"The positive figures make it clear that we enjoy a very high level of trust with respect to our 18 million customers in Central and Eastern Europe. We will also continue to work to gain customers in the growth region that is important to us, and thus strengthen our leading position," said Werner Zedelius, Allianz Board Member responsible for growth markets.
All countries in the region contributed to the positive outcome. Both in the property and casualty business, as well as in the life and health business, the region posted the highest growth rates for the quarter within the Allianz Group.
Quarterly revenues rise above one billion euros
Werner Zedelius
Property and Casualty business
Gross premiums written in property and casualty business increased by almost 20 percent from 558 million euros to 668 million euros. Operating profit rose by 19 percent from 62 million euros to 74 million euros.
This growth was driven in particular by the motor business in Romania and Poland, which delivered solid premium growth from higher volumes.
A significant increase of gross premiums written was also recorded in Russia from 7 million euros in the same quarter of the previous year to 68 million euros in the first quarter 2007. The increase was due to the first-time pro rata temporis consolidation of ROSNO after the successful acquisition at the end of February of this year.
Life and health business
Statutory premiums in Central and Eastern Europe increased markedly by 112 million euros to 392 million euros. Here, the region contributed 19 million euros to the operating profit of the Allianz Group. In comparison to the same quarter in the previous year, operating profit improved by 19 percent to 16 million euros. One of the reasons for this successful achievement is the launch of a limited-edition of index-linked insurance products in six markets in Central and Eastern Europe in the fourth quarter of the year 2006.
The highest level of growth in the life and health business was recorded in Poland. Statutory premiums increased by 48 percent from 169 million euros to 248 million euros. The positive growth is to be attributed to the successful sales of Allianz products by the Polish PEKAO bank in particular.
"The successful results for the quarter again confirm the extraordinary earnings potential and the great growth potentials for our companies in this region," said Werner Zedelius on the development for Central and Eastern Europe.
As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer.
Link to the disclaimer