Allianz Asia’s operating profit grows 67% to US$276 m in 1H

Allianz Asia Pacific’s operating profits grew 67% y-o-y to EUR 219 million (US$276 million) in the first half of 2012, up from EUR 131 million the same period last year. Total revenues stood at EUR 3.6 billion.

Allianz SE Board of Management member Manuel Bauer said that Allianz companies in Asia remained a strong partner for all of its stakeholders.   “We will continue to develop our business on the backdrop of a positive economic outlook and a growing need for insurance products in these economies. Our ambition is to further position Allianz Group as a leading multinational insurer also in the Asia Pacific region,” he said.

Some of Allianz’s life units in Southeast Asia showed remarkable growth over the first half of the year, with Indonesia posting the biggest increase. Gross written premiums rose by two-thirds from EUR 248 million to EUR 424 million, while operating profit was up 15%. Likewise, the Thailand and Malaysia units saw gross written premiums rise 12%.

Bajaj Allianz in India recorded a 37% rise in life operating profits, amounting to EUR 95 million.

Allianz Life Korea posted a climb of 8% in gross written premium to EUR 965 million, while operating profit went up 44% to EUR 54 million. South Korea is the biggest life insurance market for Allianz in Asia.

Nearly all of the Asian P&C companies of Allianz, such as those in India, Malaysia, China and Thailand, showed a growth in premiums as a result of the strong development in the motor business.  India’s Bajaj Allianz as well as Allianz in Malaysia were among those with the most notable increase in gross written premium, showing an increase of 24% and 14% to EUR 337 million and EUR 213 million, respectively.