Allianz Direct advances in the implementation process in Spain with the absorption of Fénix Directo, the subsidiary with which the group operated direct distribution in the country.
The German insurance group introduced its new digital insurance sales brand in Spain last October after having taken it, since 2019, to Germany, the Netherlands and Italy. Allianz Direct sells auto policies through the platform it has created at a European level and which allows products to be defined according to the needs of its customers at competitive prices.
The operation will be carried out through a merger by absorption, as approved by the companies on August 16 and published yesterday by the Official Gazette of the Mercantile Registry (Borme).
The new branch will thus integrate the balance sheets of Fénix Directo, which closed last year with 46.75 million euros in volume of premiums earned, generated mostly by the automobile business and only 33,000 euros by the home business. Its volume fell by 15% and Fénix Directo attributes it in its financial report to the drop in the average market premium, together with the impact of the drop in the registration of new vehicles due to the crisis, and the application of “rigorous” measures subscription companies that prioritize profitability.
Its result showed losses amounting to 6.24 million, but it reinforced the capital. The solvency ratio ended the year at 207.9% compared to 172.7% at the end of 2020, which means that it maintains a surplus over regulatory own funds of 18.88 million euros.
The landing of Allianz Direct took place in record time. It took just four months to create, test and launch the new company, thanks to the technological synergies and the unique platform that it shares with its European counterparts. Its bet is to offer a simple and fast contract, in a few clicks.
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