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German insurance giant 聽has increased the size of its corporate venture capital arm, , to 鈧�1 billion, or around $1.1 billion, more than double its initial size.

The expansion comes as venture investment into insurance startups continues to rise, capping a multi-year trend.

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, a spokesperson for Allianz X, told me this morning that the fund was launched in 2016 at an initial amount of 鈧�430 million, or around $490 million. Parent Allianz SE put more money into the fund, which is focused on investing in digital businesses related to insurance.

So far, Allianz X has made more than 15 direct investments, including participating in Indonesia-based ride-hailing company $1.5 billion . The fund also put nearly $100 million in microinsurer which uses mobile technology to serve low-income customers in Africa, Asia and Latin America. Allianz X also participated in 鈥檚 $300 million after co-leading N26鈥檚 last year. That company helps customers manage their bank accounts via their smartphones.

Coutinho said the additional 鈧�570 million will go toward additional growth investments and for 鈥渟etting up global platforms鈥� with its portfolio companies.

鈥淥ur criteria when investing is that a company has to be strategically relevant to Allianz鈥檚 core business, which is insurance and asset management,鈥� she said. 鈥淏ut that also includes areas such as mobility, connected property, connected health, cybersecurity and data, for example.鈥�

An example of a global platform is one that it has set up between portfolio company via a joint venture with to address dealer financing. The partnership allows dealers on the AUTO1 platform to have an integrated financing platform, she said. Another example is a partnership between Go-Jek and Allianz Indonesia by which Go-Jek customers and drivers are offered Allianz insurance products and services.

鈥淪ince shifting our strategy, we have built a great portfolio in which many companies have already developed successful partnerships with Allianz鈥檚 business units,鈥� said Dr. , CEO of Allianz X, in a written statement.

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