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Allianz to double life/medical premiums by 2008

Bnamericas Published: Wednesday, June 01, 2005
The Mexican subsidiary of German insurer Allianz (NYSE: AZ) plans to double its life and medical insurance premiums to about 1.3bn pesos (US$120mn) by 2008 as it looks for growth outside its traditional corporate P&C business, Allianz Mexico CEO Sergio Ghibellini told BNamericas. "For the last 10 years that we have operated as Allianz Mexico we have been known as a P&C company. Three years ago we launched our life and medical services aimed primarily at group [policies] and we have grown a lot," Ghibellini said in an interview Wednesday. Allianz reported a 41% increase in sales last year, with written premiums reaching 3.69bn pesos broken down 50:50 between life/medical and P&C. Stripping out a one-off single premium annuity policy for 1bn pesos booked under life, the company did nearly 700mn pesos in life/medical premiums in 2004, which Ghibellini wants to double over the next three years. Allianz is selling individual medical policies through agents, while leveraging its P&C business to offer group life and medical policies to corporations through brokers. "On the corporate side we have been looking for synergies through our position in P&C. We already have a relationship with a group of clients to whom we are offering our medical and group life products," he said. For 2005, Allianz is working with a budget of 2.5bn pesos in gross written premiums, with 1.6bn corresponding to P&C and 900mn to life/medical insurance. In P&C, Allianz transferred its 100mn-peso auto portfolio to the country's third largest auto insurer Quálitas in February, and signed an agreement to distribute its medical insurance products through Quálitas agents. Allianz also launched aviation insurance earlier this year as a complementary product to its existing suite of corporate P&C solutions. "We have started our aviation operations, basically private aircraft with the technical support and reinsurance of Allianz Marine & Aviation," Ghibellini said.

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