OREANDA-NEWS. On 07 March 2008 was announced, that 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 have 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.

Life and health business

The life and health business recorded statutory premiums of more than 1.0 billion euros in 2007, boosting by 24 percent from 836 million euros in 2006. This represents a double digit growth rate on average 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 business

Gross premiums written increased from 2.5 billion euros in 2006 by 19 percent 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.  Allianz in Poland increased gross premiums written from 283 million euros in 2006 by 30 percent to 367 million euros in 2007. The good sales performance of the Allianz tied agent network as well as the motor dealer channel induced this development.

“Our business in the region is benefitting from a very strong presence across the distribution landscape that allows us to offer and service wide ranging customer requirements. The increased confidence of our customers in Allianz’ ability to deliver top quality products for their long-term financial needs is reflected in our growing customer base and their positive feedback, as measured by the Net Promoter Score, which by far establishes us as the benchmark in New Europe”, stated Dr. Klaus Junker, Regional CEO of Allianz New Europe, while announcing the business results for 2007.

According to Hannes Chopra, head of Allianz Eurasia (Russia and CIS),

“Year 2007 became a year of strengthening and beginning of consolidation of Allianz’ assets in CIS (Eurasia) with remarkable successes. Within this process in February Allianz SE finalized the acquisition of 97% stake of the third largest Russian insurance group ROSNO, 3 months later acquired another Russian insurer Progress-Garant, and opened a new and perspective market for the future development via acquisition of ATF-Polis in Kazakhstan. Allianz Group in Russia again grew above the market growth rates (28,5% growth) and for the first time hit the 1 bln. USD GPW mark and came close to 1 bln Eur. ROSNO continued to develop its regional and individual markets expansion – GPW in Russian regions grew almost by 28.0% and sales to individuals increased by 27.3%. On top of that a number of projects were launched during the year, group projects and own projects in order to grow sustainably also in the future”.

Asset Management and Pension business

In several countries throughout New Europe Allianz has also established its position as a major player in the pension business. During current pension reforms Allianz has proven to provide clients with attractive products in a rapidly developing market environment for old age provision.

In the past year Romania has 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 1 million customers have chosen Allianz products for their old age provision.

“Entering the CEE markets at a very early stage and 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,” concluded Werner Zedelius on the outlook for business results from the region.