Allianz Sachgruppe Deutschland, which incorporates all of the global insurer’s German P/C business, announced that total earnings after tax for 2005 were €1.79 billion ($2.14 billion), compared to the €1.25 billion ($1.5 billion) the unit earned in 2004.
The announcement credited the increase to “reduced claims expenses, reduced internal costs and a high investment result.” It transferred €198 million ($236.6 million) to its claims equalization reserves, compared to €352 million ($420.6 million) in 2004, achieving “record earnings amounting to €785 million [$938 million],” compared to €373 million ($445.7 million) in 2004, and lowered its combined ratio to 85.3 percent from 88.5 percent.
“We can be very satisfied with this result,” affirmed Thomas Pleines, Chairman of the Board of Management of Allianz Versicherungs-AG since January 1, 2006.
For 2006 the Group said it “anticipates an underwriting result at the high level of 2005, provided there are no major claims or substantial damage due to natural hazards.”
The full report is available on the Group’s Website at: www.allianz.com.
Was this article valuable?
Here are more articles you may enjoy.