Allianz has delivered full year results that reflected robust growth in its Asia life business and flagship agency channel.

Strong revenue increases in China, Indonesia and Thailand led the robust growth in Allianz’s life business, which saw operating profit in this segment rise.

Excluding foreign currency effects, the region posted an operating profit of 223 million euros, in line with the prior year.

Its flagship agency channel outperformed in 2016, with nearly all markets achieving double digit growth, driving agency annualised new premiums (ANP) 20 percent higher than the prior year the German company said in a press release.

New business value declined 7 percent year on year to 208 million euros, largely due to lower unit-linked sales. 

In December 2016, Allianz also closed the sale of its Korean life insurance operations.

Asia The Growth Engine

Allianz invested heavily into the Asia growth region throughout 2016, expanding both its distribution capabilities, as well as digital partnerships and platforms.

In the second half of the year, Allianz secured distribution partnerships with Maybank and E-Sun in Indonesia and Taiwan, as well as a landmark regional agreement with Standard Chartered Bank across five markets, significantly expanding its distribution footprint in the region.

With the launch of its Asia Lab in mid-2016, Allianz has integrated new data-driven propositions to enhance the customer experience across the insurance value chain, from predictive underwriting to claims processing.

Through its Digital Arena platform, Allianz also works directly with start-ups to build next-generation insurance innovation, including on-
demand protection solutions Indonesia respectively.

Soft Power Push

In line with its fast-growing market presence in Asia, Allianz also recently announced a strategic multi-year partnership with the Asian Football Confederation (AFC), extending its global football heritage and brand equity to connect with its customers, employees and stakeholders in key Asian markets.

«We remain highly focused and well positioned to capture the tremendous opportunities in Asia,» said George Sartorel, CEO for Asia Pacific, Allianz.