Allianz in Central and Eastern Europe has reported that the revenues in the first nine months of 2007 have increased by 38.5% from 2.07 billion euros in the same period of the previous year to 2.87 billion euros.
On a quarterly basis, revenues increased by 44% from 640 million euros in 2006 to 923 million euros in 2007. In the property and casualty business gross premiums written increased in the third quarter 2007 by 55% from 456 million euros in the previous year to 707 million euros. The operating profit remained on a high level and rose by nearly 6% from 71 million euros to 75 million euros in the same period.
Statutory premiums in Central and Eastern Europe have grew double digit by 17% in the third quarter 2007 from 184 million euros to 216 million euros and contributed an operating profit of 11 million euros to the Allianz Group.
Werner Zedelius, Allianz board member responsible for growth markets, said: These positive results reflect our strength in the individual markets and show that we are on track in Central and Eastern Europe. Our property and casualty business maintained its high level of profitability and recorded a remarkable growth in premiums of 55%. For the life insurance, we are especially satisfied with the development in Hungary and the Slovak Republic. But in light of the increasing demand for old-age provision, we want to become the partner of first choice for all clients in Central and Eastern Europe.