OREANDA-NEWS. May 29, 2012. According to international financial reporting standards in the first 3 months of 2012 gross premiums written (GPW) of Allianz Ukraine Insurance Company amounted to UAH 45,592 thousand of total premiums compared to UAH 43,966 thousand in respective period in 2011 which corresponds to an increase of 3.7 percent. 32.6% of the income accounts for property and casualty insurance, 27.3% - for personal insurance (excluding life insurance), 24.0% - for Marine, Aviation and Transport  insurance (MAT), 8.2% - for voluntary third party liability insurance and 7.9% - for auto insurance.

Company operating profit demonstrated a strong growth of nearly 51.5 percent amounting to UAH 3,646 thousand in the first quarter of 2012 versus 2,406 thousand in Q1 of 2011.

‘This positive development was driven by influence of year 2011 successful results and our progress in expense reduction initiatives. Such a result creates an efficient platform that is essential for our further success. Speaking about GPW structure we are retaining one of the most balanced portfolios on the Ukrainian market, in which in the first quarter of 2012 the largest share (nearly 1/3 of premiums earned) accounts for property insurance. We believe this approach will guarantee our customers reliable insurance coverage' – commented Harry Andreasian, Allianz Ukraine CEO.

In the first quarter of 2012, Allianz Ukraine paid UAH 10,240 thousand of insurance payments to its customers, of which 54.7% under personal insurance agreements (excluding life insurance). The Company paid out 37.7% of insurance payments under MAT insurance agreements, 6.8% under auto insurance agreements and 0.8% under property/casualty insurance agreements.

As at the end of the reporting period insurance reserves amounted to UAH 93,229 thousand.