Allianz wants to expand in Asia and take business from AIG, according to the CEO of the German insurer’s Global Corporate and Specialty unit, Axel Theis.

AIG has been active in Asia since 1919 and holds significant market share in many markets in the region. But in an interview with Bloomberg, Mr Theis says Allianz has already taken more than €100 million ($163 million) of business off AIG globally.

“While AIG has offered some very competitive prices to retain its customers, this movement will continue for the next couple of years,” he said.

“Growing the business by €300 million ($488 million) in Asia over the next five years is possible.

“Japan offers an interesting opportunity because of the consolidation of local insurers and the weakening of AIG.”