FRANKFURT: Allianz said it saw prices for insurance takeovers in Asia as too high, underpinning its decision to distribute insurance products in partnership with HSBC.
"We just looked at where the opportunities for M&A in Asia are and found them unreasonable from the pricing point of view and also from the scale point of view," Allianz Chief Executive Michael Diekmann told an analysts conference.
"There was nothing clean that we really wanted to invest in," Diekmann said, mentioning insurance assets that Dutch bank ING had put up for sale.
The deal Allianz struck to distribute its insurance products through HSBC offices in Asia and Turkey was better and a cheaper opportunity, he added.
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