Allianz has reported that its gross premiums written in the property and casualty as well as life and health business in New Europe grew by 21% from E3.34 billion in 2006 to E4.03 billion in 2007.

The life and health business recorded statutory premiums of more than E1 billion in 2007, up 24% from E836 million in 2006. According to the company, this represents an average double-digit growth rate across the countries in New Europe region.

Gross premiums written in the property and casualty business improved 19% from E2.5 billion in 2006 to E3 billion in 2007. Especially the Allianz companies in Russia and Poland contributed to this result. Allianz in Russia recorded an increase of E263 million amounting to a total of E913 million in 2007.

Werner Zedelius, director of growth markets at Allianz, said: Once again we outperformed our growth from the previous year and maintained our leading position among the international insurers in this very important and dynamically growing region.