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MUNICH, GermanyAllianz Deutschland A.G., Germany's largest insurer, reported gross premiums written of €25.6 billion in its property/casualty, life and health insurance lines in 2006, an increase of 3.1% from the previous year, the Munich-based company said Wednesday.
The operating profit was approximately €2.0 billion. Property/casualty contributed €1.3 billion, life contributed €500 million, and health contributed €200 million, ADAG reported.
Gross premiums written in corporate property insurance grew 2.3%. Expenses for claims were down overall, despite certain regional natural events. The combined ratio remains "very favorable," ADAG said.
The company, marking the close of its first year as an operating holding company, said its aim has been to "remain the unchallenged number one in Germany," according to a news release.
"To make sure we have a viable future in the German market, we must operate even more cost-effectively and with an even better focus on the client," said Gerhard Rupprecht, chief executive and chairman of the board of management at ADAG.
Allianz affirmed assistance benefits will be a key feature of new Allianz products for the German market. "We mean to evolve from a mere provider of reimbursements into a problem solver for our clients," said Mr. Rupprecht