Allianz Australia has a new product that’s not a run-of-the-mill offering. The company began selling a range of life products through its new Allianz Life subsidiary last week.

It’s a whole new market for the company in Australia, which will call on its vast global experience to gain a foothold in the intensely competitive local market.

Corporate Affairs GM Nicholas Scofield says the decision underlines a commitment to customers and complements the company’s general insurance infrastructure.

“The move into life insurance supports Allianz Australia’s strategy of sustainable growth in market segments where we have strong distribution capabilities,” he said.

Allianz may be new to Australian life insurance products but its global partners have been providing them for years. Mr Scofield says Allianz Life will take advantage of that international expertise to “achieve a strong market position”.