Allianz earnings climbed and profitability continued to rise. What was behind the improvement in its Asian unit?
The Asian business of the German insurer and asset manager saw full year 2017 revenues increase 24 percent to 6.0 billion euros, while operating profit rose 22 percent to 273 million euros, however return on equity was flat at 11.4 percent, the firm said in a press release.
The life and health business in Asia was robust with annualised new premiums up 33 percent to a record 954 million euros while new business value grew 27 percent to 263 million euros. Operating profit increased 16 percent to 192 million euros.
Regional Expansion
«We have finished 2017 on a high in Asia, delivering significant earnings growth across both insurance businesses,» said George Sartorel, regional CEO for Asia Pacific at Allianz.
During 2017 Allianz expanded its footprint in China with a new branch in the country's capital. In Thailand it deepened its partnership with Sri Ayudhya Capital creating an enhanced insurance franchise in the country, it also disposed of part of its life insurance portfolio in Taiwan to China Life Insurance.
