Growth in Central and Eastern Europe continues apace
Central and Eastern Europe continues to be an important growth area for Allianz. In the first half of 2005, premium income stood at 1.355 billion euros - an increase of 17 percent on the previous year. Allianz has consolidated its position as the region's leading foreign insurer.
"We're very pleased that we've been able to further improve our already strong position" said Werner Zedelius, the member of the Board of Management of Allianz responsible for Growth Markets, to express his satisfaction with the way that business had developed. "What's more important, however, is that we managed to further increase the profitability of our activities." The region accounted for 135 million euros of Allianz's mid-year after-tax profits of almost 2.6 billion euros. This corresponds to a return on equity of 36 percent.
Biggest segment is property insurance
The strongest segment continues to be property insurance. With premium of around 1.2 billion euros, growth of 16 percent was achieved here.
Allianz Hungary continues to be Allianz's biggest property and casualty insurer in the region, with premium volume of 320 million euros. The 14 percent increase compared with the previous year is largely down to the fact that, during the motor renewal season, Allianz Hungaria managed to increase the number of contracts by around 30,000, by the end of March 2005 alone. In so doing, the company further improved its market leadership in Hungary. Its market share of overall insurance business (P&C and Life) now stands at a good 27 percent.
Allianz Hungary continues to be Allianz's biggest property and casualty insurer in the region, with premium volume of 320 million euros. The 14 percent increase compared with the previous year is largely down to the fact that, during the motor renewal season, Allianz Hungaria managed to increase the number of contracts by around 30,000, by the end of March 2005 alone. In so doing, the company further improved its market leadership in Hungary. Its market share of overall insurance business (P&C and Life) now stands at a good 27 percent.
Growth in life insurance
Growth in life insurance was even more pronounced, at around 22 percent, with the segment contributing around 180 million euros to premium income.
The launch of new life insurance and asset management companies has been successful. Since Allianz Rosno Life and Allianz Rosno Asset Management started operations in autumn 2004, Allianz has been able to offer the full range of insurance and asset management products in Russia. Allianz also offers a pension fund in Slovakia since 2005, and after only six months has already become one of the market leaders.
The launch of new life insurance and asset management companies has been successful. Since Allianz Rosno Life and Allianz Rosno Asset Management started operations in autumn 2004, Allianz has been able to offer the full range of insurance and asset management products in Russia. Allianz also offers a pension fund in Slovakia since 2005, and after only six months has already become one of the market leaders.
Market leader in four markets
Allianz has been operating in the Central and Eastern European markets since 1989 and has also been represented in the biggest market, Russia, since as early as 1990. Overall, Allianz is established in the eight most important insurance markets of the new Europe. Allianz is the market leader in four countries and among the top three insurers in seven of the eight markets. With a market share of 13 percent, Allianz is the biggest international insurer in the region.
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