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Allianz Biztosító after-tax profit more than doubles in 2011

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Hungarian insurer Allianz Biztosító had after-tax profit of HUF 9.8 billion in 2011, more than double the HUF 4.4 billion in 2010, chairman-CEO Péter Kisbenedek said at a press conference on Wednesday.

Revenue from premiums came to HUF 144.6 billion and included HUF 96.1 billion from premiums on general insurance policies.

Pre-tax profit reached HUF 12 billion, according to IFRS, almost triple that in the previous year.

Allianz Biztosító paid HUF 9 billion on an extraordinary financial sector levy last year.

Kisbenedek said the company aimed to continue operating its private pension fund, which manages HUF 20 billion for some 10,000 members.

 

A government-initiated scheme allowing early repayment of foreign currency-denominated mortgages at discounted exchange rates soaked up some of the company's life insurance portfolio. Savings in life policies dropped about HUF 6 billion during the run of the scheme, from the end of September until the end of February.

 

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