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During 2008, Allianz Ukraine Ins.Co. was increasing insurance reserves in proportion to insurance premiums obtained

19.3.2009
Allianz Ukraine Ins.Co. summed up the results of operation in 2008.

As at January 01, 2009, the company collected insurance premiums in the amount of UAH 173,515.00 thousand. Thus, this indicator’s rate of growth is 145.5% compared to the 2007 result. In the total scope of premiums, 51.5% are premiums under motor hull insurance agreements, 25.4% are premiums under property insurance agreements, and 14.0% are premiums under personal insurance agreements (excluding life insurance). 9.1% of premiums were collected under the rest of insurance agreement types.

The scope of the company’s insurance reserves, as at the reporting date, was UAH 118,959.60 thousand, which demonstrates growth of reserves of Allianz Ukraine Ins.Co. by 45.1% compared to 2007 results.

For 12 months of 2008, Allianz Ukraine Ins.Co. has paid out UAH 119,000.20 thousand. Compared to the results for the same period 2007, this indicator has almost doubled. In general structure of payouts, the rate of payouts under auto insurance agreements is 69.6%, under property insurance agreements – 3.0%, and 17.2% are under personal insurance agreements (excluding life insurance).

At the same time, the authorized capital of Allianz Ukraine Ins.Co. has increased by 72.2% compared to the indicator as at January 01, 2008, and amounted to UAH 165,621.50 thousand.

Indicator

2007

2008

Rate of growth, %

Insurance premiums (thousand UAH)

119,271.70

173,515.00

145.5

Insurance claims (thousand UAH)

61,655.90

119,000.20

193.0

Authorized capital (thousand UAH)

96,155.00

165,621.50

172.2

Insurance reserves (thousand UAH)

82,011.20

118,959.60

145.1

“Proportional growth of insurance premiums and reserves in 2008 evidences that our company has equal concerns about attracting clients and performing our obligations to them. Currently, Ukraine, as well as the rest of the world, is going through hard times. People do not trust financial companies. This is why, it is crucially important for us to justify the confidence of our policy owners. It is the reason why we are increasing the insurance reserves, forming the balanced risk portfolio, and caring of our company’s stability”, - Joachim Wessling, Director General of Allianz Ukraine Ins.Co. commented on 2008 results.