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Allianz Hungária premiums revenue falls 12%

Insurer Allianz Hungária had gross revenue from premiums of HUF 144.5 billion in 2011, down 12.4% from the previous year, the company told MTI on Monday.

The company's operating profit nearly tripled to HUF 12.0 billion from HUF 4.3 billion. Allianz Hungária noted that operating profit of its branch office in Slovenia reached €550,000, well over expectations as payouts on claims were favorable and cost-efficiency improved.

Revenue from premiums at the Slovenian branch rose 16% to €3.8 million in 2011.

Allianz Hungária's revenue from premiums on general insurances policies fell 16.6% to HUF 96.1 billion as the markets for mandatory and comprehensive vehicle insurance contracted.

Revenue from premiums from life insurance polices was flat at HUF 48.4 billion. Operating profit of the life and health insurance division rose 35% to HUF 2.2 billion.

Allianz is the top general insurance company in Hungary with 25.14% market share, according to data from the Hungarian Insurance Association (MABISz). It is runner-up in the life insurance segment with 11% market share.

About €1.4 billion of pension savings managed by Allianz's private pension fund was transferred to the state in Q2 2011 as members of the fund returned to the state pension pillar. The transferred assets accounted for about two-thirds of the total pension assets managed by the insurer.

Allianz's assets managed in Hungary for voluntary pension funds came to HUF 115.6 billion at the end of 2011, up 2.8% from twelve months earlier. The number of its voluntary pension fund members rose 2.3% to 231,000.