Allianz continues to successfully implement its profitable growth strategy in New Europe¹. For the period ending September 2008, Allianz surpassed the 3 billion euro mark in premium volume. In the first nine months of 2008, premiums increased by 11 percent to 3.2 billion euros. Operating profit for the period once again increased by more than 3 percent to 272 million euros, compared to 263 million euros in the same period of last year.

Premiums in the third quarter grew by 22 percent to 1.1 billion euros versus 0.9 billion euros in the same quarter of 2007. Operating profit grew by 33 percent from 86 million in the third quarter of 2007 euros to 114 million euros in the same period in 2008.

"Allianz continues to expand its leading position in New Europe and builds on its double-digit market share. We are experiencing, that especially in these difficult times, our customers value Allianz as a well-capitalized and stable long-term partner which delivers relevant financial solutions. We will continue to strengthen our efforts to remain the first choice partner for our customers in New Europe" said Werner Zedelius, Allianz board member responsible for growth markets.

Gross premiums written in the Property and Casualty business continued to grow. In the first nine months of 2008 premiums increased by 14 percent to 2.4 billion euros, compared to 2.1 billion euros in the same period last year. Premiums in the third quarter of 2008 rose by 6 percent to 747 million euros, compared to 707 million euros in the same quarter of 2007. Operating profit for the third quarter in the Property and Casualty business exceeded plan, and grew by 29 percent to 97 million euros, compared to 75 million euros in the previous year.

Allianz companies in Poland continued on their growth path. Premiums in the third quarter increased by 48 percent to 126 million euros, from 85 million euros in the same quarter of 2007. This positive development was mainly driven by continued growth in the motor insurance business. Strong Motor and Property business generated further growth for Allianz companies in the Czech Republic and Croatia. With growth rates of 14 percent in the Czech Republic and 22 percent in Croatia, Allianz business expanded strongly.

In the first nine months of 2008, statutory premiums in the Life and Health business, amounting to 813 million euros, remained at the same level on a year-on-year basis. In the third quarter Allianz companies in New Europe successfully increased statutory premiums by 55 percent to 334 million euros, from 216 million euros in the same quarter of 2007. In the same period operating profit increased by 55 percent to 17 million euros, compared to 11 million euros in the third quarter of last year. All Allianz companies in New Europe contributed to this positive development.

The main driver for growth in the Life and Health business was Poland. In the third quarter Allianz companies in Poland recorded premium growth of 192 percent to 155 million euros, compared to 53 million euros in the same quarter of 2007. This positive development was due to a successful life sales campaign in the country, which had been postponed from the first quarter to the third quarter of 2008. The sales of traditional life insurance products also saw an increase in the volatile capital market environment.

Allianz companies in Slovakia recorded an increase in premiums by 20 percent to 78 million euros, compared to 65 million euros versus third quarter 2007.

In the Direct business, Allianz is now successfully active in five markets in New Europe – Croatia, Czech Republic, Hungary, Poland and Romania. Given the very favourable response from customers to the products on offer through Allianz Direct in the different New Europe markets, in November Allianz launched Direct business activities in Romania. Allianz will continue to develop additional initiatives to deliver customer relevant products and solutions and to keep its position as market leader.

"With our profitability in New Europe, we are a front-runner in the industry. This directly supports our capital solvency position, which makes us very attractive for clients in times of insecurity. There is a clear flight to quality in New Europe," commented Klaus Junker, regional CEO for Allianz New Europe on the positive development of Allianz's business in the region.  

¹ _{Allianz is present in Azerbaijan, Bulgaria, Croatia, Czech Republic, Hungary, Kazakhstan, Poland, Russia, Romania, Slovakia, Slovenia, Ukraine. Effective February 21, 2007, Allianz consolidated "ROSNO", effective May 21, 2007, "Progress-Garant" was consolidated for the first time.}

As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer, provided on the right.