Versicherungskammer Bayern Profit Falls 31% on Life Insurance
Versicherungskammer Bayern, Germany’s biggest public insurer, said profit fell 31 percent last year as premium income from life insurance declined.
Net income fell to 91.4 million euros ($121 million) from 133.4 million euros a year earlier, the Munich-based insurer said in an e-mailed statement today.
Total gross premiums declined 7 percent to 6.6 billion euros last year, with life-insurance premiums falling 20 percent to 2.5 billion euros on reduced sales of single-premium products, the insurer said.
To contact the reporter on this story: Oliver Suess in Munich at email@example.com