Frankfurt Am Main, Sept 18 (AFP) German insurance giant Allianz on Tuesday became the latest Olympic Games sponsorship partner, signing a 10-year deal with the International Olympic Committee.

The Munich-based financial services group will have rights to the Olympic logo from the 2022 Winter Games in Beijing, followed by the 2024 Summer Olympics in Paris, according to a report in German financial newspaper Handelsbatt and confirmed to AFP by a company official.

Unconfirmed estimates by Olympic marketing insiders suggest the deal is costing the company 50 million euros a year.

They are already a Paralympic sponsor and since 2017 has backed the Formula E championship after 17 years in Formula One.

They become the 14th top-tier sponsor of the Olympic Games. Their name is carried by Bayern Munich's ground the Allianz Arena and Ligue 1 Nice's venue the Allianz Riviera.

"Allianz is right to want to put its name out there as much as possible to hold on to its market share at a time when arguments on price and quality of its products aren't sufficient by themselves," a financial analyst who wished to remain anonymous suggested.

Allianz and the IOC's marriage will begin in 2019 with a pilot project in four key markets, Australia, China, France and Spain.

With over 95 percent of its clients aged 30 or over Allianz is hoping through its Olympic association that it can reach out to a younger potential client base. (AFP) ATK

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