ALLIANZ is aiming for an organic growth in CEE
 ALLIANZ sets it's goal to consolidate their position in Central and
Eastern Europe through an organic growth. "The company does
not have to follow an external growth, but, if an important acquisition
opportunity will arise, the group will analyze and decide the outcome",
Klaus JUNKER, CEO, ALLIANZ New Europe has declared for XPRIMM Newsletters.
This statement was given in the context in which AIG, the worlds largest
insurance group until a some time ago, will make public a list of subsidiaries
which will be sold. The New York Insurance Department already hired
a consultancy company to assist the sale of some of AIG operations.
The company's business in the New Europe increased by 10.5% in the first half of this year, to EUR 2.1 billion. The life segment generated EUR 479 million which dropped by 21%, as compared to the same period 2007, as a result of the decrease in sales of PEKAO, a partner bank in Poland. At the same time, non-life underwritings grew by 21%, up to EUR 1.6 billion, with decisive results in Poland and Russia.
ALLIANZ New Europe succeeded in maintaining the first place in the region, although the economic environment was not favorable and the company entered the markets in Slovenia and Azerbaijan.
The countries in which ALLIANZ is present and known as ALLIANZ New Europe are Azerbaijan, Bulgaria, Croatia, the Czech Republic, Kazakhstan, Poland, Russia, Romania, Slovakia, Slovenia and Ukraine.
The underwritings of Romanian ALLIANZ-TIRIAC Asigurari grew by 12.1% in the first half of this year, to EUR 212 million, from EUR 189 million obtained at the end of June 2007, according to interim results published by the ALLIANZ group. At the same time, the operational profit of the top insurance player in Romania has increased significantly to EUR 5 million, from EUR 3 million obtained in H1/2007 as a result of starting to have profit on the life segment.
Besides, the leader of the Romanian insurance market, ALLIANZ-TIRIAC, occupies the 19th position in the top twenty of the largest insurance companies from Central and Eastern Europe, a top made by the audit company DELOITTE, based on the gross written premiums.
Author: Andreea IONETE
on 02.10.2008
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