Allianz in Asia-Pacific maintained its growth in 2015 by achieving double-digit growth in revenues. Total revenue was reported at 5 billion euros in the first half of 2015, compared to 3.7 billion euros in the same period last year, an increase of 35 percent.
In all the markets, the Property and Casualty as well as the Life and Health segments delivered a double digit growth. Operating profit was 205 (285) million euros for the first six months.
Commenting on the results, Manuel Bauer, Allianz SE Board Member, responsible for Insurance Growth Markets, said, “The performance of the Allianz entities in the region has been satisfactory with double-digit growth in revenues. We are confident that the Asia-Pacific region is on its track to become one of the significant contributors to the Allianz Group. The financial discipline practiced by our entities and their pursuit for enhancing customer value will sustain our growth momentum in the coming months.”
Exclusive HSBC bancassurance partnership:
The exclusive HSBC bancassurance partnership has been growing stronger each year. The annualised new premiums grew by 65 percent. The partnership is currently operating in China, Indonesia, Malaysia and Taiwan. This partnership was further deepened by agreeing to jointly develop new digital models which are expected to be launched in Q3 of 2015.
Gross premiums written in Property and Casualty insurance in Asia-Pacific reached 869 (688) million euros and operating profit rose to 101 (85) million euros, reflecting a double-digit growth. The growth in premiums was 26 percent compared to last year for the same period. Operating profits for the region also grew by 18 percent compared to previous year.
Allianz in Indonesia posted high growth in premiums of 45 percent in the traditional Property and Casualty business while Allianz in Malaysia and China grew by 16 percent and 34 percent respectively.
Total premium in the Life and Health business in Asia-Pacific grew by 37 percent and reached 4,127 million euros as compared to 3,018 million euros last year. Operating profit was at 104 (200) million euros for the first six months. The South East Asian markets maintained their profitable growth for Allianz in Asia-Pacific as well as Allianz in China.
The results of the North East Asian markets, which comprises of the most mature markets in the region, were mixed. Operating profits in the North East Asian entities were healthy with the exception of Allianz in Korea which continues to be a challenging market. However, Allianz in Taiwan showed a strong performance, with a significant increase in statutory premiums as well as in operating profit. The revenues rose by 63 percent to 1,529 (938) million euros with bancassurance being one of the strong growth drivers.
