According to management board member Werner Zedelius at a conference held in Munich today, the carrier plans to increase net income from those markets including Russia from 539 million euros ($743 million) in 2006 and aims for 15 billion euros in revenue in three to five years from 10.3 billion euros last year.
The Munich-based Allianz currently gets about 10 % of gross premiums and 7% of net income from the emerging markets of eastern Europe and Asia. The insurer more than doubled net income from growth markets over the past two years by taking stakes in local insurers and sales partners.
"We climbed up quite a steep mountain over the last years,'' Zedelius stated. The company has "a clear intention'' to continue delivering "profitable growth, and not just growth for the sake of it,'' in emerging markets, he added.
In China, Allianz aims to boost gross written premiums to 1 billion euros in 2010 or 2011, up from 134 million euros in 2006. In life and health insurance, the company's biggest source of premium income in China, Allianz operates through a venture in which it owns a 51 percent stake. The remainder is held by Citic Trust & Investment Co.