AMB GENERALI GROUP, Q3, 2005
[BIZ: Aachen, November 10] Premium growth in life (+8.0%) and health (+5,2%) above market average Aachen – The AMB Generali Group continued its positive trend for the first nine months of 2005. Premium income growth in life and health business of 8.0% and 5.2% respectively, was higher than the growth experienced by the market in the first nine months of 2005. Riester business continued to experience a successful development. Since the beginning of the year about Across all lines of business, total premium income of the AMB Generali Group increased by 5.0% to EUR 9,449 m (previous year: 8,999 m) in the first nine months of 2005. Without the savings portions of unit-linked insurance and Riester contracts, gross premiums written under IFRS accounting amounted to EUR 8,481 m (previous year: 8,190 m). As at September 30, 2005, the net profit of the Group increased by 43.4% to EUR 228 m (previous year: EUR 159 m) before goodwill amortization. Apart from strong premium growth, this result was driven by a good investment result and further improvements in operating business. The combined ratio Against this positive development in the third quarter, the AMB Generali Group confirms its net profit objective of at least EUR 300 m (before goodwill amortization) for the full business year 2005. This applies despite the expected impact resulting from the judgement of the Federal Supreme Court regarding surrender values. The complete Group Report 1st - 3rd Quarters 2005 can be downloaded from the website.
Above-market growth for AMB Generali Group – Market leader in Riester business
Riester contracts plus 90% – Market leadership maintained
Group net profit as at September 30, 2005 rises to EUR 228 m
Combined ratio improves by 3.6 percentage points to 95.9 %
2005 net profit of at least EUR 300 m confirmed
130,000 new contracts have been sold, which equals a growth of nearly 90% compared to the same period of the previous year. "The Riester pension increasingly turns out to be a success story. It is already foreseeable that 2006, too, will be a Riester year for us. The strong demand also highlights that people have become much more aware of the need to provide
for old age individually and in their own responsibility", said Dr. Walter Thießen, AMB Generali's Chief Executive.
was reduced by 3.6 percentage points to its current level of 95.9%, down from 99.5% in the previous year.
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