ALLIANZ confirms its profitable growth strategy in New Europe
German-based group ALLIANZ posted EUR 3.2 billion in premiums
in New Europe in the first nine months of 2008, an increase by 11 percent
comparing to similar period of the last year. Operating profit increased
by more than 3 percent to EUR 272 million, compared to EUR 263 million
in the same period of last year.
Premiums in the third quarter grew by 22 percent to EUR 1.1 billion
versus EUR 0.9 billion in the same quarter of 2007. Operating profit
grew by 33 percent from EUR 86 million in the third quarter of 2007
to EUR 114 million 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 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 amounted
for EUR 2.4 billion, an increases by 14% compared to the same period
last year. Strong motor and property business generated further growth
for ALLIANZ companies in the Czech Republic, Poland and Croatia. With
growth rates of 14 percent in the Czech Republic and 22 percent in
Croatia, ALLIANZ business expanded strongly.
At the same time, statutory premiums in the life and health business
totalized EUR 813 million and remained at the same level on a year-on-year
basis. Also, in the third quarter ALLIANZ companies in New Europe successfully
increased statutory premiums by 55 percent to EUR 334 million, from
EUR 216 million in the same quarter of 2007. 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 EUR 155
million, compared to EUR 53 million in the same quarter of 2007. 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 EUR 78 million, 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 favorable 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" commented
Klaus JUNKER, regional CEO for ALLIANZ New Europe on the positive development
of ALLIANZ's business in the region.
http://rnakqfleemzo.com/ qfUHLFYFbuQdysLK (Anonymous) (27.05.2011 13:08) j3mDLh hyoarwtdthzg qIBLPLksRzZhOvn (Anonymous) (26.05.2011 18:03) The forum is a brighter place thanks to your posts. Tahkns!
