The business unit of Allianz in Germany has been considering merger opportunities in the Germany market as it focuses on increasing its business presence, according to Markus Riess, unit head.

 In 2012, Allianz put out advances toward public sector insurance firm Provinzial Nordwest, sources close to the owners of the insurer said. The company said that Allianz has been in the preparation to pay its book value worth 2.25 billion euros.

However, the approach of Allianz went out when Provincial Nordwest announced its intention of instead exploring a merger deal with a fellow public sector insurer named Provincial Rheinland.

Allianz is a multinational financial services firm based in Munich, Germany. It focuses on insurance and has around 180,000 employees in over 70 countries around the world.