2007 results hit historical high despite difficult environment

Allianz Group, the German insurance and reinsurance giant, has revealed its full-year net income accelerated 13.5% in 2007, owing to a low level of catastrophe claims and a 21% increase in its life and health division.

Net income grew to €7.996bn from €7.021bn last year.

However, the group, which also owns investment bank Dresdner, reported operating profit at the German bank dropped over 45% to €730m eur in 2007, compared to €1.4bn last year, after the group declared a €1.3bn subprime writedown.

Allianz’ also reported that that net income of its property and casualty division rose 9% to €5.174bn from €4.746, although its combined ratio slightly rose to 93.6% from 92.9%. Net income at the life and health division rose to €1.991bn from €1.643bn.

Michael Diekmann, CEO of Allianz SE, said: "Despite challenging conditions in 2007, we were able to further improve our operating efficiency and profitable growth, and to achieve a record result for the year.

"Thanks to the well-diversified business activities of the Group, we were less vulnerable to shocks and cycles in individual markets and segments."