The Asia profits of Munich-based Allianz climbed higher in 2022, fuelled by various markets in the region including China and Malaysia.
Allianz registered a total operating profit of 674 million euros ($720 million) in the APAC region, according to a statement, up 17 percent year-on-year.
«In a year of uncertainty and amid a turbulent global economy, our core businesses have displayed resilience and performed in line with expectations,» said Aaron Fryer, Allianz Asia Pacific's regional chief financial officer.
Top Contributors
By business lines, life and health saw operating profit increase 20 percent to 532 million euros with strong profit increases in Taiwan, Malaysia, and China.
Property and casualty profits climbed 8 percent to 141 million euros with strong growth in China, Malaysia, Singapore and Thailand where Allianz acquired local insurer Aetna in March 2022.
Overall, total revenues were up 17 percent to 1.7 billion euros.
HSBC Agreement
The German insurer has also renewed its exclusive bancassurance distribution agreement with HSBC in Asia Pacific for another 15 years.
«[This] reaffirmed a successful track record and demonstrated the commitment to provide best-in-class insurance products, as well as deliver a digitally-enabled insurance experience for customers across our major growth markets in Asia,» Allianz added in the statement.
