Allianz reports increased revenue in first nine months

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Allianz in Central and Eastern Europe has reported that the revenues in the first nine months of 2007 have increased by 38.5% from €2.07 billion in the same period of the previous year to €2.87 billion.

On a quarterly basis, revenues increased by 44% from €640 million in 2006 to €923 million in 2007. In the property and casualty business gross premiums written increased in the Q3 2007 by 55% from €456 million in the previous year to €707 million. The operating profit remained on a high level and rose by nearly 6% from €71 million to €75 million in the same period.

Statutory premiums in Central and Eastern Europe have grew double digit by 17% in the Q3 2007 from €184 million to €216 million and contributed an operating profit of €11 million to the Allianz Group. Werner Zedelius, Allianz board member responsible for growth markets, said: „These positive results reflect our strength in the individual markets and show that we are on track in Central and Eastern Europe. Our property and casualty business maintained its high level of profitability and recorded a remarkable growth in premiums of 55%. For the life insurance, we are especially satisfied with the development in Hungary and the Slovak Republic. But in light of the increasing demand for old-age provision, we want to become the partner of first choice for all clients in Central and Eastern Europe.” (insurance-business-review)

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