Allianz reports 60% increase in profits through 2006

Allianz reported a 60% increase in net profits throughout 2006 from just under 4.4 billion [approximately Cdn$6.7 billion].
For property and casualty business, 2006 saw a 1.4% improvement in the combined ratio, from 94.3% in 2005 to 92.9% in 2006.
Once again in 2006 our focus was on a rigorous underwriting policy as well as on seizing market opportunities, Helmut Perlet, chief financial officer of Allianz SE, said in a statement.
In this way we managed to compensate for local cycles, he added.
Premium income in this sector essentially stayed on par with 2005 at 43.7 billion [approximately Cdn$66.6 billion].
Michael Diekmann, CEO of Allianz SE, attributes the profits to systemic changes made in the organization during 2006.
Last year with the merger of RAS into Allianz, the conversion to a European company and the reorganization of Allianz in Germany and America, we made a lot of progress, Diekmann said in a statement.
The acquisition of all shares of AGF and Allianz Leben by Allianz is the next logical move, he added.