PressNewsFinancialsBusiness results: Allianz in Asia Posts Steady First Half 2016 Results

Allianz in Asia Posts Steady First Half 2016 Results

Service & Contacts

Allianz Group Communications
Koeniginstr. 28
80802 Munich
Germany

Contact overview

Receive the latest Allianz news.

Newsletter

Follow Allianz in the social networks:

Facebook
Twitter
Google+
LinkedIn

  • Contact

  • Newsletter

  • Social Media

Allianz in Asia Pacific posted healthy operating profit in the first half of 2016, demonstrating portfolio resilience and strength in its core distribution channels, even as market conditions continued to be challenging. The business delivered underlying operating profit of € 134 million, in line with the previous year. This excludes the one-off impact from the expected sale of Allianz’s South Korean business. 

 

Allianz SE
Singapore, Aug 17, 2016

High market volatility in the first two quarters impacted all business segments, with total revenues decreasing 34% year on year to € 2.1 billion. Excluding foreign exchange effects, new business value declined 9% to € 100 million, largely due to weaker unit-linked sales in the banking channels. Despite the lower topline and difficult market conditions, new business margin rose 1.3 percentage points to 5.5%, supported by the active portfolio management in the life business.

Operating profit in the life and health portfolio rose 3% to € 101 million, driven by outperformance in Indonesia and Malaysia. After adjusting for foreign exchange effects, half-year earnings in Property & Casualty declined 22% to € 33 million, burdened by weaker underwriting results in Malaysia and Sri Lanka. The underlying combined ratio for Asia Pacific in the first half stood at 94.7%. On an annualized basis, the region’s return on equity rose 1.9% to a solid 14.8%.

Allianz Continues to Accelerate Regional Growth

In early June, Allianz successfully completed its transaction in the Philippines for a 51% acquisition of Philippines National Bank (PNB), and commenced the 15-year exclusive bancassurance partnership with its subsidiary PNB Life Insurance Inc. This deepens Allianz’s strategic position in Asia, and represents a compelling opportunity to serve the protection needs of a fast-growing customer base in the Philippines.

Allianz also continues to extend its customer reach across its multiple distribution channels in agency, strategic partnerships, bancassurance and digital. The total number of agents grew by 9% in the second quarter, and collectively delivered 60% of new business value in the region. Allianz also advanced towards its Digital Agency model with new strategic initiatives to enhance the value proposition for customers amid a fast-changing financial landscape. Allianz Masters is the group's first regional learning and development program for advisers; while Allianz Discover is a proprietary mobile sales tool that empowers advisers to customize insurance solutions for clients within seconds.

In the same quarter, Allianz also launched a landmark partnership with Indonesia’s largest ride-sharing company Go-Jek, providing health coverage to more than 200,000 drivers and their families. Running on a fully-digitized mobile platform, this health solution complements the cashless system preferred by Go-Jek drivers, allowing Allianz to serve both the protection and practical needs of our customers.

George Sartorel, Regional CEO, Asia Pacific, said, “We have delivered stable progress this first half, which is a direct result of our determined execution, as well as the ongoing transformation to build a more resilient business model. This fundamental shift towards stronger customer relationships, product innovation and digitalization sets the course for our accelerated growth and success. We are very optimistic on our outlook for Asia Pacific, and continue to see compelling opportunities in this region. We remain focused on our strategic priorities to create deep value and long-term profitable growth, which will position us well to support our customers against this challenging market backdrop.”

  Forward Looking Statement disclaimer

As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer:

 

  Press contact

May Kek
Allianz Asia Pacific
Phone +65.6395-8118
Send email

 

Santosh Balan
Allianz Asia Pacific
Phone +65.6395-8147
Send email

  More at allianz.com

2016 Results: Who said what

Allianz-2016 Results: Who said what
Feb 17, 2017 | Allianz SE

Allianz Group released its fourth-quarter and fiscal year 2016 results and announced a share buy-back program on February 16. A roundup of what the media is saying about our strong performance...

More...

2016 operating profit near upper end of target range

Allianz-2016 operating profit near upper end of target range
Feb 16, 2017 | Allianz SE

Allianz Group delivered 10.8 billion euros in operating profit in 2016, near the upper end of its target range and the fifth consecutive increase in annual operating results

More...

Allianz 3Q net income rises 36.5 percent, supported by all business segments

Allianz-Dieter Wemmer, chief financial officer of Allianz SE:  “Efforts to develop our business in a very difficult environment are paying off. We’re seeing sustainable profitable growth in many businesses.”
Nov 11, 2016 | Allianz SE

Allianz Group, Europe’s largest insurer and asset manager, saw operating profit in the third quarter rise 18.2 percent to 2.9 billion euros, driven by contributions from all business segments. The Life and Health segment produced the strongest results with contributions from all large operating entities.

More...
More...