GERMANY – German financial services provider AWD Holding AG said its expansion into the corporate pensions market has been “very positive”.
The company, Germany’s second-largest financial services provider, said in its third-quarter earnings statement: “Initial experience with the expansion of the product range in the segment of company pensions has been very positive”.
Its life insurance business grew on the back of increased demand for retirement pension insurance products. It said its life insurance division, its second-largest, increased its contribution to profits to 29.3% from 24.0%. This was due to higher demand for retirement pension insurance products, and occupational disability insurance.
Its nine month revenues rose 17% to 316.4 million euros from 271.2 million a year before. Earnings before interest and tax rose 19% to 18 million euros from 15.1 million euros.
“We are confident that we will continue to grow profitably, even though the effects of the tax and social security changes in Germany cannot yet be properly assessed.”