Dublin, 2nd May 2018: Darta Saving Life Assurance/Allianz Global Life, both part of the global Allianz Group, have announced they will contribute to EUR75 million to the Irish economy by its Irish operations over the next two years. This will see an increase in their combined work force by a quarter and an expansion into new offices in Dublin, serving more European Countries.
The two companies make up the Allianz life assurance international hub in Ireland, which has grown continuously over the past five years. This hub directly employed 26 people in 2012, growing to 74 in 2017 and today–s announcement will see that increase to around 100 staff in the next two years. These roles will include vacancies in marketing, sales, the development of digital distribution, finance, accounting, actuarial and risk management.
The two companies have worked closely to grow the sales of the hub, from EUR1.5 billion in 2012 to just under EUR6 billion at the end of 2017. Darta Saving/AGL have also grown their assets under management, with EUR6 billion in 2012 growing to around EUR20 billion at the end of 2017.
Darta Saving/AGL are marking this impressive growth and bright future with an event to mark the opening of its new headquarters in Maple House in Blackrock, County Dublin. A plaque was unveiled by Minister of State at the Department of Finance & Public Expenditure and Reform, Michael D–Arcy TD, as well as Carsten Quitter, Chairman of Allianz Global Life and Global CIO of the Allianz Group.
These offices will serve as an international hub for Darta Saving/AGL–s European operations and product development for its customers.
“Today–s announcement represents a significant vote of confidence in the Irish economy,” said Michael D–Arcy, Minister for Financial Services and Insurance. “This investment continues the long standing commitment of Allianz to Ireland and demonstrates the attractiveness of Ireland as a location to do business, with a highly educated workforce and a predictable legal and regulatory framework. The Government continues to work closely with industry to implement the IFS2020 Strategy in its aim to promote Ireland as the European location of choice for financial services”.
“Ireland has proven to be a spring board for our operations,” said Carsten Quitter, Chairman, Allianz Global Life dac. “Our Irish base allows us greater freedom in asset selection and mix, access to in depth experience in unit linked business, plus a competitive cost base while we benefit from a strongly regulated insurance environment, and access to highly educated talent that will help us achieve our ambition to focus on our customer needs, bring innovation to the market, increase operational flexibility and reassure them with the security of the Allianz Group.”
CEO of IDA Ireland Martin Shanahan said: “Today–s investment announcement by Allianz Group, a leading worldwide brand name with whom IDA has enjoyed a longstanding relationship, acts as a valuable addition to the cohort of other insurers that have developed their businesses from their Irish headquarters.
Allianz Group–s commitment to Ireland further bolsters the standing of the international financial services sector in Ireland and also enhances the reputation of the country as a location for regulated insurance activities and will provide a valuable reference sell for IDA when marketing to other European insurers.”