Munich-based insurer Allianz reported higher first-half profits in Asia, driven by growth across the life and health as well as property and casualty businesses.
Allianz Asia Pacific posted a total operating profit of 370 million euros ($403 million) in the first half of 2023, according to a statement, up 18 percent year-on-year.
This included a profit increase of 22 percent from its life & health business to 299 million euros. Property & casualty registered a 5 percent increase in operating profit to 71 million euros and a 19 percent increase in revenues to 937 million euros.
Agency Manpower
One area that fuelled growth was the increase in agency manpower with a double-digit increase in annualized new premiums from the new agent segment. To further enhance this segment, Allianz has launched a partnership with INSEAD aimed at upskilling the learning experience of agents licensed in the life & health business.
Other recent developments include the signing of a 13-year bancassurance agreement with HSBC in Malaysia and a new integrated approach that streamlines solutions for mid-sized companies, large corporations and specialty businesses in Asia under the trading name of Allianz Commercial.
«Since the launch of our regional strategy to bring Allianz in Asia from good to great, we have successfully established the right foundation, and demonstrated commendable performance, placing us firmly on the right path to achieve our targets,» said Anusha Thavarajah, regional CEO, Allianz Asia Pacific.
