Press | Ad-hoc Announcements | Ad hoc-Announcements 2002 | AMB Group stays in the profit zone / Preceding year's result will not be reached
AMB Group stays in the profit zone / Preceding year's result will not be reached
Despite the generally dramatic development of stockmarkets, the Group of companies headed by AMB Generali Holding AG stays in the profit zone also after the third quarter 2002. Nevertheless the Group proceeds from the assumption that in 2002 it will fall markedly short of the good preceding year's result. On the basis of currently known facts the Group expects, however, to reach a positive net income. As announced by the third-biggest primary insurance group in Germany, the pre-tax Group result for the first nine months of the current business year was euro 77 m (preceding year: 430 m). Since realized capital losses and write-downs on equity are no longer tax-deductible, the consolidated net income after tax reduced to euro 5 m (preceding year: 234 m). Over that period, the total premium income for all classes of insurance went up by 4.3 percent to euro 8,768 m. After elimination of the savings portions from 'Riester' business in line with US-GAAP, the premium growth was 3.7 percent to euro 8,721 m. The AMB Group thus again underlined its strong position in the German insurance market.
Like the entire industry, the AMB Group was not left unaffected by the severe price drops of stockmarkets. This involved a substantial increase of realized capital losses, a considerable reduction of realized capital gains as well as massive write-downs on equity portfolios, which led to a decrease of investment income (net) to euro 214 m (preceding year: 2,118 m).
For the business year 2002 as a whole, the AMB Group expects premium income to grow by about 4 percent. The general uncertainties with regard to the future economic development in Germany do not allow more detailed prognoses for the time being. The Group proceeds from the assumption that it will fall markedly short of the good preceding year's result. On the basis of currently known facts the Group expects, however, to reach a positive net income.
The AMB Group with its strong companies, its variety of brands and distribution channels and its high presence in the market has all the qualities required for coping with the momentary crisis of the economy and, in particular, of the financial-services industry. The companies comprised in the AMB Group are Aachener und Münchener, Volksfürsorge, Thuringia, Generali Lloyd, CosmosDirekt, Central Krankenversicherung, AdvoCard, Dialog, Deutsche Bausparkasse Badenia as well as the fund company AM Generali Invest.
November 13, 2002
Like the entire industry, the AMB Group was not left unaffected by the severe price drops of stockmarkets. This involved a substantial increase of realized capital losses, a considerable reduction of realized capital gains as well as massive write-downs on equity portfolios, which led to a decrease of investment income (net) to euro 214 m (preceding year: 2,118 m).
For the business year 2002 as a whole, the AMB Group expects premium income to grow by about 4 percent. The general uncertainties with regard to the future economic development in Germany do not allow more detailed prognoses for the time being. The Group proceeds from the assumption that it will fall markedly short of the good preceding year's result. On the basis of currently known facts the Group expects, however, to reach a positive net income.
The AMB Group with its strong companies, its variety of brands and distribution channels and its high presence in the market has all the qualities required for coping with the momentary crisis of the economy and, in particular, of the financial-services industry. The companies comprised in the AMB Group are Aachener und Münchener, Volksfürsorge, Thuringia, Generali Lloyd, CosmosDirekt, Central Krankenversicherung, AdvoCard, Dialog, Deutsche Bausparkasse Badenia as well as the fund company AM Generali Invest.
November 13, 2002
