Allianz’ Spanish Sub Posts Premium Gains

January 30, 2004

Allianz Compania de Seguros y Reaseguros, the Barcelona-based Spanish subsidiary of Germany’s Allianz, announced that it has seen premium income grow by more than 13 percent in 2003 and nearly 60 percent over the last three years. The company ranks among the top five in the Spanish insurance market.

The company posted gains in all business lines, led by auto insurance with 1.0974 billion euros ($1.363 billion) in premiums, a 13.1 percent increase in 2003, and around half of all premiums. Other lines – industrial insurance, individual life, group life and other personal lines -increased their premiums by more than 12 percent.

Allianz Seguros’ assets under management reached 5.806 billion euros ($7.22 billion) as of December 31, 2003, up by eleven percent from 5.231 billion ($6.6 billion) at the end of 2002. The bulletin issued by Allianz noted that “Allianz Seguros’ turnover has been higher than the 2003 market average in both life and non-life insurance,” and added that “these results confirm the good development of the company that has grown considerably during the last three years resulting from internal growth.”

The bulletin stressed that “A wide network of professional agents and brokers stands behind these excellent results. They can rely on Allianz Seguros’ human, technical and financial resources when advising and servicing their clients.”

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