A PROFITABLE YEAR 2000 FOR ALLIANZ BULGARIA HOLDING
All Allianz Bulgaria Holding companies reported profit for 2000, despite of the difficult market, said Dimitar Zhelev, the Holding's Executive Director. By the end of 2000 the holding, consisting of Allianz Bulgaria Insurance Co, Allianz Bulgaria Life Co., Energy Insurance Co., Allianz Bulgaria Pension Insurance Co. and Bulgaria Invest Commercial Bank, has reported income from insurance premium amounting to BGL80MN. By adding income from social provisions for Allianz Bulgaria Pension Insurance Co. the total amount of the holding's income from insurance and pension provisions will reach BGL103MN.
In 2001 Allianz - Bulgaria Insurance Co. will celebrate its 10th anniversary at the Bulgarian insurance market. Compensations covered in this period amount to totally BGL87.998MN, or USD63.362MN. The holding has paid taxes amounting to about BGL6.6MN or USD4.284MN.
About 60% of the total Allianz Bulgaria Insurance Co. insurance portfolio are the Casco car insurances. Compensations paid by the company for the whole 2000 totalled BGL33.120MN.
In 2000 Allianz Bulgaria Pension Insurance Co. was licenced for carrying out pension insurance activities. Since 1994 more than 200,000 people out of 450,000 have subscribed for voluntary pension insurance with Allianz Bulgaria Pension Insurance Co. As at the end of 2000 the amount of pension provisions collected by the company amounted to BGL23MN (compared to 1999 the amount has increased by 37.2%). The company assets amount to BGL47.6MN, and the yield for the insured persons is 10.7% - among the highest in the country.
For Bulgaria Invest Commercial Bank 2000 was a successful year too. In 2000 its Balance Sheet value increased by 34%, reaching BGL113MN. Bulgaria Invest's total capital adequacy is 23% while the minimum requirements are 12%. Credits launched by the financial institution in 2000 have increased by 39% compared to 1999.