Assurances Générales de France (the company only refers to itself as AGF) is a majority-owned subsidiary of the German multinational Allianz SE.[1] The company provides insurance and financial services in France and internationally.[1]
History
In 1990, AGF was 72% state owned by the French government.[2] Thus, AGF was among those companies owned in large part by the government in 1993 when passage of a French "denationalization law" took place.[3] AGF was privatized as part of the law's implementation in 1996,[4]: 137 though the French government retained a 57% ownership stake.[3] This level of ownership is consistent with the company remaining a part of French economic infrastructure in a crossed share holding set of relationships with Société Générale and Alcatel-Alsthom.[5] A second such "pole" at the time (1996) consisted of Banque Nationale de Paris, Union des Assurances de Paris and Suez.[5]
The year after privatization, in 1997, AGF was purchased by Allianz of Germany,[4]: 137 part of a period of acquisitions for Allianz from 1992 to 1999 during which it purchased 11 companies.[4]: 115
As of 2007[update], AGF was traded on the Euronextstock exchange under the symbol "AGF" and represented in the United States under the symbol "ASGFF".[1]
Operations
As of 2007[update], AGF employed 30,585 personnel.[1] Also as of 2007, the company derived 62% of its revenue from activities in France.[1]
^Owen-Smith, E. (2012). The German Economy. United Kingdom: Taylor & Francis. ISBN9781134924240. During 1990, as a prelude to EC 1993, AMB approached the 72 per cent state-owned French insurer Assurances Générales de France (AGF) with a view to a cooperative venture (FAZ 10 July 1992).
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