CEO's Message
Welcome to the Allianz Insurance Company of Singapore website
Allianz Insurance Company of Singapore Pte Ltd (AICS) recorded a difficult year in 2008. Due to the competitive market, the premium volume remained stable. Whilst all lines of business contributed with positive results, the deterioration in Motor turned the overall result negative. Since then, we have been restructuring and cleaning the portfolio.
Gross Written Premium remained stable in 2008 to reach S$91.3 million from S$93.5 million, compared to strong growth of 30% in the previous year. Net income has declined to a loss of S$13.4 million, after a profit of S$3.5 million. Shareholder's equity at the end of 2008 further improved by 4.3% to S$37.6 million.
Employees and management are working hard to secure a positive net income for 2009. Our clients and our intermediaries strongly encourage our success.
We are committed to growing profitably through consistent focus on the needs of our customers, and thereby create value for our stakeholders.
We invite you to browse through our site to discover for yourself a wide range of general insurance products to suit the many and varied needs of our customers.
Thank you for your interest in Allianz Singapore.
Kind regards,
Karl-Heinz Jung
Chief Executive Officer