AachenMunchener, an insurer of the AMB Generali Group, has reported that its gross premiums written in the life insurance division for the year 2007 rose by 5.4% to E3.89 billion as compared to E3.69 billion of 2006.
The new business in terms of regular premiums, adjusted for the 2006 Riester increase step, increased by 5.7% to E449.4 million. Including the Riester impact, new business in terms of regular premiums decreased by 9.9%, a drop less steep than expected as compared to E498.5 million posted in 2006.
Single-premium premiums also grew by 61% to E279.2 million from E173.5 million of 2006. The total premiums of new business thus amounted to E728.6 million, 8.4% up as against E672 million recorded in 2006.
The gross premiums written composed of property, personal accident, general liability and motor business for private and corporate customers amounted to E1.05 billion, an increase of 1.3% from 2006.
Michael Westkamp, CEO of AachenMunchener, said: This top growth is even more remarkable since it has been achieved despite the strategic reorientation of our sales networks on Deutsche Vermogensberatung, in a situation of change. The reorientation has been very well digested.