Its strong performance for the full year 2019 was on the back of profitable growth opportunities, continued digitalization of its regional business, and expanding its offerings with digital products and services.
Allianz has continued its strong performance in Asia Pacific, with a 22.7 growth in operating profit for the region to €435 million in 2019, up from €354 million the year before, and total revenues for the region growing 1.6 percent to €6.8 billion, the firm announced on Tuesday.
In particular, operating profits for its Life & Health business grew 34.3 percent to €369 million, with new business value growing 14.2 percent to €333 million, while revenues for its Property & Casualty division grew 32.4 percent to €1.2 billion, with strong growth in China and Thailand.
«We are pleased with the momentum Allianz Asia is building in this dynamic region and we look forward to maximizing the opportunities in 2020,» Somaz Altin, regional CEO, Allianz Asia Pacific, said in the statement.
Growing in Asia
The past year has seen Allianz build its foundation in the region for the expansion of its business. In May 2019, the firm acquired a 19.21-percent stake in Thailand's Sri Ayudhya Capital to become its largest shareholder, which is said was to enhance local market presence and accelerate growth in the country.
The firm also received approval to establish the Allianz (China) Insurance Holding Company in Shanghai – China’s first fully foreign-owned insurance holding company. It opened in January 2020, led by chairman Sergio Balbinot and CEO Altin.
«With customers across the region continuing to respond positively, we are doubling-down on our efforts to deliver on our strategic priorities,» Altin said.
