Allianz Asia Pacific sets new standards of excellence with a remarkable FY23 Performance 

  • Total operating profit for Asia up 33 per cent to EUR 751 million
  • Life & Health operating profit up 35 per cent to EUR 589 million, with new business value up 11 per cent to EUR 538 million
  • Property & Casualty operating profit up 26 per cent to EUR 162 million, with total revenues up six per cent to EUR 1.8 billion
  • Allianz Asia Pacific agency channel witnessed double-digit growth in new business value (NBV) and recorded remarkable growth in agency recruitment numbers
  • Seven of our operating entities conferred as Loyalty Leaders
  • Five of our operating entities awarded Great Place to Work
  • Transforms IT Operating Model with Regional Delivery Centre in Malaysia

All OP figures include India at equity; results exclude global lines

Anusha Thavarajah, Regional Chief Executive Officer, Allianz Asia Pacific, said: “2023 has been an exceptional year for Allianz Asia Pacific, signified by the remarkable achievements and profitable growth since we embarked on flagship initiatives with a key focus on distribution transformation. Against the backdrop of Asia's ever-evolving and dynamic economic landscape, we performed at much higher levels, maintained and improved our positions in key markets, reinforcing the stability and resilience of our diverse footprint.

Committed to accelerating growth, we've significantly scaled up agency recruitment and activation through game-changing initiatives, such as the inaugural INSEAD partnership and MDRT acceleration. Pivotal to our strategy, these efforts have yielded the right results, as reflected in the double-digit growth of new business value (NBV) and annualised new premiums (ANP) from new agents.

The successful renewal of our exclusive bancassurance distribution agreement with HSBC in Asia Pacific, the first-of-its-kind banca value-share model, has also seen strong growth in NBV.

We have impacted many lives this year, with seven operating entities recognised as Loyalty Leaders (LL). This acknowledgement from our customers fuels our ambition to extend this accolade across all markets as we strive to touch more lives and secure their future.

From ground-breaking agency recruitment numbers and strategic partnerships to innovative product developments and technological advancements, we have set new standards of excellence. Our success from strategy to execution is made possible by our people, who are at the heart of our organisation. We have successfully established ourselves as an employer of choice, evidenced by high employee engagement levels and the attainment of 'Great Place to Work' certification in five markets in the region.

We are extremely proud of what we have achieved together and our journey has only just begun.”

Aaron Fryer, Regional Chief Financial Officer, Allianz Asia Pacific, said: “We are proud to share that Allianz Asia Pacific has surpassed all our key financial targets, achieving an impressive 33 per cent increase in our operating profits in Asia this FY2023.

Despite the tighter market conditions coupled with headwinds faced at the start of 2023, our Life & Health (L/H) business demonstrated robust and sustainable growth with operating profits and new business value (NBV) growth at 35 per cent to EUR 589 million and 11 per cent to EUR 538 million respectively. The strong double-digit growth in both profitability measures is driven by our consistent and well-measured strategy towards our distribution and product initiatives, observed across our major markets in Taiwan, Thailand, Malaysia, Indonesia, and China.

Our Property & Casualty (P/C) business witnessed strong profitability growth with our revenue - a six per cent increase to EUR 1.8 billion. Our operating profit increased by 26 per cent to EUR 162 million, bolstered by solid performances in Malaysia, Singapore, China, and Thailand.

These exceptional results demonstrate the culmination of solid collaboration through our 'One Allianz' approach towards becoming the region's leading life insurer and the fastest growing profitable property and casualty insurance service provider in Asia. As we continue to forge and embark on the opportunities that lie ahead, we remain steadfast, focusing on delivering superior propositions to our customers - setting the stage for accelerated progress in the coming years.”

Focused on Profitable Growth with Distribution Transformation

Allianz Asia Pacific's distribution transformation has seen game-changing progression in 2023, with investments and a key focus on recruitment, productivity, and digitalisation to further enhance and differentiate our agency channel.

The strong agency channel performance is driven by quality recruitment, with five markets recording double digit growth of more than 20% (Malaysia, Thailand, Philippines, China, and Sri Lanka). ANP growth from first-year agents and newly active agents are equally notable, recording increases of 15% and 12%, respectively.

In alignment with our strategic focus, more emphasis was placed on high-value, capital-light products, leading to an 11% rise in protection and health business. Additionally, the number of Million Dollar Round Table (MDRT) qualifiers also grew by 20%, accompanied by a 29% ANP growth from MDRT members.

To continuously enhance the professionalism of our agency workforce, Allianz Asia Pacific embarked on a ground-breaking regional partnership with INSEAD, one of the world's top business schools. This collaboration introduced an innovative first-of-its-kind training program designed to accelerate the activation and professionalisation of our agency sales force, setting a new benchmark in the industry.

Delivering Exceptional Customer Service through IT Harmonisation

Allianz Asia Pacific has achieved a significant milestone by simplifying processes and technology harmonisation through an Operating Entities (OE)-led, regionally steered execution model. This approach, known as "Simplicity @ Scale", aims at enhancing customer experience through digitalisation and transformation. Core to the strategy, we have launched the Asia Regional Delivery Centre (RDC) in Malaysia, transforming our IT Services and capabilities into a centralised operating structure to accelerate innovation and deliver best-in-class customer experience.

Setting a precedent for the digital empowerment of our agency sales teams, the Digital Unified App (Allianz 360) was also successfully launched in Malaysia. With additional launches planned for Indonesia and Thailand, Allianz 360 is designed to optimise efficiency, providing agents instant access to information and augmenting sales and service capabilities, thereby ensuring that customers receive swift, seamless, and superior service anytime, anywhere. 

Continued delivery of our sustainability foundations

Allianz Asia Pacific continued its focus on accelerating sustainability efforts in the region, reinforcing its commitment to limit greenhouse gas emissions, and started developing new sustainable products and services for customers.

Aligned with Allianz Group's sustainability framework, the organisation will be integrating sustainability into their business operations. This includes expanding product offerings to cater to electric vehicles (EVs) and improving how we help our customers mitigate climate-related risks as we progress towards achieving net zero.

For further information please contact:

Noridahwati Razak, +65 9725 3865,