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 osuess@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net Edward Evans at eevans3@bloomberg.net

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