Allianz's Romanian and Polish subsidiaries contributed substantially to the group's regional business increase in the first half of the year, particularly on the segment of general insurance.
"Apart from Russia, both Poland and Romania had a significant contribution to the development of our regional business, as a result of a sales increase in car insurance," said Allianz officials.
The Romanian subsidiary of the group, Allianz-Tiriac, leader of the domestic insurance market, derived gross underwritten premiums worth 173 million euros from general insurance in the first half of the year, up 25% against the same time last year. In Poland, sales of general insurance policies increased by 27%, to 181 million euros in the first six months of the year.
"On the general insurance segment, gross underwritten premiums for the regions of Central and Eastern Europe increased by 21% in the first seven months of 2007, to 1.6 billion euros. In the same period of 2007, the company's operating income stood at 146 million euros," explained Allianz officials.
Apart from Romania and Poland, other Central and Eastern European countries where the German group is present are Bulgaria, Croatia, the Czech Republic, Hungary, Slovakia and Ukraine.
Allianz-Tiriac closed the first half of the year with an overall business worth 189 million euros, 16 million euros of which derived from life insurance. The operating income for H1, 2007 stood at 3 million euros, as a result of a 4 million-euro profit from general insurance and a one million-euro loss from life insurance.
During the first half of 2006, Allianz-Tiriac posted an operating income worth 5 million euros, with 4 million euros derived from general insurance and one million euros from life insurance.
Apart from Central and Eastern Europe, another market that generates a significant amount of Allianz's gross underwritten premiums is Asia Pacific. The region saw the group reach a business worth 4.1 billion euros in the first six months of the year.
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