Allianz Posts 6% Q1 Rise in Gross Premiums to $17.6 Billion

May 31, 2001

Germany’s Allianz posted a 6 percent rise in gross premiums written in the first quarter of 2001 to € 20.6 billion ($17.6 billion), reflecting contributions from acquisitions and a 7.9 percent increase in p/c premiums to € 13 billion ($11.1 billion).

The company said it remains on target in its forecasts for this year, and “expects an increase in premium income in excess of 5 percent to to slightly over € 72 billion ($61.56 billion). Overall net earnings would increase by 13 percent over last year’s € 2.4 billion ($2.05 billion).

While not revealing many details, Allianz indicated that its pending $20 billion merger with Dresdner Bank was proceeding on schedule. It expects to greatly increase its distribution network in Germany through the bank’s 850 branches, and will add significantly to its fund management business.

Allianz’ financial results rose significantly on the strength of U.S. acquisitions. It acquired California-based PIMCO and Nicholas Applegate last year. Its assets under management increased by 6 percent as of March 31st to €757 billion ($647.25 billion), nearly half of which are in the U.S.

The merger with Dresdner will further increase the amount of assets under management, in addition to strengthening Allianz’ bancassurance operations.

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