The International Olympic Committee (IOC) has confirmed German-based financial services company Allianz will become a member of its top-tier The Olympic Partner (TOP) sponsorship scheme in an eight-year deal starting in 2021.

The agreement, which had been widely expected following extensive media reports, will take the number of TOP sponsors to 14.

It covers four editions of the Games - Beijing 2022, Paris 2024, and Los Angeles 2028, as well as the 2026 Winter Olympic Games, due to be awarded by the IOC next year.

The company, whose headquarters are in Munich, are the IOC's first insurance partner since Boston-based John Hancock left the programme in 2008.

In a statement, the IOC claim Allianz will "provide innovative and integrated insurance solutions to support the Olympic Movement, including the Organising Committees of the Olympic Games".

"This new partnership demonstrates the global appeal and strength of the Olympic Movement, and we are delighted to be working together in the long term with Allianz to support sport around the world," said IOC President Thomas Bach.

"Allianz has built a global business founded on trust.

"With this partnership, together we are building a foundation based on mutual trust.

"Allianz also has a strong sporting heritage and, in line with the Olympic Agenda 2020, we share a digital ambition of connecting with young people around the world to promote the Olympic values and the power of sport."

The deal marks another financial boost for the IOC after financial giants Visa extended their deal to 2032 back in July.

The agreement between the IOC and Allianz also sees company extend its relationship with the Paralympic Games.

Members of the TOP scheme will automatically become worldwide partners of the Paralympics from 2021 and Allianz has a long-standing relationship with the International Paralympic Committee (IPC).

Allianz's current deal with the IPC is due to run out in 2020 but they remain sponsors of the Paralympics from the following year under the terms of the new agreement reached between the IPC and the IOC.

"I am thrilled that we are joining a global community of athletes and people enthusiastic about sport and team work - in addition to our existing strong partnership with the IPC," said Allianz chief executive Oliver Bäte.

"Through the IOC’s digital and social channels, we can connect with more people than ever before and offer them our expertise in insurance.

"We believe the world is a better place when people have the courage to leave differences behind and stand together to achieve better outcomes for themselves and for the societies they live in."