The German government's proposal for a conservative pension reform has been great news for the domestic life insurance industry. Allianz, already the main beneficiary of the pending abolition of the capital gains tax on sales of corporate stakeholdings, will now get another huge boost to its bid to become a world-class asset manager.
Already the country's largest insurance underwriter, Allianz collects at least four out of every 10 premium Deutschmarks in Germany, where 22% of aggregate private financial assets of DM6.7 trillion (𔚻.4 trillion) is tied up in insurance policies.
