GERMANY – Allianz Leben has recorded a 65% increase in corporate pensions business in 2003 – with corporates now accounting for more than 40% of new business.

“Allianz Leben benefited especially strong last year from the expansion in new business with corporate customers,” said the Stuttgart-based Allianz subsidiary. “Growth was more than 65% in this area, while new premiums increased to 1.4 billion euros.”

“This means that more than 40% of our new business was derived from corporate customers – this demonstrates the boost which company pension provision is now experiencing after years of stagnation,” said management board chairman Gerard Rupprecht.

The Allianz Pensionskasse saw new premiums rise 173% to 309 million euros.

“More than 250,000 employees opted to place their company pension provision with our Allianz Pensionskasse – this is a big success story,” Rupprecht said.

The company said that “despite shrinking budgets, German citizens are increasingly willing to invest in their own pension provision”.

As for Riester business, Allianz said it registered only 52,000 new contracts, taking its total to more than 650,000 contracts. “The average monthly premium for these contracts was only 10 euros.” It was disappointed by the figures and cited the complexity of the system.

Germany, Allianz notes, is still a “developing country” when it comes to private and company pension provision.

Total new business premiums rose 25.9% to 3.5 billion euros.