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Case Study of Principles and Practices of Management

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Case Study of Principles and Practices of Management

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1.0 About Allianz Malaysia Bhd.

The Allianz Group is a group with a long history and a strong tradition. Founded in 1890 in Germany, the Group provides a comprehensive range of services to approximately 75 million customers worldwide through an international network of subsidiaries. The Group operates in about 70 countries and is supported by a team of nearly 153,000 employees worldwide Allianz officially ventured into Malaysia in 2001 when it became the controlling shareholder of Allianz General Insurance Malaysia Berhad (“AGIM”) in 2001. In 2007, the general insurance business of AGIM was transferred to its wholly-owned subsidiary, AGIC. Following the completion of the transfer of general insurance business, AGIM changed its name to AMB and became an investment holding company. AMB is an investment holding company and is the holding company for both life and general insurance entities in Malaysia mainly Allianz Life Insurance Malaysia Berhad (“ALIM”) for life insurance arm, Allianz General Insurance Company (Malaysia) Berhad (“AGIC”) and Bright Mission Berhad (formerly known as Commerce Assurance Berhad) (“BMB”) both for general insurance arm. AGIC is one of the top two general insurance players in the country, offering a broad spectrum of services in personal lines, small to medium enterprise business and large industrial risks. It is supported by a strong network of branches and agents located throughout Malaysia. AGIC offers a comprehensive and innovative range of general insurance products for both corporate and individuals. ALIM, on the other hand, has consistently outgrown the market and is now one of the country’s fastest growing life insurance companies. In 2008, ALIM had total gross written premiums (GWP) of RM692 million and total assets of RM1.97 billion. ALIM offers a comprehensive range of life insurance products tailored to suit corporate and individual needs. On 28 August 2007, AMB completed the acquisition of a 100 percent equity interest in...