Allianz ROSNO Life Leads by Growth Rate in Russia
OREANDA-NEWS. March 26, 2012. The volume of premium collected by Allianz in the countries of Central & Eastern Europe (CEE) in the field of life insurance and medical insurance reached 1.1 bn euro in 2011, which is 5% higher than in 2010. The volume of insurance premium collected by Allianz ROSNO Life[1] equalled 2.408 bn roubles. The company has been growing three times as fast as the Russian life insurance market in general, leaving behind Allianz’s life insurance companies in other CEE countries, reported the press-centre of ROSNO.
Life insurance is one of the key business lines of the international financial holding Allianz. In 2011, the share of this segment in the total volume of premium collected by Allianz equalled nearly 50%, or 52.9 bn euro, which is the second best result in the Group’s entire history. Allianz companies in the countries of Central & Eastern Europe (including Russia) accounted for 1.1 bn euro of premium collected. Along with our country, the biggest contribution to achievement of this result was made by Czech Republic, Poland, and Slovakia. The entire life insurance business of Allianz Group in Russia is run by the single provider — Allianz ROSNO Life.
For the last five years, the company has been steadily demonstrating growth rates considerably exceeding market average. And the year 2011 has been no exception: Allianz ROSNO Life also demonstrated solid performance results, with insurance premium written reaching 2.408 bn roubles, which is almost 2.5 times higher than in 2010. The company has been growing three times as fast as the Russian life insurance market in general, leaving far behind Allianz’s subsidiaries in other countries of Central & Eastern Europe. This positive dynamics follows from the efficient portfolio diversification — development of various sales channels (agent, corporate, partner-based) and innovative approach to product development and promotion.
Says Mr. Maxim Chernin, CEO of Allianz ROSNO Life, Chairman of the Life Insurance Development Committee of the Russian Union of Insurers: The year 2011 became symbolic for our company in many respects. Our major achievement is that we demonstrated positive profit results even a bit earlier than contemplated by the plan. The high growth rate shown by Allianz ROSNO Life is all the more pleasant as, unlike the average market portfolio consisting for over 50% from the premium collected in credit life insurance, our company has traditionally relied on long-term accumulative programs. The share of credit insurance in our portfolio does not exceed 5%.
In 2012, according to the estimates made by Allianz analysts, the economies of the CEE countries will be developing slower than in the past. Total GDP growth is forecasted at 2.7% against 3.8% in 2011. However, in 2012, the Russian economy is expected to be the most rapidly growing one in the CEE, with 3.7% GDP growth. In the running year, we also expect the Russian life insurance market to retain last year’s growth rates. The important role in this process will be played by the government’s legislative changes stimulating development of the life insurance industry.
We are certain that favorable market environment, along with solid business performance results of Allianz ROSNO Life and our proactive position in this market will serve a basis for the company’s further success."
[1] Under IFRS
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