Allianz Asia Pacific has announced its consolidated results for the region for the full year ended 31 December 2019, showing that total operating profit jumped by 22.7% to EUR435m ($472m).
Other highlights of the region’s full-year performance (which excludes India and Global Lines) include:
Total revenues grew by 1.6% to EUR6.8bn;
Life & Health operating profit shot up by 34.3% to EUR369m, with new business value growing by 14.2% to EUR333m;
Property & Casualty revenues soared by 32.4%cent to EUR1.2bn.
Mr Solmaz Altin, regional CEO of Allianz Asia Pacific, said, “In the past 12 months, we have continued to build a solid foundation in Asia for the further expansion of our business. Our solid performance is driven by capturing profitable growth opportunities, the further digitalisation of the regional business and enhancing our existing customer proposition with innovative digital products and services. With customers across the region continuing to respond positively, we are doubling down on our efforts to deliver on our strategic priorities.”
Mr Aaron Fryer, regional CFO of Allianz Asia Pacific, said, “Our Life & Health (L/H) business continued its strong progress, with operating profit for the region up 34.3% to EUR369m. We continue to post quality growth in our preferred product segments, with new business margin strengthening by 73 basis points to 5.7% and new business value (NBV) up 14.2% to EUR333m—both driven by strong performance in Indonesia, Malaysia and China. Overall, markets across the region delivered robust growth results, with an ANP of EUR977m.
“Total revenues in our Property & Casualty (P/C) business rose by 32.4% to EUR1.2bn, with positive contribution from all markets in the region, including strong growth in China and Thailand. Combined ratio increased 3.6ppts against prior year due to integration costs in China and one-off claims in Sri Lanka.”
Mr Altin added, “2019 was a year in which we extended Allianz’s outreach and bolstered our presence in the region.”
In early 2019, Allianz Ayudhya in Thailand completed the expansion of their strategic partnership with Sri Ayudhya Capital. This now ensures a stronger insurance franchise, which better meets the diverse and growing protection needs of our local customers. Importantly, it enhances the Allianz proposition in the region as a whole.
Mr Altin continued,“Furthermore, in the latter stage of the year we secured the necessary approvals to establish the Allianz (China) Insurance Holding Company in Shanghai—China’s first fully foreign-owned insurance holding company and a milestone moment for the business.”
Launched early this year, the Chinese holding company provides a strong platform from which to develop the group’s business in China. It allows Allianz to improve efficiencies, develop synergies with its other businesses, and position it to maximise opportunities granted by the opening-up of the Chinese economy.
Allianz in Asia
Asia is one of the core growth regions for Allianz, which has been present in the region since 1910, when it first provided fire and marine insurance in the coastal cities of China. Today, Allianz is active in 14 markets in the region, offering its core businesses of property and casualty insurance, life, protection and health solutions, as well as asset management. With its more than 32,000 staff, Allianz serves the needs of over 18m customers in the region across multiple distribution channels and digital platforms.
The Allianz Group is one of the world’s leading insurers and asset managers with more than 92m retail and corporate customers.