News
Allianz P&C premiums from South America fall 9% in 2004
Bnamericas Published: Friday, March 18, 2005
Gross premiums written from Allianz's South American property and casualty business in 2004 fell 9% due to the sale of the company's Chilean unit and exchange rate movements, the German insurer said in its annual report released on Thursday. Gross premiums were 599mn euros (US$801mn) in 2004, down from 614mn euros the year before. Allianz's operations in Argentina and Venezuela benefited from organic growth and rate increases. After tax earnings before goodwill amortization increased 285% to 50mn euros thanks to higher investment income and better underwriting results. The combined ratio improved to 98% compared with 104% the year before. In South America, Allianz has a presence in Argentina, Brazil, Colombia and Venezuela.
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News in: Political Risk & Macro
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