Allianz Aims To Up Global Lines Share In Group Earnings Mid-Term
01 July 2010 - 7:49PM
Dow Jones News
Allianz SE (ALV.XE), Europe's largest insurer by gross premiums,
aims for a higher contribution from global business lines in the
mid-term, management board member Clement Booth told investors,
according to an investor presentation on Allianz's website.
Allianz's global business lines include industrial insurance,
asset management, credit insurance, life and health insurance,
insurance-bound assistance, automotive insurance, reinsurance and
others. In 2009, these business lines combined contributed about
15%, or EUR14.5 billion, to Allianz's group revenue of EUR97.4
billion; and 34%, or EUR2.5 billion, to operating profit of EUR7.2
billion.
In its industrial insurance business, called Allianz Global
Corporate & Specialty, which is vulnerable to losses from
natural or man-made disasters such as earthquakes, hurricanes and
oil spills, the "diversified portfolio helps to keep large and CAT
[catastrophic] losses within expectations," according to the
presentation.
In its industrial business, Allianz expects "challenging market
conditions" for 2010 and 2011, saying rates across all business
lines will drop by 1% this year and remain flat next year. However,
the mid-term outlook is positive, the insurer said, adding that it
expects a 1% rate rise in industrial business in 2012 and an
improved 2% in 2013.
In its asset management business, Allianz Global Investors,
Allianz is targeting a cost-income ratio of below 65% mid-term.
-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500;
ulrike.dauer@dowjones.com
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