Allianz Insurance Singapore Pte. Ltd. is part of the Allianz Group, a global financial services provider with services predominantly in the insurance and asset management business, headquartered in Munich, Germany, first established more than 130 years ago. Allianz Insurance Singapore holds an A+/Stable financial rating by Standard & Poor's.
The Singapore company was granted a composite license by the MAS on 08 June 2020. The registered office is at 79 Robinson Road, #09-01, Singapore 068897.
Allianz Insurance Singapore offers both personal and corporate insurance solutions to serve the local retail, SME and mid-corp markets via various channels including agents, brokers, bancassurance, digital sales, financial advisers, and partnerships.
Driven by integrity and customer focus as core values – Allianz Insurance Singapore is committed to do what we say, and deliver relevant product solutions to meet with clients’ needs. We will communicate in simple language, make processes easier, hassle-free for both our clients and partners.
We offer personal lines of insurance solutions including Motor, Home Content, Cancer, Personal Accident and Hospital Income; and Commercial insurance solutions include Property, Engineering, Casualty, Commercial Motor, Marine Cargo, Work Injury Compensation and Group Personal Accident.
The Company is committed to maintaining high standards of corporate governance and develops its corporate governance practices in accordance with the requirements set out in the regulations issued by the MAS and aligned with the Group’s governance structure.
The Company’s Board of Directors (“the Board”) provides strategic direction to the Company, leads the senior management team in achieving its business objectives and ensures that obligations to shareholders, policyholders and stakeholders are met. The Board is responsible for reviewing and approving the business strategy, ensuring financial integrity of the Company is preserved, providing oversight in risk management policies and determining executive officers’ remuneration. In addition, the Board ensures that the Company adopts the Group’s core values and proper standards so as to operate with integrity and comply with relevant rules and regulations. The Board meets at least 4 times a year.
Risk Management is a core competency and a focus within Allianz, being practiced throughout the organisation across all lines of defence.
The Company’s Enterprise Risk Management consists of:
- Risk Governance: which outlines the hierarchy of decision-making and responsibilities;
- Risk Frameworks: which cover the breadth and depth of our risk management scope;
- Risk Processes: which articulate specific key processes and controls that we practise.
The Company employs the three lines of defence model in risk governance:
- First-Line: business managers in their related undertakings; who have ownership, responsibility and accountability for directly assessing, controlling and mitigating risks.
- Second-Line: independent oversight functions including Risk, Legal & Compliance; which support the Board in defining risk and control frameworks and risk reporting frameworks upon which the business operates.
- Third-Line: Audit; which regularly performs independent reviews of the implementation and compliance of the risk governance principles and business standards, including an independent assessment on the effectiveness of the first- and second-lines of defence.
The primary goals of the risk management framework are:
- Promotion of a strong risk management culture, supported by a robust risk governance structure;
- Consistent application of the risk capital framework to protect our capital base and support effective capital management;
- Adoption and adherence to MAS’s risk requirements and Allianz’s policies and standards.
The risk management process is based on the following three pillars:
- Risk Strategy & Risk Appetite: Defines the risk appetite consistent with the Company’s business strategy, ensuring that risks and capital commitments are commensurately rewarded, and that delegated authorities are in line with its overall risk-bearing capacity and strategy.
- Risk Identification & Underwriting: Develop and maintain a robust system of risk identification and underwriting.
- Risk Reporting & Monitoring: Adopt Allianz Group’s comprehensive qualitative and quantitative risk monitoring and reporting framework, which provides management and shareholder with the transparency into the Company’s risk profile, and the ability to identify emerging issues and risks.
The diagram below provides an overview of the risk management process.
Asset-liability management practices are adopted to ensure the assets are managed with specific reference to the liability characteristics, and consideration to optimise the balance between the returns and risks expectations of the Company.
The Company’s general insurance business primarily covers property & casualty (P&C) insurance, which has shorter-term liabilities and less exposure to interest rate risk. Our ALM approach focuses on maintaining a certain level of liquidity against liabilities to policyholders. The Company’s investment decisions consider the liquidity needs of the claim liabilities in terms of investment duration, interest rate risk and are within the risk appetite and capital resources of the Company.
The Company’s investment objective is to achieve an adequate investment return to satisfy future liabilities, optimise the returns/risks characteristics of the investment assets, and ensuring there is adequate liquidity, with the emphasis on capital preservation, whilst always maintaining compliance with the regulatory requirement of MAS and Allianz Group.
The Company’s investment policy provides the principles and sets out the scope, responsibilities and requirements in the management of investments, ensuring that the interests of policyholders and shareholders are not compromised. As a licensed insurer, the Board exercises its oversight on all investment activities of the Company, through its Investment Committee, that meets regularly to ensure that investments are prudently managed. Strategic asset allocation (SAA) for each insurance fund focuses on asset liability management, and various asset classes are assessed for their potential to create value with medium to long term horizon, while taking into consideration the Company’s risk appetite. This is reviewed periodically to ensure its relevance to evolving market conditions and new developments in the Company.
The company's investment holdings, investment performance, investment risk as well a valuation approach of investment assets are as per set out in the company's financial statements.
The Company prepares its audited financial statements based on the Singapore Financial Reporting Standards and will be available at The Accounting and Corporate Regulatory Authority’s (ACRA) website, (acra.gov.sg). The financial statements will cover key information such as valuation methodology of assets and liability and management of liquidity risk, credit risk, currency risk, interest rate risk, equity risk, insurance risk and capital management.
Additionally, the Company’s annual regulatory returns contains information on the Company’s financial performance segmented by insurance funds. The annual regulatory returns will be available at The Monetary Authority of Singapore’s (MAS) website, (mas.gov.sg).
An outline of Allianz’s approach towards environmental risk management can be found in the website at the following link:
At the Group level, Allianz publishes an annual sustainability report. The Allianz Group's latest Sustainability Report can be downloaded at: https://www.allianz.com/en/sustainability.html
This report is part of the Allianz Group commitment to provide transparency on climate change, and is structured based on the recommendations by the G20 Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD).
Key sections of the report are highlighted below:
- Section 04.2: Governance
- Section 04.3: Strategy
- Section 04.4: Strategy resilience, stress test and climate scenario analysis
- Section 04.5: Risk and opportunity management
- Section 04.6: Metrics and targets