Allianz Asia Pacific’s consolidated results for the region for the half-year ending 30 June showed total operating profit down 4.3% to EUR249m ($296m), total revenues up 12.7% to EUR3.6bn, L&H operating profit down 9.1% to EUR191m, P&C revenues up 21.3% to EUR659m and operating profit up 16% to EUR58m.
Regional CEO Solmaz Altin said, “The implications of local lockdowns and ongoing economic uncertainty depressed spending and unsettled consumer behaviour in the first half – this had a direct impact on the demand for goods and services. The Allianz business in the region is resilient and strong, however it is not immune to the subsequent effects from the crisis.”
Regional CFO Aaron Fryer said that operating profit decline for the life and health business was primarily attributed to negative impacts in Taiwan from equity market volatility, which was partially offset by strong performance in Indonesia and Malaysia.
New business value for the life and health business also fell 13.35% to EUR144m – mainly driven by volume reductions across markets due to the impact of COVID-19 with annualized new premiums decreasing 7.7% to EUR447m.
The rise in total revenues in the property and casualty business saw positive contributions from the majority of markets in the region including particularly strong returns in China, Thailand and Malaysia.