The FINANCIAL — Allianz has continued its successful development in Latin America and reported further growth in the first half of 2013, according to Allianz.
Revenues rose by 8 percent to 1.4 billion euros from 1.3 billion euros in the first six months of 2012. Both segments contributed to this growth. After adjustments for foreign exchange effects, revenue in the property and casualty business grew by 13 percent and by 50 percent in the life and health business.
Operating profit climbed by 12 percent to a total of 73 million euros, compared to 65 million euros in the first half of 2012. At the same time, the combined ratio improved to 98.1 percent from 98.9 percent in the prior-year period, according to Allianz.
"We got off to a successful start this year despite a somewhat weaker economic environment compared to last year and have been able to continue on the growth path we followed last year,” said Helga Jung, member of the Board of Management at Allianz SE. “Even though growth rates in the region are lower today than they were a few years ago, we still see potential for our business in Latin America. However, in the next few years, we will need to focus on our homework in order to take advantage of the potential in Latin America,” Jung added.
In Latin America, Allianz is mainly active in the property and casualty business, with auto insurance representing the largest individual business area, followed by commercial insurance business. Allianz also offers life and/or health insurance in Brazil, Colombia and Mexico, according to Allianz.
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