Germany-based multinational insurance giant Allianz has decided to boost the size of its technology investment fund to €1bn.
Allianz X is the digital investment unit of the Allianz Group, and is looking to invest in more digital companies in the areas of insurance and asset management. The extra cash injection makes the fund one of the largest of its kind in Europe.
Some of the organisations the fund has invested in as part of its growing insurance ecosystem span mobility, connected property, connected health, wealth management and cybersecurity. Now, the company states that thanks to its successful collaborations with startups thus far, it will increase the size of Allianz X.
Allianz X CEO Nazim Cetin commented on the investment: "We are very excited about raising our investment budget to €1bn and will use the funds entrusted to us to both strengthen our portfolio and build strong, global platforms that create new businesses for Allianz."
Iván de la Sota, chief business transformation officer of Allianz SE, said: "Our digitalisation approach is multifaceted; Allianz X is a valuable addition - not only in meeting the changing expectations of our customers."