AGF (company)

Allianz France is a French insurance company, headquartered in Rue de Richelieu, Paris.[1]

Assurances Générales de France
TypeWholly owned subsidiary
IndustryInsurance
Founded1818 (1818)
Headquarters
Paris
,
France
Area served
France and 20+ other countries (2007)
Key people
Jacques Richier, CEO
Products
Revenue€17,300,000,000 (2004)
  • IncreaseUS$2,000,000,000 (2005)
  • IncreaseUS$1,500,000,000 (2004)
Number of employees
30,585 (2007)
ParentAllianz
Websitewww.allianz.fr
Footnotes / references
Net income data[1]

Assurances Générales de France (the company only refers to itself as AGF) is a majority-owned subsidiary of the German multinational Allianz SE.[1] The company provides insurance and financial services in France and internationally.[1]

History

In 1990, AGF was 72% state owned by the French government.[2] Thus, AGF was among those companies owned in large part by the government in 1993 when passage of a French "denationalization law" took place.[3] AGF was privatized as part of the law's implementation in 1996,[4]: 137  though the French government retained a 57% ownership stake.[3] This level of ownership is consistent with the company remaining a part of French economic infrastructure in a crossed share holding set of relationships with Société Générale and Alcatel-Alsthom.[5] A second such "pole" at the time (1996) consisted of Banque Nationale de Paris, Union des Assurances de Paris and Suez.[5]

The year after privatization, in 1997, AGF was purchased by Allianz of Germany,[4]: 137  part of a period of acquisitions for Allianz from 1992 to 1999 during which it purchased 11 companies.[4]: 115 

As of 2007, AGF was traded on the Euronext stock exchange under the symbol "AGF" and represented in the United States under the symbol "ASGFF".[1]

Operations

As of 2007, AGF employed 30,585 personnel.[1] Also as of 2007, the company derived 62% of its revenue from activities in France.[1]

Corporate governance

As of 2007, Jean-Philippe Thierry held the posts of chief executive officer and chairman of the board, Patrick Dixneuf was both chief operating officer and chief financial officer, and Francois Thomazeau was the chief investment officer.[1]

AGF Subsidiaries
  • Euler Hermes[1]
  • AGF Private Bank, serving the companies "wealthiest clients"[1]
  • AGF France, formed in 2006, contains all French activities outside of Euler Hermes and Mondial Assistance[1]
  • Mondial Assistance[1]

References
  1. Plunkett, Jack W., ed. (2007). "The Insurance 300". Plunkett's Insurance Industry Almanac 2008. Plunkett's Insurance Industry Almanac. United States: Plunkett Research Limited. Assurnaces Generales de France. ISBN 9781593920975. Retrieved 25 December 2014.
  2. Owen-Smith, E. (2012). The German Economy. United Kingdom: Taylor & Francis. ISBN 9781134924240. During 1990, as a prelude to EC 1993, AMB approached the 72 per cent state-owned French insurer Assurances Générales de France (AGF) with a view to a cooperative venture (FAZ 10 July 1992).
  3. Pokorny, Dusan (1996). "Chapter 4 Destatization and Privatization". The Uneasy Success of Postwar Europe. Efficiency and Justice in the industrial World. United States: M.E. Sharpe. pp. 64–6. ISBN 9781563247729. Retrieved 25 December 2014.
  4. Straus, André (2012). "5. France: Insurance and the French Financial Networks". In Borscheid, Peter; Haueter, Niels Viggo (eds.). World Insurance: The Evolution of a Global Risk Network. Oxford University Press. ISBN 9780199657964. Retrieved 25 December 2014.
  5. Dressen, Marnix (1999). "7. French Banks: Between Deregulation and State Control". In Regini, Marino; Kitay, Jim; Baethge, Martin (eds.). From Tellers to Sellers: Changing Employment Relations in Banks. Blaustein, Edgar (translation). United States: MIT Press. p. 190. ISBN 9780262181938. Retrieved 25 December 2014.
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