19.04.2007, 09:15
Central and Eastern Europe Region Continues Its Path on the Road of Profitable Growth in 2006
OREANDA-NEWS. April 04, 2007. Allianz continues to follow the course aimed at growth in the Central and Eastern Europe. In 2006, the volume of premiums collected from property and accident insurance (P&C), as well as from life and health insurance equalled 2.7 bn. euro. As compared to the year 2005, this indicator has grown by 21%, reported the press-centre of ROSNO.
"We have not only preserved our excellent positions in the Central and Eastern Europe, but also managed to expand them considerably", stated Mr. Werner Zedelius, Member of the Board of Allianz SE in charge for emerging markets.
In 2006, Allianz demonstrated considerable development in all business lines. The growth shown in the previous years continued in the property and accident insurance (P&C) segment, as well as life and health insurance. All countries of this region have contributed to the positive dynamics of profitable growth.
The volume of premium collected from property and accident insurance (P&C) grew by 6,5% — to 1,891 bn. euro in 2006 vs. 1,774 bn. euro in 2005. The fastest-growing country in this region is Romania. There, the aggregate volume of premium grew by 33% from 220 mln. euro to 292 mln. euro. This growth results, in particular, from successful sales and expanding industrial insurance sector.
Business growth in life insurance was even more considerable. The aggregate volume of premiums grew by 73% from 479 mln. euro in 2005 to 828 mln. euro in 2006. Central and Eastern Europe region demonstrated the highest growth rates in Allianz Group. Poland has achieved high growth rate of 370% (from 99 mln. euro to 367 mln. euro), driven by success of the joint venture with PEKAO-Bank (Poland).
In 2006, the insurance corporation Allianz achieved the highest volume of total calculated premium of the entire period of its operation in the country: 29 mln. euro from property and accident insurance (P&C) and 7 mln. euro from life and health insurance. As compared to 2005, the volume of premiums collected from property and accident insurance (P&C) has grown by 59%, while the same indicator for life and health insurance equalled 52%. These results have been achieved thanks to considerable development of property, automobile, cargo and pension insurance.
The year 2006 became one of the best in ROSNO’s history. Growth rates in non-life insurance exceeded market average by over 20%, and ROSNO’s life insurance premiums have grown by 80% versus the previous year, while the real life insurance market has grown by 25%.
In early October 2006, Allianz made a limited issue of index-linked insurance products in Bulgaria, Croatia, Czech Republic, Poland, Romania, and Slovakia. When developing this product, Allianz managed to use the experience gained by Allianz Group at the other markets. Moreover, in mid-October 2006, Allianz became the first insurer to establish a bank in Hungary. Within the first ten weeks after opening, the bank attracted around 20,000 new clients, which once again proves the success of Allianz Group as an international financial service provider. The clients enjoy additional benefits from the use of Allianz know-how in insurance, asset management and banking.
"This region will continue to be a growth driver. With such a potential, I am confident that we will continue to enjoy two-digit growth numbers", said Mr. Zedelius with regards to the prospects of the Central and Eastern Europe.
In February, Allianz acquired the majority interest in ROSNO (about 97% of shares). With 630 mln. euro of collected premiums and the 44% growth shown in 2006, ROSNO today is one of the three leading insurers of the real insurance market in Russia. On 30 March 2007, Moody’s raised ROSNO’s global-scale financial reliability rating to Ваа1. Russia is an attractive market with huge growth potential.
Allianz has been operating in the Central and Eastern Europe since 1989, and in the former USSR countries since 1990. Allianz has a presence in the eight most important markets of this region, and is among the five leading insurers. With its total market share of 12% in 2005, Allianz is a leader among international insurers at the Central and Eastern European market, and it is the second among all insurance companies operating in that region.
"We have not only preserved our excellent positions in the Central and Eastern Europe, but also managed to expand them considerably", stated Mr. Werner Zedelius, Member of the Board of Allianz SE in charge for emerging markets.
In 2006, Allianz demonstrated considerable development in all business lines. The growth shown in the previous years continued in the property and accident insurance (P&C) segment, as well as life and health insurance. All countries of this region have contributed to the positive dynamics of profitable growth.
The volume of premium collected from property and accident insurance (P&C) grew by 6,5% — to 1,891 bn. euro in 2006 vs. 1,774 bn. euro in 2005. The fastest-growing country in this region is Romania. There, the aggregate volume of premium grew by 33% from 220 mln. euro to 292 mln. euro. This growth results, in particular, from successful sales and expanding industrial insurance sector.
Business growth in life insurance was even more considerable. The aggregate volume of premiums grew by 73% from 479 mln. euro in 2005 to 828 mln. euro in 2006. Central and Eastern Europe region demonstrated the highest growth rates in Allianz Group. Poland has achieved high growth rate of 370% (from 99 mln. euro to 367 mln. euro), driven by success of the joint venture with PEKAO-Bank (Poland).
In 2006, the insurance corporation Allianz achieved the highest volume of total calculated premium of the entire period of its operation in the country: 29 mln. euro from property and accident insurance (P&C) and 7 mln. euro from life and health insurance. As compared to 2005, the volume of premiums collected from property and accident insurance (P&C) has grown by 59%, while the same indicator for life and health insurance equalled 52%. These results have been achieved thanks to considerable development of property, automobile, cargo and pension insurance.
The year 2006 became one of the best in ROSNO’s history. Growth rates in non-life insurance exceeded market average by over 20%, and ROSNO’s life insurance premiums have grown by 80% versus the previous year, while the real life insurance market has grown by 25%.
In early October 2006, Allianz made a limited issue of index-linked insurance products in Bulgaria, Croatia, Czech Republic, Poland, Romania, and Slovakia. When developing this product, Allianz managed to use the experience gained by Allianz Group at the other markets. Moreover, in mid-October 2006, Allianz became the first insurer to establish a bank in Hungary. Within the first ten weeks after opening, the bank attracted around 20,000 new clients, which once again proves the success of Allianz Group as an international financial service provider. The clients enjoy additional benefits from the use of Allianz know-how in insurance, asset management and banking.
"This region will continue to be a growth driver. With such a potential, I am confident that we will continue to enjoy two-digit growth numbers", said Mr. Zedelius with regards to the prospects of the Central and Eastern Europe.
In February, Allianz acquired the majority interest in ROSNO (about 97% of shares). With 630 mln. euro of collected premiums and the 44% growth shown in 2006, ROSNO today is one of the three leading insurers of the real insurance market in Russia. On 30 March 2007, Moody’s raised ROSNO’s global-scale financial reliability rating to Ваа1. Russia is an attractive market with huge growth potential.
Allianz has been operating in the Central and Eastern Europe since 1989, and in the former USSR countries since 1990. Allianz has a presence in the eight most important markets of this region, and is among the five leading insurers. With its total market share of 12% in 2005, Allianz is a leader among international insurers at the Central and Eastern European market, and it is the second among all insurance companies operating in that region.
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