Allianz in Central and Eastern Europe has accelerated its course of growth in the first nine months of 2007. Revenues increased by 38.5 percent from 2.07 billion euros in the same period of the previous year to 2.87 billion euros. On a quarterly basis, revenues increased by 44 percent from 640 million euros in 2006 to 923 million euros in 2007.
"These positive results reflect our strength in the individual markets and show that we are on track in Central and Eastern Europe. Our property and casualty business maintained its high level of profitability and recorded a remarkable growth in premiums of 55 percent. For the life insurance, we are especially satisfied with the development in Hungary and the Slovak Republic. But in light of the increasing demand for old-age provision, we want to become the partner of first choice for all clients in Central and Eastern Europe," said Werner Zedelius, Allianz board member responsible for growth markets.
All companies in the region contributed to the positive outcome. In the property and casualty business, the region posted the highest growth rate for the quarter within the Allianz Group.
Allianz growing strongly in Central and Eastern Europe
Revenues for the first nine months of 2007 amount to nearly three billion euros.
Werner Zedelius: "Our positive results reflect our strength in the individual markets"
Property and casualty business
In the property and casualty business gross premiums written increased in the third quarter 2007 by 55 percent from 456 million euros in the previous year to 707 million euros. The operating profit remained on a high level and rose by nearly 6 percent from 71 million euros to 75 million euros in the same period.
The increase in premiums of 251 million euros is mainly a result of consolidation effects in Russia, following the acquisition of the majority stake in the Russian People’s Insurance Society "ROSNO" and the acquisition of the insurance company "Progress Garant", effective June 30, 2007. Additionally, the motor insurance business in Poland and Romania contributed to the outstanding growth. Furthermore, the Allianz company in Croatia saw on a quarterly basis a significant growth of gross premiums written of 20 percent from 15 million euros to 18 million euros.
The increase in premiums of 251 million euros is mainly a result of consolidation effects in Russia, following the acquisition of the majority stake in the Russian People’s Insurance Society "ROSNO" and the acquisition of the insurance company "Progress Garant", effective June 30, 2007. Additionally, the motor insurance business in Poland and Romania contributed to the outstanding growth. Furthermore, the Allianz company in Croatia saw on a quarterly basis a significant growth of gross premiums written of 20 percent from 15 million euros to 18 million euros.
Life and health business
Statutory premiums in Central and Eastern Europe once again grew double digit by 17 percent in the third quarter 2007 from 184 million euros to 216 million euros and contributed an operating profit of 11 million euros to the Allianz Group.
The life books in Hungary and the Slovak Republic recorded the highest growth rates in the region. While in Hungary premiums on a quarterly basis grew from 24 million euros in 2006 to 51 million euros in 2007, statutory premiums in the Slovak Republic grew from 43 million euros in 2006 to 65 million euros in 2007. Driver for this positive development in both countries was the strong sales performance of the agent networks supported by new and innovative product offerings.
"Once more these results demonstrate the huge opportunity and growth potential for our companies in the respective markets. We started our activities in the region almost 20 years ago, and it has since become one of the growth engines for Allianz Group. Therefore we will further invest in this important region and maintain our strategy to become the most trusted financial services provider," explained Werner Zedelius.
As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer, provided on the right.
The life books in Hungary and the Slovak Republic recorded the highest growth rates in the region. While in Hungary premiums on a quarterly basis grew from 24 million euros in 2006 to 51 million euros in 2007, statutory premiums in the Slovak Republic grew from 43 million euros in 2006 to 65 million euros in 2007. Driver for this positive development in both countries was the strong sales performance of the agent networks supported by new and innovative product offerings.
"Once more these results demonstrate the huge opportunity and growth potential for our companies in the respective markets. We started our activities in the region almost 20 years ago, and it has since become one of the growth engines for Allianz Group. Therefore we will further invest in this important region and maintain our strategy to become the most trusted financial services provider," explained Werner Zedelius.
As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer, provided on the right.
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