The year 2007 was another very successful year for Allianz in New Europe. The company continued its successful course of growth. Gross premiums written in the property and casualty as well as life and health business grew by 21 percent from 3.34 billion euros in 2006 to 4.03 billion euros in 2007. All countries in New Europe contributed to this outstanding overall growth rate.
"Once again we outperformed our growth from the previous year and maintained our leading position among the international insurers in this very important and dynamically growing region", commented Werner Zedelius, board member of Allianz SE, responsible for growth markets.
Allianz New Europe now has 19 million customers
Werner Zedelius: "Once again we outperformed our growth"
Life and health insurance business
The life and health business recorded statutory premiums of more than 1.0 billion euros in 2007, increasing by 24 percent from 836 million euros in 2006. This represents an average double-digit growth rate across the countries in the region New Europe.
Besides Allianz Slovenska poistovna, once again Allianz Poland was the main driver for this positive performance. Allianz Poland reported an increase in premiums of 64 million euros, amounting to 431 million euros in 2007. This positive development was due to the diversity of sales channels Allianz Polska has developed over the years.
Property and casualty insurance business
Gross premiums written increased by 19 percent from 2.5 billion euros in 2006 to 3 billion euros in 2007. Especially the Allianz companies in Russia and in Poland contributed to this result. Allianz in Russia recorded an increase of 263 million euros amounting to a total of 913 million euros in 2007. Thereof the acquisition of Progress-Garant contributed 130 million euros. Allianz in Poland increased gross premiums written by 30 percent from 283 million euros in 2006 to 367 million euros in 2007. The good sales performance of the Allianz tied agent network as well as the dealer channel facilitated this development.
In February 2007, Allianz acquired the majority shareholding in ROSNO. The company is one of the largest Russian insurance companies. In September 2007, Allianz entered the insurance market in Kazakhstan by acquiring 100 percent of the shares in ATF-Polis. "Thus Allianz is well positioned to participate in the dynamic growth of the Kazakh market", explains Werner Zedelius.
Asset management business
In several countries throughout New Europe, Allianz has also established its position as a major player in the pension business. With current pension reforms underway, Allianz has proven that it can provide clients with attractive products in a rapidly developing market environment for old-age provision.
In the past year, Romania introduced its second pillar pension system. Allianz Tiriac Private Pension has very successfully captured a market share of more than 25 percent meaning that already over one million customers have chosen Allianz products for their old age provision.
"Having entered the CEE markets at a very early stage and now holding top positions in all markets, we feel well prepared to deliver on our promise to be the most trusted partner for our customers, employees and sales partners," commented Werner Zedelius on the outlook for business results in the region.
Allianz is active in Bulgaria, Croatia, Czech Republic, Hungary, Kazakhstan, Poland, Russia, Romania, Slovakia, Ukraine. Full year 2007 figures including for companies acquired during the fiscal year 2007.
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