- Total revenues (GWP) for Asia up 14 percent to EUR 8.4 billion
- Total operating profit for Asia up 9* percent to EUR 574 million
- Life & Health operating profit up 8* percent to EUR 443 million, with new business value up 16 percent to EUR 397 million
- Property & Casualty operating profit up 11* percent to EUR 131 million, with total revenues up 10 percent to EUR 1.5 billion
- Allianz China Insurance Asset Management Co., launched as first wholly foreign-owned insurance asset management company in China
- Allianz China Life received approval to become the first wholly foreign-owned life insurance company in China developed from a joint venture
All OP figures include India & holding costs; results exclude global lines
*Operating profit growth is calculated on a constant currency basis
Anusha Thavarajah, Regional CEO, Allianz Asia Pacific, said: “The COVID-19 pandemic remained a substantial threat to livelihoods and wellbeing throughout 2021 and into 2022, with the emergence of the Omicron variant creating new uncertainties across various markets in the region.
“Within Asia, in the past year, we continued to pursue and attain new milestones, capitalising on growth opportunities and achieving solid growth in total overall revenues, operating profit, and new business value. The ongoing and newfound partnerships which augment our presence on the ground across our markets, have also performed exceptionally well. We aim to remain resilient and resolute in 2022, to deliver a full suite of solutions for our customers during these trying times, and we expect to see significant growth in markets including China, Malaysia, Thailand, Sri Lanka, and Singapore.”
Aaron Fryer, Regional CFO, Allianz Asia Pacific, said: “Amidst pandemic-related uncertainties and adverse market conditions, we saw 14 percent growth in total revenues in Asia to EUR 8.4 billion. Meanwhile, total operating profits in the region increased by 9 percent to EUR 574 million, as we saw many key markets including Indonesia, Malaysia, Thailand, Taiwan and the Philippines outperforming market growth.
“Our Life & Health (L/H) business maintained its growth momentum, with operating profits increasing 8 percent to EUR 443 million, driven by strong performance in Thailand, Taiwan, and Malaysia. New business value was up 16 percent to EUR 397 million, recording strong contributions particularly from Taiwan and Thailand, with remarkable growth in the Philippines. Total new business premiums* increased by 16 percent to EUR 6.9 billion, with stellar double-digit sales growth in the Philippines, Malaysia, and Taiwan enabled by new products and enhanced distribution channels.
“The Property & Casualty (P/C) business saw operating profit up 11 percent to EUR 131 million, highlighted by robust performance in Malaysia and India while total P/C revenues saw an uptake of 10% to EUR 1.5 billion.”
Commenting on Allianz Asia Pacific’s key milestones in 2021, Anusha Thavarajah said: “In September 2021, we officially launched Allianz China Insurance Asset Management Co., Ltd in Beijing, as China’s first wholly foreign-owned insurance asset management company. This was followed by Allianz China Life receiving approval in November to become a 100 percent owned subsidiary of Allianz China Holding, the first wholly foreign-owned life insurance company in China developed from a joint venture. We are proud and excited to contribute to the development of China’s financial services landscape as a pioneer, to maximise strategic opportunities for our business, and meet the growing demand for holistic and superior financial products and services in the wider Chinese market.
“The ongoing success of our business in Asia has always been driven by the extraordinary efforts from our teams across the region, to live and deliver on Allianz’s values. We understand the delicate need for care and protection, and strive to support individuals and businesses, especially those impacted and suffering losses from adverse situations such as severe flooding or the COVID-19 pandemic that continue to affect the region and its people.
“We remain committed to strengthening our capabilities in digitalisation and analytics, building upon our regional unified sales platform to create a streamlined and superior customer experience. This, combined with the robust pipeline of innovative products, will be crucial in shaping a holistic health ecosystem to address the growing health and insurance-related needs in Asia, and helping customers and our business navigate the post-COVID new normal.”
*Present Value of New Business Premiums