- Total operating profit for Asia up 37 percent to EUR 343 million
- Total revenues for Asia up 14 percent to EUR 4.1 billion
- Life & Health operating profit up 46 percent to EUR 279 million
- New business value up 38 percent to EUR 199 million
- Property & Casualty revenues up 13 percent to EUR 741 million, with operating profit up 8 percent to EUR 63 million
- Allianz (China) Insurance Holdings receives approval to establish the first wholly foreign-owned insurance asset management company in China
All OP figures include India & holding costs; results exclude global lines
Solmaz Altin, Regional CEO, Allianz Asia Pacific, said: “Amid the challenging market environment and the impact that the COVID-19 pandemic continues to have on all aspects of life, Allianz Asia Pacific is pleased to announce a strong revenue and operating profit performance in the first half of 2021.
The success of our strategy is thanks to the hard work and dedication of our employees and we will continue to place their wellbeing, safety, and mental health as our top priority. Additionally, we are proud that the pre-pandemic implementation of our digitalization programme has enabled us to protect and safeguard the way we deliver solutions to our customers and business partners in the region and across the multiple markets in Asia where we operate.
While pandemic-related challenges are continuing to disrupt the market, we are confident that we can build and deliver on our business strategy through a customer-centric model. This is vital for us to be able to maintain our position as one of the largest and most established insurance companies in the world. We will further develop products and solutions to help ease our customers’ financial burdens and increase protection levels across the Asia Pacific in a way that is seamless and tailored to the unique needs of every market and customer.”
Aaron Fryer, Regional CFO, Allianz Asia Pacific, said: “Despite market uncertainties and a sluggish economic recovery, we have achieved substantial growth in Asia with operating profit up 37 percent to EUR 343 million.
Our Life & Health business in the region also continued to deliver strong growth with operating profit increasing 46 percent to EUR 279 million, mainly driven by better investment margin in Thailand and improved results in Taiwan from equity markets recovery.
New business value increased 38 percent to EUR 199 million, primarily due to higher volumes in markets such as the Philippines, Malaysia, and Indonesia. The region also recorded higher margins from improved business mix and a recovery in interest rates in some markets.
Total revenues in the Property & Casualty business rose by 13 percent to EUR 741 million, with continued growth in China and positive contributions from Singapore. Operating profit in the region increased 8 percent to EUR 63 million, mostly in Thailand and Malaysia, driven mainly by our overall technical excellence programs and operations, including an expanded digitalization strategy for our core channels. Our combined ratio improved by half a basis point to 96.8 percent year-on-year.
In the past six months, Allianz Asia Pacific has seen a significant increase in claims paid to customers and families directly impacted by COVID-19, particularly in Indonesia. This highlights the important role that our health and protection solutions play in the broader community and we will continue to deepen our market presence to strengthen ways in which we can help financially protect our customers.”
Solmaz Altin added: “We have exceeded many expectations this year including further expansion in our asset management business when Allianz received regulatory approval to establish the first wholly foreign-owned insurance asset management company in China.
We fully expect this positive momentum to continue but will remain focused and vigilant in executing our plan by building out strategies that work for our employees, business partners and customers.”
Link to original article here.