While profits were down slightly in the first half of the year, the Munich-based insurance and asset management provider increased its total revenues in the region.
The firm's total profit in Asia Pacific was down 4.3 percent to €249 million ($295.6 million), while revenues increased 12.7 percent to €3.6 billion, according to Allianz's half-year report, released on Thursday.
Operating profit for its Life & Health business fell 9.1 percent to €191 million. It said this was largely due to negative impacts in Taiwan from equity market volatility, which was partially offset by strong performance in Indonesia and Malaysia.
At the same time, total revenues in the Property & Casualty business rose by 21.3 percent to €659 million, with positive contributions from the majority of markets in the region, especially China, Thailand and Malaysia.
Strong Franchise
«In Asia, [our] long-term philosophy and clear regional strategy ensure Allianz is here for the long-run and I am positive about the future for the business in the region,» Solmaz Altin, regional CEO, Allianz Asia Pacific, said in a statement.
«Allianz will advance its efforts to double-down in the region, service its customers effectively and continue to develop the business through sustainable growth,» Altin added.
In the first half of the year, the firm launched an insurance investment holding business in China, entered into a life insurance joint venture with Aeon to develop and market life insurance solutions to local customers in Japan, and secured a composite license to expand its presence in Singapore to better serve the local retail and SME market.
