Continued strong double digit growth in 2010

Allianz Asia Pacific has recorded a strong result for 2010 with double digit growth in revenues of 20.7 percent. Profitability has grown by 46 percent with improvements in both, Life insurance and Property and Casualty insurance business and was mainly driven by strong sales in long term savings products, a strong investment performance and disciplined cost management. Gross written premium amounted to 9.3 billion euros, compared to 6.8 billion euros in the previous year. This equals an internal growth of 20.7 percent1. Operating profit grew from 204 million euros in 2009 to 342 million euros in 2010, which represents an internal growth of 46 percent compared to 2009. Allianz serves over 20 million customers in the Asia Pacific Region.

"We have continued the remarkable positive trend of the first half year throughout the course of 2010. Over the past five years we achieved an organic premium growth of three billion euros with a compounded annual growth rate of 24.4 percent in the Asia Pacific Region. This is an outstanding development", commented Manuel Bauer, member of the Board of Allianz SE, responsible for Growth Markets. "A third of Allianz's regular life insurance premiums, 34 percent, are generated in Asia Pacific. This shows the increasing importance of the Asian growth markets for Allianz.

Manuel Bauer: "We have continued the remarkable positive trend of the first half year throughout the course of 2010"

Life insurance achieved 8.2 billion euros premium in 2010, compared to 6 billion euros in the past year. This is an increase of 21.6 percent. Operating profit increased from 135 million euros in the previous year to 259 million euros in 2010. Internal growth for life insurance was at 65.4 percent.

Particularly in Taiwan, the world's sixth-largest market for life insurance, we recorded significant growth. Premiums in Taiwan, Allianz' largest life insurance business in the region, grew to 2.2 billion euros in 2010, compared to 1.8 billion euros in 2009. Strong growth was also achieved in Indonesia and Japan. Despite a very difficult market environment in India, Bajaj Allianz managed to increase profitability while keeping revenues at a stable level of 1.7 billion Euros.

Distribution across the region was further strengthened and resulted in significant increase in new business.

Property and Casualty business (P&C) continued a strong growth and a sustainable performance. Premiums grew from 841 million euros to 1.1 billion euros in 2009 and 2010 respectively. This reflects an increase of 14 percent. Strongest contributors to growth are India with 23 percent increase in premiums and Allianz in Malaysia where premiums grew by 10 percent. The region-wide combined ratio remained at 97.3 percent and demonstrates a sound performance.

"Our business units in the Asia Pacific region leveraged very well on an increasing demand for transparent long term savings options along with personal insurance coverage," explains Kamesh Goyal, CEO of Allianz Asia Pacific. "Life insurance as well as Property and Casualty business units not only grew remarkably, but also increased profitability.

Our focus remains on life insurance products that offer savings as well as protection options and support our customers in their financial and retirement planning. We will also strengthen our market position in Property and Casualty business for our commercial customers and focus on expanding retail business", adds Kamesh Goyal.

"Allianz' financial strength, global expertise and strong market position in Asia Pacific enables us to serve our customers during all their life time cycles with changing needs and requirements. Through a diversified mix of distribution channels we will further capture market share in this growing region."

Kamesh Goyal: "Allianz' financial strength, global expertise and strong market position in Asia Pacific enables us to serve our customers during all their life time cycles with changing needs and requirements"

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.Allianz Asia Pacific consists of entities in China, Hong Kong, India, Indonesia, Japan, Laos, Malaysia, Singapore (incl. Brunei), South Korea, Sri Lanka, Taiwan and Thailand. P+C business in Australia is reported under Anglo Broker Markets and is not included in above reported results for Asia Pacific.

 
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