International Property News

Allianz net profit soars 54% in 2007

13th March 2008

Allianz pojistovna, the third largest insurer on the Czech market, last year raised net earnings by 54 percent to Kc1.11bn by international accounting standards and collected premiums worth Kc9.6bn, up 2.4 percent on the year, Allianz said in a press release presented to CTK today.

The entire insurance market rose by 8.2 percent to Kc130.3bn last year.

Allianz pojistovna profit fell by Kc200m to Kc825m last year by Czech accounting standards. The life insurance segment posted a rise.

Billed premiums totalled Kc2.6bn, a growth of nearly 22 percent year-on-year.

The entire life insurance market posted a rise of 14 percent.

Allianz saw billed premiums in the non-life insurance segment fall by 3.3 percent to Kc7bn.

The non-life insurance market grew by 4.4 percent.

The non-life insurance market is adversely affected by withdrawal of large international clients from the Czech market and falling rates at home and abroad.

Allianz pojistovna is a 100-percent subsidiary of Allianz New Europe Holding GmbH and a member of the insurance group Allianz.

Allianz pojistovna entered the Czech market in 1993.