Allianz Posts Q1 Eastern Europe Revenues of $1.435 Billion

Germany’s Allianz, which has been steadily expanding its activities in Eastern Europe, is now realizing strong results from its ventures. Revenues from Central and Eastern Europe in the first quarter of 2007 reached €1.06 billion ($1.435 billion), compared to €838 million ($1.135 billion) in the same period last year, a 26.5 percent increase.

“The positive figures make it clear that we enjoy a very high level of trust with respect to our 18 million customers in Central and Eastern Europe. We will also continue to work to gain customers in the growth region that is important to us, and thus strengthen our leading position,” stated Werner Zedelius, Allianz Board Member responsible for growth markets.

Allianz said that all of the countries in the region had contributed to the growth. It also noted that it came from its P/C business, as well as in the life and health sectors. “The region posted the highest growth rates for the quarter within the Allianz Group,” said the bulletin on the Group’s web site at www.allianz.com.

Gross P/C premiums written increased by almost 20 percent from €558 million ($756 million) to €668 million ($905 million), while operating profit rose by 19 percent from €62 million ($84 million) to €74 million ($100.2 million). Allianz noted that the growth was “driven in particular by the motor business in Romania and Poland, which delivered solid premium growth from higher volumes.”

First quarter gross premiums written in Russia also rose from €7 million ($9.48 million) to €68 million ($92 million), primarily due to “first-time pro rata temporis consolidation of ROSNO after the successful acquisition at the end of February of this year,” said the bulletin.

Zedelius noted that the “successful results for the quarter again confirm the extraordinary earnings potential and the great growth potentials for our companies in this region.”

Topics Profit Loss Europe Allianz