European financial services company Allianz has reportedly signed a multi-year deal to become an International Olympic Committee (IOC) sponsor in the TOP category.
According to media reports the eight-year deal will commence in 2021 and run through the 2028 Games in Los Angeles. Financial terms were not reported, but the IOC is believed to be seeking $200 million per quadrennial, or $50 million per year, for the company’s inclusion in its top-tier sponsorship bracket.
Neither of the two parties have confirmed the deal yet but reports suggest that an official announcement will follow soon.
Allianz will become the IOC’s first insurance partner since Boston-based John Hancock left the program after 2008. John Hancock held the life insurance category globally and investment advisory services exclusivity in the US.
The deal, as reported by SportsBusiness Journal, will see the insurer use the Olympics to demonstrate its digital transformation and find younger customers, particularly via the IOC’s social channels and its Internet OTT service platform The Olympic Channel.
Allianz, with this deal, will also become the global partner to the International Paralympic Committee (IPC) as part of IOC’s new host city contract for 2026 where it will take over management of the IPC’s rights starting in 2021.
Allianz will be the 14th brand to join IOC’s TOP sponsorship programme since 2014. The premium IOC sponsorship category includes global corporate giants such as Coca-Cola, Alibaba, Atos, Bridgestone, Dow, General Electric (GE), Omega, Panasonic, Procter & Gamble (P&G), Samsung, Toyota, and Visa.
The contracts for P&G, Dow, Atos, GE, Coca-Cola and Samsung will expire in 2020. Visa has signed an extension to its partnership last month until 2032.