Allianz Lebensversicherungs-AG
Allianz Lebensvers. english
Allianz Lebensversicherungs-AG
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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Allianz Leben Reduces Policyholders’ Profit Participation
Life insurance remains without competition for retirement – Allianz Leben
achieves very good results for new business – expanded market share
Allianz Lebensversicherungs-AG (Allianz Leben) is reducing the policyholders’
profit participation for its life and pension insurance products to a total
return of 5.3 percent (previously 6.8 percent). Together with the terminal
dividends, the total return is 5.7 percent. The reduction is applicable to the
entire year 2003. It only affects future policyholders’ dividends, while the
guaranteed benefits and the full amount of previously credited policyholders’
dividends are retained.
According to Dr. Gerhard Rupprecht, Chairman of the Board of Management of the
Stuttgart-based company, almost all life insurers are likely to follow this move
by the market leader. “We’re assuming that even after this round of re-
ductions, we will remain one of the most attractive providers.” In his view,
this is particularly true against the background of continued above-average
financial strength and earning power of Allianz Leben.
Rupprecht justified the reduction with the continuation of the negative
situation in the capital markets. The long-term interest rates are
extraordinarily low and equity markets have fallen substantially for the second
year running. The reduc-tion would adjust the policyholders’ profit
participation to the level of current in-come generated by investments.
Customers of Allianz Leben are being in-formed about the reduction in the annual
profit reports. New customers will be informed about the change both in the
course of the consultancy discussion and when the contract is signed. All model
calculations made during recent weeks have already been supplemented by a
reference to the possible reduction.
Rupprecht believes that life insurance continues to be “without competition when
it comes to retirement provision”, for even after adjustment of the policy-
holders’ profit participation no other financial product offers “this
combination of security and return.” Firstly, the guaranteed benefits protects
customers against losses. Secondly, life insurance remains extremely attractive
by comparison with other forms of investment, even with the reduced
policyholders’ profit par-ticipation.
In new business Allianz Leben achieved a further increase of 30.3 percent
(market: + 9.1 percent; January to September 2002) during the first ten months
of this year. Rupprecht: “We have outperformed the market by a significant per-
centage and we have extended our market leadership by increasing market share
from 14.4 percent to 17.4 percent.”
These assessments are, as always, subject to the disclaimer provided below.
Cautionary Note Regarding Forward-Looking Statements
Certain of the statements contained herein may be statements of future expec-
tations and other forward-looking statements that are based on management’s
current views and assumptions and involve known and unknown risks and un-
certainties that could cause actual results, performance or events to differ
mate-rially from those expressed or implied in such statements. In addition to
state-ments which are forward-looking by reason of context, the words ‘may,
will, should, expects, plans, intends, anticipates, believes, estimates,
predicts, po-tential, 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
core business and core 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 (e.g. Dresdner Bank), including related
integration issues, and (xii) general competi-tive factors, in each case on a
local, regional, national and/or global basis. Many of these factors may be more
likely to occur, or more pronounced, as a result of the events on, and
following, September 11th 2001.
The matters discussed in this release may also involve risks and uncertainties
described from time to time in Allianz AGs filings with the U.S. Securities and
Exchange Commission. Allianz AG assumes no obligation to update any forward-
looking information contained in this release.
‘
end of message, (c)DGAP 27.11.2002
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WKN: 840300; ISIN: DE0008403007; Index:
Listed: Amtlicher Markt in Berlin, Düsseldorf, Frankfurt, Hamburg, München,
Stuttgart; Freiverkehr in Hannover
271300 Nov 02
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