ALLIANZ BULGARIA HAS REPORTED ITS BEST PERFORMANCE SO FAR
Allianz Bulgaria Holding retained its leading position as a financial and insurance group in Bulgaria last year. It reported its results for 2002 long before its competitors. This is not due to impatience, but to the obligation of its major shareholder - Allianz AG, Germany, to present in end-January its consolidated report at the New York Stock Exchange, where its shares are quoted. The insurance companies of Allianz Bulgaria Holding have netted gross premium proceeds of almost BGN120MN. This financial result places the Bulgaria-based subsidiary in an upper - second group in the rating of Allianz AG. In that group the proceeds of the sub-divisions of the world's top insurer are in the range of EUR50-500MN, specified Dimiar Zhelev, Chairman of the Executive Committee and Executive Director of the holding, of the general insurance company Allianz Bulgaria, and of the reinsurance broker Bulgaria Net. Allianz Bulgaria Holding's 2002 profit after payment of due taxes exceeds BGN23MN. Over BGN108MN of the group's premium proceeds were realized from general insurance activities, and this was 25% up from last year's proceeds. BGN84.6MN of that amount is the gross premium proceeds of the insurance and reinsurance company Allianz Bulgaria, and BGN24.2MN is due to the insurance company Energy, specialized in the insurance of enterprises from the sector of power engineering. According to Temenuga Nenova, Executive Director of the insurance and reinsurance company Allianz Bulgaria, 2002 was the most successful year for the company since its establishment. The highest proceeds were realized from the Casco insurance, Property Insurance, and Civil Liability for automobiles. Compensations of BGN33.2MN were paid throught the year and the share of paid compensations as compared to the attracted premium proceeds decreased by 12% from 2001 and was 46% in 2002. Ms. Nenova announced as well that it sold 7,000 insurances for travelling abroad since the establishment of the Green Card Bureau in April 2002 till the year-end. The premium proceeds from Green Card insurances exceed BGN2MN, and this rates the company third after the leaders in that sphere - Bulstrad and the State Insurance Institute (DZI). In life insurance Allianz Bulgaria Life reported a 74% growth of the gross premium proceeds, which exceeded BGN11MN. The company's best results were in the marketing of its long-term products, and the yield distributed by the company was 8.5 per cent. In the pension insurance sector the pension insurance company Allianz Bulgaria also occupies a leading position by the assets it manages. They totalled BGN139MN in 2002, up 58% from 2001. In 2002 the company took hold of almost half of the pension insurance market. The market share of the voluntary pension insurance fund, including almost 600,000 people (119% up from the end of 2002) was 54 per cent. The assets managed by the voluntary pension insurance fund already exceed BGN105MN, and the yield from investments made by its managers in 2001, was 9.1 per cent. The yield of the investments made by the universal pension fund was 9.38 percent, and that of the professional fund - 9.83 per cent. Insurance installments of almost BGN67MN were made in the three pension insurance funds last year, and their profit amounted BGN1,156,000.The bank of Allianz group also registered a positive performance. According its Executive Director Oleg Nedyalkov, Bulgaria Invest Commercial Bank is already an essential and invariable part of Allianz Bulgaria Holding. He explained that the bank's total assets increased by almost 50 per cent, exceeding BGN272MN in end-2002, up from BGN170MN in 2001. The credit institution's profit totalled BGN2,922,000 by December 31, 2002.