AMB GENERALI Q1-Q3

[BIZ: Aachen, November 9]
AMB Generali has announced a record of EUR 1.3m Riester policies sold and the group report shows the first to the third quarters with a result of EUR 9m, a premium growth of 5.2%, which is substantially above market level. Measures to increase competitiveness were successful and the group net profit rose at September 30 by 30% to EUR 296m. Development confirms a profit forecast of at least EUR 340m for 2006.

Germany's third-largest primary insurer has meanwhile sold close to 1.3 million Riester contracts — a figure reached by no other provider in the market. In the first nine months of 2006 alone, the Group's life insurance companies concluded more than 254,000 policies. The AMB Generali Group has thus maintained its leadership in the Riester market. Despite this high business volume, Dr. Walter Thießen, Chief Executive Officer of AMB Generali, still sees a big growth potential for old-age provision with a state incentive: ‘Out of more than 30 million persons qualifying for incentives only about seven million have taken out a Riester contract. So there still are enormous opportunities for our strong sales networks’, the Group Chief Executive said when announcing the earnings figures of the first nine months of 2006.
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