German born financial service provider group Allianz increased 3Q10 major P&C premiums in South America by 11.1% in order to 401mn Euros (US$550mn) when compared with 3Q09, along with Brazil becoming the main driver, the group said in an earnings release.Allianz said that development in Brazil turned through just about all company lines, except for large and industrial sections.
Including a positive foreign exchange translation impact of 61mn dollars, the actual minimal gross premium development had been 31%."In big European primary markets we're still somewhat shrinking due to competition and prices, however there are other segments such as South America... exactly where we are growing highly and therefore are highly viably," CFO Oliver Bate informed the business call.
Allianz's operating profits from its Latin American P&C models increased by 72% in order to 31mn dollars compared to 3Q09, with the combined ratio improving in order to 96.8% from 97.2% in 3Q09.Within South America, the group's P&C operating profit fell 25% to 3mn dollars in the one fourth whilst gross created premiums climbed 25% in order to 60mn Euros.
Allianz's Southern American existence and health models tripled operating profits in 3Q10 to 3mn dollars compared to the exact same time period 2009.In Latin America, Allianz is operating in Argentina, South America, Colombia, Mexico and Venezuela.