Assurances Generales de France, the French division of Munich-headquartered global insurance giant Allianz, has increased net profits by 33% thanks to strong returns in a number of business areas and robust cost controls.
AGF’s preliminary net profit for the first six months of the year rose to E1.02 billion. This was a 33% increase on a profit of E766 million in H1 2005, representing a record growth for the company over a half year period.
Revenues rose to E9.63 billion, a near 6% gain. In its domestic French market sales increased by 5.6% to E5.6 billion, while notably French individual life insurance premium revenues rose 15% to E2.308 billion. International sales improved by 8% to E2.6 billion.
AGF said its combined ratio improved to 92.5 from 93.4 over the six month period.