Volksfursorge Versicherungen, a subsidiary of German insurance group AMB Generali, has reported that the premium income of its companies for the year 2007 rose by 5.5% to E3.13 billion as compared to the 2006 premium income.
Volksfursorge Deutsche Lebensversicherung achieved an overall growth of new business – in terms of regular annual premiums – by 8.3% to E254.9 million. In 2007 new business again focused on unit-linked pension policies. Their share in the total number of new policies taken out was nearly 50%.
In 2007 growth continued to be primarily supported by corporate pension business. The total amount of premiums, including single premiums of the new business production was E71.7 million, up 12%.
The sums insured of business in force grew by 5.3% to nearly E70 billion and gross premiums improved by more than 2% to E2.4 billion.
The total volume of investments increased by 1% to E25.7 billion in 2007. The net investment income was at the previous year’s level of E1.1 billion. The net yield was 4.5%, which was 4.6% in 2006.
Jorn Stapelfeld, CEO of Volksfursorge Versicherungen, said: After a very successful year 2007 for its distribution channels, Volksfursorge starts the new business year on a stronger basis.