ALLIANZ in CEE: Revenues increase to EUR 2.1 billion, while operating profit improves strongly to EUR 144 million in 1H2011

15 August 2011 — Mihai CRACEA
manuel_bauer1ALLIANZ reported solid results in Central and Eastern Europe for the first six months of 2011. Total revenues amounted to EUR 2.07 billion compared to EUR 2.04 billion in the first half of 2010. Operating profit increased by 54 percent to EUR 144 million while net income doubled to EUR 120 million from EUR 60 million in the year before.

"The overall positive development of ALLIANZ in CEE not only in terms of total revenues but also the big increase in operating profit and net income shows that we are on the right track and have a robust business model", commented Manuel BAUER, Member of the Board of Management of ALLIANZ SE responsible for developing markets.

The Property and Casualty insurance business in Central and Eastern Europe recorded gross premiums written of EUR 1.398 billion, a slight increase over the first six months of 2011 compared to EUR 1.39 billion in the respective period in 2010. Internal growth amounted to 0.3 percent. Half-year operating profit in the Property and Casualty business across the region amounted to EUR 82 million, an increase of 46 percent after EUR 56 million in the first six months of 2010.

Premiums for Life and Health in Central and Eastern Europe in the first six months of 2011 amounted to EUR 609 million compared to EUR 608 million in the prior year period. Internal growth amounted to -1 percent.

Assets under management of other ALLIANZ pension fund operations in the region grew by 10 percent in the first half. ALLIANZ asset management operations in Central and Eastern Europe recorded an increase of 20 percent in third party assets under management during the first six months of 2011 to EUR 0.9 billion. Combined pension and third party assets under management reached EUR 8.0 billion at the end of June 2011 compared to EUR 8.6 billion as at the end of 2010.

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