(Bloomberg) — The German unit of Allianz SE, Europe's biggest insurer, sees no need to follow up on a cost-cutting program in its non-life business that has dragged on three years.
"We have achieved a lot; now it's time to switch to a continuous cost discipline," Markus Riess, head of Allianz Deutschland AG, said in an interview at its headquarters in Munich. "While I wouldn't rule out another program to succeed the current one in property and casualty insurance, the focus won't be on costs." He didn't say what the new target would be.
Germany is Allianz's most important region in terms of customers, sales and profit contribution. It represented 27% of the group's property and casualty premiums and 36% of life and health insurance at the end of last year. The German unit reported a 6.8% increase in sales to 29.9 billion euros ($39.5 billion) last year. Operating profit fell 21% to 1.6 billion euros because of flood and hailstorm claims.
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