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(Reuters) — German insurer Allianz S.E. and Standard Chartered Bank on Thursday announced a 15-year agreement to distribute Allianz's general insurance products in Hong Kong, Singapore, Malaysia, Indonesia and China.
The deal to distribute travel, personal accident, fire and motor insurance products to Standard Chartered's retail banking clients will start in 2017, the companies said in a joint statement.
"Bancassurance is a key focus for Standard Chartered, as we continue to innovate and expand our offerings that meet the evolving needs of our clients in branches and online," Standard Chartered's chief executive for retail banking, Karen Fawcett, said.
Asia's demand for non-life insurance is expected to grow by 10.8% a year over the next four years, reaching $280 billion by 2020, the companies said.
"This partnership also builds on our shared commitment towards the growth and development of the Asia region, which is in line with Allianz's ambitions to expand our presence regionally," George Sartorel, Regional CEO, Asia Pacific at Allianz, said.
Allianz is interested in takeovers, including in the United States and Europe, as a way to grow.
Allianz S.E. on Friday said third-quarter net income increased 36.5% €1.9 billion ($2.07 billion), due in part to better performance across its business segments and lower catastrophe costs.