Allianz has more than doubled the size of its digital investment fund, Allianz X, to €1bn ($1.1bn) as it seeks to make more investments in technology companies with links to insurance and asset management.
The German insurer said the increasing investment reflects the fund’s “track record, successful collaborations with growth companies as well as the contribution towards the group’s overall digital transformation strategy.”
Allianz X was launched in 2016 with an initial €430m of funding and has since invested in more than 15 digital businesses.
Among the investments is $96.6m in microinsurer BIMA that uses mobile technology to serve low-income customers in Africa, Asia and Latin America. Allianz underwrites some of these products.
Allianz X invested $30m in US-based working capital marketplace C2FO in February 2018 and has launched a single-invoice credit insurance product together with Euler Hermes, Allianz’s trade credit insurer.
The unit put $35m into Southeast Asian mobile ride-hailing and logistics platform Go-Jek in April 2018. Allianz Indonesia also has a partnership with Go-Jek offering drivers and customers insurance.
Recently, Allianz X participated in banking app N26’s Series D funding round after co-leading N26’s $160m Series C round last year.
“We are very pleased with the progress Allianz X has made thus far and are committed to further invest and develop the next generation of digital growth companies related to Allianz’s core business,” said Iván de la Sota, chief business transformation officer of Allianz SE.
"In addition to committing capital to promising tech companies, Allianz X focuses on developing strategic partnerships between the portfolio company and one or more Allianz operating entities or global business lines, leveraging expertise on both sides,” he added.