Allianz Zagreb has become the largest life insurance provider in Croatia following a dramatic increase in business achieved through the implementation of a successful restructuring, an expanded sales network and an enhanced bancassurance cooperation.
Allianz Zagreb has taken over at the top of Croatia’s life insurance market as a result of a 96% increase in premium income in the first half-year of 2005. The almost doubled life insurance income increased to 147.8 million kuna (over E20 million). Overall, the company increased its premium income by 46% to 401.6 million kuna (about 55 million euros).
In non-life insurance, Allianz Zagreb collected premiums of 253.9 million kuna (almost E35 million), a 27% increase compared to the first six months of 2004. Within the non-life sector the company enjoyed particularly success in motor insurance as premiums grew by 43.9%.
Commenting on the impressive growth in business, Allianz Zagreb CEO Boris Galic said: Being a market leader in life insurance is part of our strategy to become first in the national insurance market. In view of the extremely competitive market and the fact that we’ve been around only for six years, we have good reason to be proud of achieving this goal.