20 March 2014 Insurance

Allianz anticipates growth in Latin America

Insurer Allianz has said it anticipates more growth in its Latin American operations despite economic growth in the region remaining below expectations.

The insurer’s total revenues in the region in 2013 were €2.68 billion. The bulk of this was generated by its property/casualty business, which recorded gross written premiums of €2.35 billion an 11 percent growth on the previous year. Its smaller life business grew by 31 percent to €329 million. Its growth was mainly driven by Mexico.

Its operating profit for the region was €141 million in 2013 compared with €136 million in 2012, an increase of 4.2 percent. Excluding these effects, growth reached 15.2 percent.

“In 2013, we have recorded solid premium growth by our Latin American entities. With our IberoLatAm business platform operations will run more efficiently,” said Helga Jung, member of the board of management of Allianz SE responsible for Insurance Iberia and Latin America, M&A, Strategic Participations, Legal and Compliance. “This will help us to further strengthen our market position.”

From the beginning of 2014, Allianz implemented a new business platform designed to make its internal processes more efficient in the region.

Miguel Perez Jaime, CEO of Allianz Brazil, said, “The new platform implementation is now reality and its further stabilisation is the very last step to successfully culminate the business transformation process initiated in 2011. We are grateful for the ongoing support shown by our customers, brokers and employees through this journey. Now we are sure Allianz Brazil is ready to become market leader in both efficiency which means competitiveness and effectiveness which means quality of service.”

Jung said: “2013 has been the toughest year for economic growth in Latin America since the financial crisis. Nevertheless, Allianz in Latin America demonstrated once again that it is well positioned to strengthen its business. We are looking to further extend our reach to the customer across Latin America and aim to provide a product range that meets customers’ needs.”

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