Allianz Insurance Company of Singapore Pte Ltd (AICS) recorded another productive year in 2007. Growth was recorded in every major line of business in 2007. We are well placed to manage the increasingly sophisticated and varied insurance risks entrusted to us by our clients and our intermediaries. AICS writes all classes of non-life business, including individual Health, in the Singapore market. The company's major lines of business are Property & Casualty, Engineering, Marine, Financial Lines and Motor.
Gross Written Premium grew in 2007 at a faster pace of 30% to reach S$93.5 million from S$71 million, compared to growth of 13% in the previous year. Despite a difficult Motor insurance market, net income has remained stable at S$3.5 million. Shareholder's equity at the end of 2007 further improved by 3% to S$36 million.
In Singapore, AICS has provided significant capacity for major infrastructure projects including the MRT North-East Line, Marina Bay Integrated Resorts and Lonza Biologics Expansion Projects. Singapore is growing quickly and we are delighted to be part of that growth. AICS is actively involved in most of the current, large-scale construction projects in Singapore.
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, Robert Stead Chief Executive Officer
