercial business and continue it under the Cornhill brand. AGF-UK's private business will be selectively transferred to Cornhill.

The Northern Irish operations of AGF/Irish Life, Dublin, will be joined with those of Cornhill under the new name of Allianz Cornhill Northern Ireland and will report to AGF/Irish Life. It will run non-life insurance business, while Cornhill will continue to transact life business under its own brand.

In the Republic of Ireland, AGF/Irish Life will acquire the portfolio of Cornhill's Dublin branch.

In Portugal, the Italian Allianz Group company RAS and AGF will merge the Allianz/RAS subsidiary, Portugal Previdente Companhia de Seguros (Allianz) with the AGF/Athena subsidiary, Sociedade Portuguesa deSeguros. The special features and franchise of both companies will be taken into account in the merger process.

In Poland, Canada and Greece, the local companies of Allianz, Allianz/RAS and AGF will be merged to strengthen their market presence.

Finally, the companies have decided that AGF's Phénix Assurances, will continue to operate separately from the Allianz and RAS group companies in Switzerland.