Allianz was announced as a new member of the top-tier The Olympic Partner (TOP) sponsorship scheme in 2018. 

The eight-year deal - which will cover Beijing 2022, Paris 2024, Milan-Cortina 2026 and Los Angeles 2028 - began this month. 

"Having announced this new agreement in 2018, our teams have been already been working together in key pilot markets to support athletes and the Olympic Movement," Bach said. 

"As we start this new Olympic year, we are excited to begin in earnest our global collaboration with Allianz."

The agreement between the IOC and Allianz also resulted in the company extending its relationship with the Paralympic Games.

Members of the TOP scheme automatically became worldwide partners of the Paralympics this year and Allianz already had a long-standing relationship with the International Paralympic Committee (IPC), which began in 2006. 

Allianz's deal with the IPC had run out last year but it has remained sponsors of the Paralympics under the terms of the agreement between the IPC and the IOC.

"Allianz brings global visibility to the athletes and values of the Paralympic Movement and we look forward to our next phase working together," said IPC President Andrew Parsons.

To celebrate the launch of the partnership, Allianz is to run a series of initiatives in the United Kingdom and aims to connect its partners and employees with athletes and fans across the world. 

This will start with the chance to take part in the Olympic Torch Relay for the Beijing 2022 Winter Games. 

Allianz UK, which has a partnership with ParalympicsGB, has also announced a collaboration with Team GB.

Allianz is the 15th member of the TOP sponsorship scheme, joining the likes of Coca Cola, Airbnb, Dow, Visa, Samsung and Panasonic. 

"This is a truly exciting time for Allianz as we launch our new Olympic and Paralympic partnership, building on our strong global presence and proven track record which follows more than a decade of success with the Paralympic Movement," said Allianz Holdings chief executive Jon Dye.

"I’m delighted the new partnership will provide us with a unique and powerful platform to connect with audiences around the world.

"Our shared values make this an excellent fit for our business, as the Olympic and Paralympic visions are very much aligned with our own aim of securing the future for our customers and society. 

"We believe that nothing else empowers, unites and brings out the best in people like the Olympic and Paralympic Movements and we are thrilled to be a part of it."