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Allianz gains 130,000 mandatory vehicle insurance policy holders

Allianz Hungária gained 130,000 new mandatory vehicle insurance policy holders in November, the only month when Hungarian drivers are allowed to switch insurers, deputy-CEO Tamás Kalózdi said.

Allianz Hungária signed mandatory vehicle policies with 200,000 new clients and it lost 70,000 clients in November. It reduced its stock of truck fleet policies by raising premiums, while expanding its share of the retail market.

Allianz Hungária had revenue from premiums on mandatory car insurance policies of HUF 185.7 billion in 2008, up 1.4% from 2007.

Allianz Hungária and its bank, Allianz Bank, established in the autumn of 2006, together have more than 100,000 clients, Allianz CEO Ádám Farkas said. The insurer and the bank plan to raise their number of joint branches from 37 to 50, he added.

Allianz Bank's total assets rose from HUF 15 billion to HUF 60 billion in 2008. (MTI – Econews)