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Allianz Australia grows strongly in 2009

Sydney, 2 March 2010

Allianz Australia has recorded Gross Written Premium growth of 10% in 2009 to exceed $2.8 billion, which has helped deliver a significant rise in profitability.

Terry Towell, Allianz Managing Director, said “growth of 10% in a year with all the uncertainties and economic impacts of the Global Financial Crisis is a pleasing result. I am particularly encouraged by the fact that the overall result was made up of solid rate increases and risk count growth with all key divisions recording good growth."

Net Profit Before Tax (on an AGAAP basis) was $484M, a significant improvement on the 2008 figure of $303M.

“Allianz’s solid growth in its underlying business operations is reflected in a substantial increase in 2009 profit of 60% to $484M, a result also helped by a post-GFC turnaround in investment returns,” Mr Towell said.

Allianz’s underlying Combined Operating Ratio (excluding discount rate adjustment) was 95.5% against a 2008 COR of 98.6%.

Mr Towell indicated that “Allianz’s lower COR reflects our improved profitability, driven by cycle management (improved risk selection) and rate rises, resulting in a loss ratio for 2009 of 70.3% against 73.2% in 2008. Allianz’s stringent expense management also made a contribution, with our expense ratio (excluding Fire Services Levy) falling from to 22.4% to 21.9%.

Concluding Mr Towell said, “the credit for our solid growth in premiums and profitability goes to Allianz’s employees for their commitment to providing market-leading products and customer service, and to our business partners.

Allianz Australia

General Insurance Company of the Year 2009*

The Allianz Australia Group operates in Australia and New Zealand. It includes one of Australia’s largest general insurers, a leading private workers’ compensation insurer, and a life insurer.

Allianz Australia delivers a wide range of personal, commercial and corporate insurance products and services. It is proud to be of service to more than 2 million policy holders and over 50% of Australia’s top 200 BRW listed companies have some form of insurance cover with the group.

Allianz Australia offers a wide range of insurance products and services including car insurance, home insurance and Life insurance.

Allianz Australia has approximately 3300 staff and is a wholly-owned subsidiary of the worldwide Allianz Group, one of the world’s largest financial services companies.
Greenhouse Challenge Plus
The Allianz Group’s commitment to social, environmental and economic sustainability has been acknowledged internationally by the Dow Jones Sustainability Index, which recognised the Allianz Group as the most sustainable primary insurance company in the world since 2006. In Australia, Allianz Australia participated in the Greenhouse Challenge Plus (GHC+) program - a cooperative partnership between industry and the Australian Government that aimed to reduce greenhouse gas emissions - and continues to adopt the GHC+ principles.

*Australian and New Zealand Insurance Industry Awards

General Insurance Company of the Year