For Allianz Indonesia, this acknowledgement complements its honours as "Best Islamic Life Insurer" by Karim Business Consulting. The award was granted this August along with further recognitions as "The Most Profitable Investment" for its Life Sharia business and a third rank as "The Most Expansive Insurer" for Allianz Utama's P&C division. "Our awards reflect a successful business operation, solid financial performance and strong commitment of Allianz Sharia business in Indonesia," said Kiswati Soeryoko, Director of Allianz Life Indonesia Sharia Division.
Awards for Allianz Indonesia's Sharia business
Allianz companies in Indonesia have launched Sharia compliant products in 2006. As for the first sixt months in 2009, Allianz Life Indonesia's and Allianz Utama's Sharia divisions reported continuous growth of policies issued, which reached more than 11,800 policies, an increase of 29 percent compared to first semester of 2008.
"Our Sharia business has faced a more challenging market situation in the first half 2009. However, with the strong support from all of our business partners, especially our agency forces and the strong brand of Allianz, we were able to win the trust from more customers in Indonesia," said Jens Reisch, country manager for Allianz in Indonesia and CEO of Allianz Life Indonesia.
Kiswati Soeryoko, Director of Allianz Life Indonesia Sharia Division, with the award as "The Best Syariah Life Insurance Branch" during Investors Magazine's Best Syariah annual awards.
Continued Growth of Allianz Sharia in 2009
As for the premium income, Gross Written Premium from both Sharia divisions of Allianz in Indonesia has reached IDR 91.57 billion (approx. 6.4 million euros), compared to IDR 97.35 billion (approx. 6.8 million euros) in the first semester 2008. Lower single premium income in individual life insurance, as what have been predicted, was the reason for this slight drop. The GWP mainly comes from retail based products, which are driven by strong sales performance of its agency business.
Today, Allianz life Sharia products are sold in all of 80 Allianz Life Indonesia' sales offices in 44 cities throughout Indonesia with more than 4,000 insurance agents accredited to sell. In addition, Allianz Life also offers Sharia products through bancassurance partnerships, amongst other with Bank Danamon and Bank Permata.
As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer.
Link to the disclaimer