AGF Posts Gains For 1st Nine Months
AGF, the French subsidiary of Germany’s Allianz, reported gains in premium income in all sectors for the first nine months of the year. Numerous changes in accounting methods, and the composition of the group make it difficult to make an accurate comparison with last year’s results, but overall premium income rose by over 9 percent to €11.283 billion ($9.71 billion).
Life and health insurance led the way with an increase of almost 20 percent, reaching €5.345 billion ($4.6 billion) for the period, and accounting for 47 percent of AGF’s gross income.
While the bulk of its income continues to be generated in France, AGF also recorded significant growth from Latin American operations, which rose almost threefold, reflecting the integration of recent acquisitions in the sector.
In other areas, AGF’s credit insurance unit, Euler, saw premium income rise 11 percent to €804.8 million ($693 million) and AGF’s assets under management rose from $53 million to $76.4 million.
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