Банкеръ Weekly

Briefs

ALLIANZ BULGARIA LIFE - A RECORD YIELD FOR THE CUSTOMERS

Allianz Bulgaria Life managers reported BGL2.906MN gross premium revenues at the General Assembly which took place on April 17, 2001. Compared to last year the Bulgarian-German company recorded a 25.2% growth in its activities. These financial results rank the company third at the Bulgarian life insurance market. Just the long-term combined life insurance premium revenues of Allianz Bulgaria Life amount to BGL1.669MN. This indicator ranks the company second at the Bulgarian market, closely after DZI in the traditional life insurance.
Plamen Yalamov, Allianz Bulgaria Life Ґxecutiveq emphasised the magnificent fact that the premium revenue for newly contracted combined life insurances has grown by 37% compared to 1999. That is indicative of the growing interest in the products offered by the Bulgarian-German insurance company. It is also a result of the several new insurances with coverage in foreign currencies, launched last year. These new insurances are denominated in US Dollars and Euro and they bear elements of a higher financial stability, as well as a higher yield, added the insurance company manager.
Allianz Bulgaria Life insurance and technical reserves by the end of last year amounted to BGL4.339MN, which is 11.3% increase compared to 1999. Total company assets increased by 45% reaching BGL19.273MN, and its net worth amounts to BGL8.907MN, which means that it has increased by 12.7% as well.
Last year, backed by Bulgaria Invest Commercial bank the insurance company realised a very good return on the investments of its technical reserves. That allowed for accruing high additional interests on the long term life insurances, which meant an yield of 14.07% for all insurances in Bulgarian Levs and in foreign currency. According to the company managers the yield is among the highest compared to all other investment instruments, popular on the Bulgarian market.

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