Allianz has become one of the strategic partners of HSBC in the property and casualty insurance business in Europe, the Middle East and Asia-Pacific regions.

Allianz has also announced the introduction of unit-linked annuity insurance policies with explicit benefit guarantees, following the US and Japanese model. During 2008, the group will be introducing this new product family in several of its core European markets and in Germany.

The group has said that in its German insurance business, the remodeling is taking shape and the new business model has been introduced in two of the four service areas.

Michael Diekmann, CEO of Allianz, said: Allianz was extraordinarily successful during the course of 2007, and we are also confident about 2008, despite the setbacks in results experienced during the first quarter. The business model is designed for the long term and we are consistently pursuing our path of placing Allianz in a position to meet the challenges of the future.