Allianz Asia Pacific has delivered a strong peformance across all lines of its business. Gross written premiums for the first six months amounted to 5.6 billion euros, compared to 3.9 billion euros in the same period of the previous year. This equals an internal growth of 31 percent1.
Powerful first half year 2010
Operating profit grew from 205 million euros in the first six month of the past year to 313 million euros the same period of 2010. It increased by 17 percent compared to the first half year in 2009. In Asia Pacific Allianz insures 22 million customers.
"Allianz in Asia Pacific has demonstrated a remarkable performance in the first six month of this year. We clearly see our operations emerging stronger from the turbulent times of the financial crisis and record strong growth in revenues and operating profit", commented Werner Zedelius, member of the Board of Allianz SE, responsible for Growth Markets.
Werner Zedelius: "We clearly see our operations emerging stronger from the turbulent times of the financial crisis "
Growth driver Life insurance, new business value leaps ahead
Life insurance contributed 4.1 billion euros premiums in the first half of 2010, compared to 2.7 billion euros in the respective period last year, which is an increase of 40 percent. Operating profit rose from 75 million euros to 139 million euros in the same period. The segment has shown a remarkable performance with a growth of 32 percent.
Premiums in Taiwan, Allianz' largest life insurance business in the region, grew to 1.1 billion euros in the first half year of 2010, compared to 719 million euros in the first half year of 2009 and this adds up to 42 percent increase. Strong growth was also achieved in Indonesia and Japan. Distribution across the region was further strengthened and resulted in significant increase in new business.
Property and Casualty with continued strong performance
Property and Casualty business (P&C) continued a strong and sustainable performance. Premiums grew from 1.2 billion euros to 1.6 billion euros in the first half of 2009 and 2010 respectively. This reflects an increase of 11 percent. Strongest contributor to growth was India with 28 percent increase in premiums, followed by Allianz in Malaysia where premiums grew by 14 percent. The region-wide combined ratio remained at 97 percent.
Bruce Bowers, CEO of Allianz Asia Pacific commented: "Our business units in the Asia Pacific region continued to deliver strong and sustainable growth from both, our Life insurance as well as Property and Casualty business units. The combined ratio of P&C business demonstrates a sound performance. Our focus remains on delivering best in class customer service, whilst offering products that meet our clients' needs".
He added: "Allianz' strong market position in Asia Pacific, combined with our innovative products, delivered through our multiple distribution platforms, postions Allianz to maintain strong growth and further capture market share in this fast growing region. Our companies in Asia Pacific continuously adapted to the changing needs and requirements of our customers."
Bruce Bowers: "Our business units in the Asia Pacific region continued to deliver strong and sustainable growth"
1 Figures comprise all Allianz insurance companies of the Asia Pacific Region, including India, which is not consolidated under IFRS. All growth figures are internal growth, i.e. adjusted for F/X effects and consolidation effects. Asia Pacific consists of Allianz entities in Australia, China, Hong Kong, India, Indonesia, Japan, Laos, Malaysia, Singapore (incl. Brunei), South Korea, Sri Lanka, Taiwan and Thailand.
As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer.
Link to the disclaimer