Reporting results for the first half of 2007, ended June 2007, Allianz has said that its premium volume from growth markets rose by 17% to E6.3 billion. Profitability rose likewise, with operating profit amounting to E436 million and net income increased by 21% to E390 million.
The company’s profits were driven by strong growth in the Asia Pacific and central and eastern Europe insurance markets.
Werner Zedelius, board member of Allianz responsible for growth markets, said: For 2007 we are on a very good track to deliver another year of double-digit growth. We are very pleased with the overall development of the top-line. And we also see high profitability of our operations. That shows strong commitment to our strategy of ‘growth meets profitability.’
In Asia Pacific, premiums reached E4.1 billion, exceeding the landmark of E4 billion for the first time in a six-month period. The biggest life operation in the region is still Korea, where premiums amounted to E931 million. Profitability more than doubled, with operating profit reaching E78 million.
In the first half of the year, the company’s central and eastern European operations boasted more than E2 billion in premiums. On a year-on-year basis, premiums increased by 24% to E2.2 billion. All countries in central and eastern Europe contributed to this positive development, the insurer said.