ALLIANZ 9-mo operating profit from property/casualty insurance in TURKEY up 3.0%

10 November 2014 —
German financial services group Allianz said on Friday its operating profit from property-casualty insurance operations in Turkey increased by 3.0% to 69 million euro in the first nine months of 2014.

The company's operating profit from life and health operations in the country grew 90% to 19 million euro in the nine months, Allianz said in its interim financial report.

Net premiums earned from property-casualty insurance in Turke soared 29.6% to 670 million euro through September, while net premiums earned from life and health operations increased by 37.9% to 40 million euro.

In the third quarter, Allianz posted a 18.9% year-on-year decline in operating profit from property-casualty insurance operations in Turkey to 30 million euro and a 36.4% drop in operating profit from life and health operations to 7.0 million euro.

In July 2013, Allianz Turkey acquired Turkish lender Yapi Kredi Bank's 93.94% stake in local property-casualty insurance firm Yapi Kredi Sigorta, including its life and pension insurance subsidiary Yapı Kredi Emeklilik. Read the full story ALLIANZ 9-mo operating profit from property/casualty insurance in TURKEY up 3.0%
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