The German insurer and asset manager's head in Asia is set to retire next year. His successor is an Allianz veteran but a newcomer to Asia.
George Sartorel, the Munich-based firm's head in Asia, will retire next May after nearly 40 years with Allianz, the insurer said in a statement.
Allianz’s group chief digital officer Solmaz Altin will take over from Sartorel, who has held the role for the last four years. Altin is an Asia veteran, but currently based in Munich. This June, we will move to Asia to begin the transition towards regional CEO by next year.
The advancement of a digital expert like Altin underscores the German company's desire to tap a bigger share of business through newer channels.
Asian Tie-Ups
For his part, Sartorel will go out on a high: the Asian arm recently reported a 24 percent increase in annual revenue to 6 billion euros, and a 22 percent climb in operating profit to 273 million euros.
Last year, Allianz expanded its footprint in China with a new branch in the country's capital. It also deepened its partnership with Sri Ayudhya Capital to improve its presence in Thailand, and disposed of part of its life insurance portfolio in Taiwan to China Life Insurance.
