German insurer Allianz said it was very happy with the results of restructuring at AGF, the French insurer in which it owns a 58.5 per cent stake, and does not intend to increase in its stake any time soon.
Chairman Michael Diekmann also said in an interview in Les Echos newspaper that he was pleased with progress made by Dresdner Bank, and defended the group’s bancassurance model. “I am sure that in future, no one will wonder if (the bancassurance model) makes sense or not,” he said.
Diekmann added, however, that he did not envisage extending the bancassurance model outside Germany until the group demonstrated that it worked – which should be by the 2005 results.