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Allianz Ukraine Insurance Company finishes financial year 2013 with good results

20.3.2014
In 2013 gross premiums written (GPW) of Allianz Ukraine amounted to UAH 176.8 million compared to UAH 138.0 million in 2012 which corresponds to an increase of 28.1 percent. Main drivers of this positive development were motor insurance (+82.9 percent), Marine, Aviation and Transport insurance (+58.2 percent) and voluntary third party liability insurance (+30.4 percent).

Operating profit of Allianz in Ukraine decreased to 18.8 percent of the result in 2012 (UAH 5.0 million compared to UAH 26.7 million). This is explained by run-off release in 2012 that influenced operating profit in the respective period.

“We are satisfied with our results in 2013. We have had ambitious plans and managed to fulfill them. Moreover our growth rates were bigger than the market average”, - said Garry Andreasyan, CEO of Allianz Ukraine.

During reported period the company succeeded in the retail business development that was one of the main tasks for the year. In 2013 its volume increased almost 4 times from UAH 5.2 million to UAH 20.1 million and retail business share in company’s portfolio amounted to 11 percent as of 31.12.2013 (4 percent as of 31.12.2012). The main success factors were retail product line improving and strengthening of Allianz Ukraine staff by new retail sales team in Lviv and Lviv region (extension of Western Directorate) and in Kyiv (opening of Kyiv Retail Directorate).

“Motor insurance is the main driver of our retail portfolio growth (due to direct sales by full time employees and cooperation with car dealers) as motor hull insurance and OMTPL are still the most popular and purchased products among private clients. In 2013 our company quintupled GPW from motor hull insurance of private clients and tripled OMTPL GPW. However retail sales in other business lines increased as well: GPW on Personal Accident insurance increased by 53.2 percent, homeowners insurance – by 29.4 percent, TPL and travel insurance by 13.9 percent and 13.5 percent respectively. For 2014 we’ve already planned renewal of homeowners and health insurance products for private clients and intend to develop these business lines as actively as in 2013”, said Andriy Muzhuk, Chief Sales Officer of Allianz Ukraine.

Also at year-end Allianz Ukraine remains one of the leading insurers in the corporate segment of the market, being one of the market leaders in voluntary medical insurance and Marine, Aviation and Transport insurance and holding strong positions in other business lines.

As of 31.12.2013 property and casualty insurance has the largest share of 29.1 percent in Allianz Ukraine portfolio. Second largest share belongs to motor insurance (22.0 percent). Another 21.4 percent of the premiums came from personal insurance (excluding life insurance), 15.3 percent from Marine, Aviation and Transport insurance and 12.0 percent from voluntary third party liability insurance.

As at the end of 2013 insurance reserves amounted to UAH 188.5 million that is 16.4 percent more than in the respective period in 2012 (162.0 million).

During 2013 Allianz Ukraine paid to its customers UAH 60.6 million of insurance indemnities that is by 40.6 percent more than in 2012 (UAH 43.1 million). Lion’s share of payments – 48.6 percent – was paid under personal insurance agreements (excluding life insurance). The Company paid out 30.9 percent of insurance payments under Marine, Aviation and Transport insurance, 12.3 percent under motor insurance agreements, 8.1 percent under property/casualty insurance agreements and 0.1 percent under voluntary third party liability insurance agreements.

“Company tasks for 2014 are no less ambitious. We are confident that Ukraine in general and Ukrainian insurance market in particular are among the most promising in the region, so we continue to pursue a course of profitable organic growth. Although we assume that our plans can be adjusted depending on the situation in the country”, - stressed Garry Andreasyan, CEO of Allianz Ukraine. - “We continue the development with an emphasis on holding leading positions in the corporate sector and retail distribution capacity increasing. To achieve these goals the company continues to improve service quality. In 2013 despite a substantial business growth as well as the increasing number of insurance cases, 97% of surveyed policyholders having a claim on motor hull insurance stated that they were satisfied with the quality of service. This confirms that the company is ready to grow and has something to offer its clients”.

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