Allianz insurance group recorded gross written premiums in Central and Eastern Europe of 1.9 billion euros in the first half, down 9% from year-ago period, reflecting the devaluation of central and eastern European currencies.
In the first half 2008, the gross premiums written recorded 2.1 billion euros in Central and Eastern Europe, in countries such as Romania, Bulgaria, Croatia, Czech Republic, Hungary, Kazakhstan, Poland, Russia, Slovakia, Slovenia and Ukraine, the company said in a press release.
On internal basis, premiums increased by 5 percent.
In local currencies operating profit increased by 11 percent. After currency effects, operating profit still grew by 1 percent to 159 million euros, compared to 159 million euros in the same period last year.
Gross premiums written in the Property and Casualty insurance in the region remained at a high level of 1.6 billion euros on internal basis in the first six months of 2009. Adjusted for currency effects, premiums decreased by 13 percent.
The life and health business in CEE continued to grow by 24 percent on basis of internal growth. After exchange rate effects statutory premiums grew by more than 7 percent to 514 million euros compared to 479 million euros in the same period of 2008.
“In line with this development, operating profit in the Life and Health business grew by 41 adjusted for foreign currency effects. After exchange rate effects premiums increased by 31 percent and amounted to 38 million euros, compared to 29 million euros in the same period of last year”, the company said in an official statement.
In the pension fund and asset management business Allianz in CEE reaffirmed its leading position among the important players in the pension business.
In the first six months of this year, third-party assets under management grew by 8 percent to 5.5 billion euros, compared to 5.1 billion euros at the end of 2008. The positive development in assets under management was based on both stable net cash inflows and a recovery on the capital markets in the region.
Article comments "Allianz reports first-half premiums down 9%"
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