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Allianz H1 premiums up 11% in new Europe

Allianz has reported that its premiums volume in new Europe has increased 10.5% to E2.1 billion as compared to the second quarter of 2007.

Compared to the second quarter of 2007, companies in the region grew their premium income by 14.3% to more that E1 billion in the second quarter of 2008. Allianz said that its life and health business has recorded statutory premiums of E479 million in the second quarter of 2008.

On a year-on-year basis, premiums declined by 21%, mainly influenced by the reduced sales volume of its banking partner Pekao in Poland. Excluding this effect, premium income in the region increased by 12.2%.

Allianz companies in New Europe increased statutory premiums by 3.7% to E234 million. In line with the decrease in premiums, operating profit in the life and health business reduced by 22% to E28 million as compared to the first half of 2007.

Of particular note, Allianz in Hungary reported that its premium income increased 69.6% to E95 million in the first half of 2008.

Gross premiums written in the property and casualty business improved in the first six months of 2008 by more than 21% to E1.6 billion. Premiums in the second quarter of 2008 rose by 12% to E781 million, over the comparable quarter in 2007.

Werner Zedelius, board member responsible for growth markets at Allianz, said: Although we faced a difficult market, we were able to grow premiums in the first half of 2008. This is a clear sign of trust from our customers and reflects the efforts of our multi-channel sales approach in the region. We continue to perfect our services with a customer focused approach.