Allianz delivers strong growth in Asia

Allianz has announced its consolidated results for the Asia region for the full year ending 31 December 2018.

It has achieved strong full-year earnings growth with total operating profit for the region up 30% to EUR 354 million and total revenues for the region grew 12% to EUR 6.7 billion

Life & Health operating profits were up 43% to EUR 275 million, with new business value growing 11% to EUR 292 million and Property and Casualty revenues up 11% to EUR 882 million.

Allianz Asia’s Regional CEO George Sartorel said:  “In the past 12 months we’ve continued on our journey to position Allianz to deliver future growth in Asia. Our full year results are driven by strong performance across both business sectors, the focused execution of our strategy, and underpinned by positive customer feedback in the region. As the growth engine for the Group, the work we’ve undertaken in 2018 means we are better placed than ever to deliver on our strategic priorities.”

Allianz Life & Health (L/H) business performed strongly across all key metrics in 2018, with notable investment returns, expense discipline and portfolio growth supporting an operating profit increase of 43% to EUR 275 million. 

“We continued to post quality growth in our preferred product segments, with new business margin strengthening to 5% and new business value improving 11% to EUR 292 million. Strong sales from Taiwan, China, Malaysia and the Philippines supported a 12% uplift in gross written premiums (GWP) to EUR 5.8 billion,” Sartorel said. 

“Total revenues in our Property and Casualty (P/C) business rose by 11% to EUR 882 million, with growth in all our major markets. Operating profit fell 2% to EUR 79 million. Adjusting for a one-off reserve item from an earlier period, P/C growth remained strong, with underlying operating profit growing by 40% and combined ratio improving 1.6ppts, reflecting improved underwriting results and expense discipline,” he added.

“2018 has seen many significant developments for our Allianz Asia operations. We continued to expand our P/C footprint, with our business now working alongside more than 50 digital partners in the region. We further advanced our digital strategy through our recent announcement to enter the Vietnam general insurance market by partnering with technology business FPT Group. In addition, Allianz and JD.com reached an agreement to set-up a digital general insurance business – leveraging JD.com’s position as one of China’s leading e-commerce players,” the Allianz Regional CEO said.

“With this in mind, our recognition of China as a strategically important market for Allianz laid the groundwork towards the preparatory establishment of the country’s first wholly-owned foreign insurance holding company. This is a significant milestone for us to expand our presence and enhance flexibility to increase investment in the fastest growing insurance market in the world,” Sartorel said. 

“We are committed to putting our customers first and ensuring they are a central part of our business strategy. We are pleased that in 2018 the share of Allianz businesses whose Net Promoter Score1 outperformed their respective markets improved to 80% – a seven% uplift on the previous year. This positive customer feedback demonstrates the hard work of our employees, and the innovation and investment that we continue to drive each day,” he added.

“Allianz Asia is delivering on our growth ambitions and we look ahead positively in 2019,” Sartorel added.