Allianz Leben reports record new business

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Allianz Leben reports record new business

Preliminary figures from Allianz Leben show that the firm achieved record new business growth in 2003.

The private and company pension provider reported growth of 25.9 per cent to 3.5 billion euros, as against 2002 figures of 2.8 billion euros.

Chairman of the Board of Management Gerhard Rupprecht declared, "this even takes us beyond our previous record set in the boom year of 1999."

Allianz Leben benefited particularly from growth in new corporate customers. This area grew by 65 per cent, while new premiums increased to 1.4 billion euros.

Mr Ruprecht stated, "This means that more than 40 percent of our new business was derived from corporate customers - this demonstrates the boost which company pension provision is now experiencing after years of stagnation."

However, the chairman was concerned about the impact of political factors in Germany on performance in 2004.

Citing the new draft of the Retirement Income Law (Alterseinkuenftegesetz), the issue of future taxation for life insurance, the amendment of the German Insurance Contract Act and the transformation of the EU-directive on insurance mediation into German law, Mr Ruprecht warned that the German government must "not to allow one of the few engines of growth in the German economy to be strangled."

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