Allianz units' premium income up 0.4%

German insurer Allianz' (NYSE: AZ) South American companies saw premium income rise 0.4% to 294mn euros (US$363.4mn) in the first six months of this year compared to same-period 2003, the company said in a report. The insurer's regional combined ratio improved 7.6 percentage points to 90.9% due to a selective underwriting policy that resulted in a lower claims ratio, the report said. Total earnings after tax totaled 45mn euros in the first six months of the year, which were up 32mn euros on the same period last year. Revenues from Allianz' business in Mexico grew 16.3% during the first half of 2004 to 115mn euros compared to the same period last year. As of March 31, 2004, Allianz Mexico had a market share of 2.72% in terms of total written premiums and a 4.14% share in P&C (not including reinsurance premiums). Allianz is one of the world's largest financial services groups with 181,000 employees serving 60 million clients in 70 countries.