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. Last Updated: 07/27/2016

Allianz Chooses Cisco

MUNICH, Germany -- German insurance giant Allianz AG on Friday unveiled its long awaited Internet strategy, announcing plans to invest hundreds of millions of euros a year in new technologies.

Earlier on Friday, Allianz said it chose U.S. Internet networking company Cisco Systems as its worldwide strategic technology partner.

Europe's biggest insurer by market value also reported that its premium income rose 7.2 percent to 16.8 billion euros ($15.01 billion) in the first quarter and maintained its forecast of a 2.2 billion euro net profit in 2000, a rise of about 10 percent compared with the 1999 result adjusted for special consolidation and tax effects.