Allianz SE (ALV), Europe’s biggest insurer, said operating profit in eastern Europe more than doubled last year on higher earnings at the property and casualty insurance units.
Operating profit in the region increased to 295 million euros ($397 million), from 114 million euros a year earlier, the Munich-based insurer said in a statement on its website today.
Allianz’s total premium income from eastern European markets, including Russia, Poland, Hungary and Slovakia, was little changed at 3.8 billion euros while sales at the company’s property and casualty units in the region fell 2.2 percent to 2.57 billion euros.
“We are satisfied with the strong recovery in profits and we are well positioned to benefit from any upturn in the markets,” said Manuel Bauer, who is responsible for growth markets on Allianz’s management board. “Our stable business portfolio and underlying earnings resilience puts us in a good position to weather economic headwinds in 2012.”
Operating profit at Allianz’s non-life carriers more than tripled to 194 million euros while earnings at the life and health insurance division gained 20 percent to 77 million euros.
To contact the reporter on this story: Oliver Suess in Munich at email@example.com
To contact the editors responsible for this story: Frank Connelly at firstname.lastname@example.org; Edward Evans at email@example.com