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."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
