PARIS, Feb. 6, 2002 (PRIMEZONE) -- AGF (Paris Stock Exchange:AGF):
In 2001, AGF's premium income from insurance activities rose 4.9% to 16.62 billion euros (+2.2% on a comparable basis*). Total Group business stood at 18.48 billion euros,up 5.1% (+2.6% on a comparable basis).
Highlights
Life and health insurance:
- In a difficult environment, domestic revenues were satisfactory (-6.2% excluding the "Total policy"), owing to a marked recovery in the 2nd half,
- Business in Europe improved significantly (+25% or +3.3% on a comparable basis), mainly because of Spain,
- South American business continued to expand (+3.1% at constant foreign exchange)
Property and Liability insurance:
- Robust growth in France (+17.4%) and throughout Europe (+22.9%), mainly because of rate hikes.
- Continuing growth of assistance and credit insurance (+10.5% and +10.6%, respectively).
The premium income of international business rose 15.6% (+8% on a comparable basis) and now accounts for 37.5% of the total for insurance (33.9% at the end of 2000).
* On a comparable basis: at constant foreign exchange (premium income at 31.12.01 based on foreign currency rates at 31.12.00) and proforma (premium income at 31.12.2001 compared with 31.12.2000 using the 2001 scope of consolidation).
Consolidated premium income at 31.12.2001
In euro millions 31.12.01 31.12.00 Ch. 1/00 Ch. proforma
on actuals and at cst.
for. exch.
LIFE AND HEALTH 7 830.3 8 216.0 -4.7% -7.6%
France 5 626.8 6 343.1 -11.3% -11.3%
Europe outside France 1 645.6 1 317.0 25.0% 3.3%
Other countries 557.9 555.9 0.4% 4.1%
NON-LIFE 7 209.2 6 196.1 16.4% 14.2%
France 4 431.8 3 776.1 17.4% 16.2%
Europe outside France 1 767.2 1 438.0 22.9% 11.0%
Other countries 1 010.2 982.0 2.9% 11.6%
ASSISTANCE 444.2 401.9 10.5% 3.1%
CREDIT INSURANCE 1 136.9 1 027.8 10.6% 9.0%
PREMIUM INCOME FROM
INSURANCE (1) 16 620.6 15 841.8 4.9% 2.2%
Finance
and Banking (2) 1 854.4 1 740.2 6.6% 6.0%
Asset management
and other 177.4 164.3 8.0% -2.7%
Banking activity 1 677.0 1 575.9 6.4% 7.0%
Total (1) + (2) 18 475.0 17 582.0 5.1% 2.6%
Notes:
a. Premium income from insurance at 31.12.2000 (15 841.8 mn euros) differs from the amount published last year in BALO (15 747.6 mn euros) owing to corrections in respect of Mondial Assistance and Royal Nederland: reclassification of "other services" (impact: + 94.2 mn euros).
b. Life and health premium income includes all health, i.e., individual and group bodily injury, in addition to individual and group life.
c. The decree of 17 January 2001 dealing with the new accounting treatment of the consolidated financial statements of insurance companies changed the definition of premium income. It now includes:
- premiums written by insurance companies and services (previously booked to underwriting income)
- the revenue of "other companies", mainly asset management companies, the services of cash management companies, brokerage commissions and merchandise sales. Asset management equalled the revenue of AGF Asset Management before retrocessions, which included sales of OPCVM investment products, gross commissions and companies outside France (i.e., Benelux, Chile).
LIFE AND HEALTH INSURANCE:
AGF's consolidated premium income from life and health activity (life, health, and personal and family protection, both group and individual) stood at 7 830.3 mn euros, 4.7% less than in 2000 (-7.6% on a comparable basis); however, it was an improvement over the first half (-5.2% vs. -8.9% respectively, on a comparable basis).
By region, the changes were as follows:
- France: -11.3% - Europe outside France: +25.0% - Outside Europe: +0.4%
Life and health contributed 47% of Group premium income, compared with 52% in 2000.
For additional financial, strategic and institutional information on AGF Group, visit our web site at http://www.agf.fr
This entire release, including the financial tables, can be found at the following link: http://www.prline.com/affiche.asp?Doc_id=130834
Cautionary Note Regarding Forward-Looking Statements
Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Group's business and markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates including the Euro - U.S. dollar exchange rate, (viii) changing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the European Monetary Union, (x) changes in the policies of central banks and/or foreign governments, (xi) the impact of acquisitions (i.e. Dresdner Bank), including related integration issues, and (xii) general competitive factors, in each case on a local, regional, national and / or global basis. The matters discussed in this release may also involve risks and uncertainties described from time to time in Allianz AG's filings with the U.S. Securities and Exchange Commission. Allianz AG assumes no obligation to update any forward-looking information contained in this release.
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