GERMANY – The AMB Generali arm of Italian insurer Generali says it has a 20% market share of Riester private pension products in Germany as at the end of 2002.

AMB Generali had a consolidated net income of –235 million euros in 2002, but growth was “stable”. Total premium income in direct business increased by 4.2%. For AMB’s life insurers, total premiums increased 4.3% to about 6.9 billion euros.

The number of Riester contracts provided by the group by the end of 2002 is estimated to be around 580,000, with Deutsche Vermoegensberatung being the largest distribution partner. With a 20% market share in the provision of Riester products, AMB Generali ranks alongside German insurance giant Allianz Leben.

At the end of last year around three million German citizens had signed up to a Riester-Rente, private pension products named after labour minister Walter Riester.