Allianz Ireland, the German insurer’s Irish subsidiary, registered a 54 percent increase in operating profits, reflecting an 11 percent increase in premiums, but still posted a drop in overall profits of 74 percent for 2000 due to a sharp decline in investment earnings.
The insurer, in which Allianz holds a 69.6 percent stake, saw its returns on its investments drop from IR£63.8 million ($56.67 million) to IR£33.7 million ($29.94 million) last year. CEO John O’Hanlon indicated that the balance achieved between operations and investments was nonetheless a good sign for Ireland’s third largest insurer.
He also warned of further increases in premiums, especially in automobile insurance rates, which haven’t kept pace with the mounting accident toll on Ireland’s sinuous roads, as more and bigger cars use them in the wake of the Republic’s “Celtic Tiger” prosperity.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Accuweather: Winter Storm to Cause Up to $115B in Damage, Economic Losses 
Berkely Says It’s No Longer Pressured to Push for Rate ‘Across the Board’ 
Longtime Alabama Dentist Charged With Insurance Fraud in 2025 Office Explosion 
Hot Sauce Company Sues Manufacturer Over Exploding Bottles 
