Allianz German P/C Operations Post Premium Gains

August 20, 2003

Allianz Property and Casualty Group Germany, which combines the property and casualty insurance business of the German Allianz companies, achieved a positive underwriting result in the first half-year of 2003 as gross premium income rose by 3.9 percent to 6.3 billion euros ($7 billion) in comparison to the results for the first half of 2002.The loss picture improved as well, decreasing by 5.9 percent to a total of 3.2 billion euros ($3.57 billion), in comparison to 2002.

Reiner Hagemann, Chairman of Allianz Versicherungs-AG and Head of Allianz Property and Casualty Group, indicated that he expects total figures for 2003 to show a “flat increase of gross premium income, and an overall profit before taxes of at least the scheduled 180 million euros [$201 million].”

The company announcement noted, “1.3 million new policies were concluded by the Allianz Property and Casualty Group companies. That was 2.3 percent higher than in the first half of 2002. The Group paid out 3.2 billion euros [$3.57 billion] for claims (3.4 billion euros [$3.8 billion] for the first half-year of 2002). The number of losses reported decreased by 7.2 percent to 2 million losses as compared to 2002, when storm and hail affected the motor and property insurance business, in particular.”

As a result “the gross claims ratio fell by 6.2 percentage points to 62.6 percent. At 102 million euros [$114 million], the underwriting result for the first half-year of 2003 shows a significant improvement compared with the 2002 figure (-127 million euros [-$142 million]).”

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