Singapore, 8th August 2018 -- Allianz is pleased to announce its consolidated results for the Asia region for the six months ending 30 June, 2018.
First half performance highlights include:
- Strong first-half earnings growth with total operating profit up 20% to EUR 204 million
- Total revenues grew 17% to EUR 3.4 billion
- Life & Health operating profit up 16% to EUR 147 million, with continued focus on preferred segments
- Substantial progress in Property & Casualty (P&C), with operating profit up 34% and combined ratio improved to 96.4 per cent
George Sartorel, Allianz Asia’s Regional CEO, comments:
“We are pleased with the solid start Allianz has made in Asia in the first half of 2018, driven by steady growth across both principal business units. This solid first-half performance reflects the focused execution of our strategy and the stronger propositions we have put in place for our customers across the region.
Our Life & Health (L/H) business continued its strong performance, with premiums increasing 19 per cent to EUR 3 billion, while operating profit rose 16 per cent to EUR 147 million. Annualised new premiums grew 11 per cent year-on-year, driven by strong sales in particular from the bancassurance channel in Taiwan and the Philippines. New business value decreased by 2 per cent, due in part to currency effects and lower margins in China as we continue the shift towards preferred product segments. In line with this strategy to drive more sustainable growth, Allianz has in April 2018 concluded the sale of part of its traditional portfolio in Taiwan.
Property & Casualty (P/C) outperformed with a 34 per cent rise in operating profit to EUR 56 million, driven by organic and inorganic premium growth and reduced costs across our non-life operating entities. Revenues rose 6 per cent to EUR 441 million, while the combined ratio improved 1.5 percentage points to 96.4 per cent. In March 2018, Allianz completed the acquisition of Janashakthi General Insurance in Sri Lanka, significantly expanding our market share and allowing us to deliver protection solutions to more than a million customers island-wide.
A large part of our strategy is to continuously leverage our capabilities and innovations to access market opportunities in Asia. In 2018, Allianz made strides to expand our network and customer base in the region, forging multiple new partnerships in key markets, including with Malaysia’s fast-growing start-ups like PolicyStreet, Thailand’s largest hospital network BDMS and Indonesia’s flag carrier Garuda Airlines. In April, Allianz invested USD $35 million in Southeast Asia’s largest mobile platform GO-JEK, in an extension of the existing insurance partnership and in support of Indonesia’s digital economy.
Asia remains a region with immense opportunities. Looking ahead, the quality of our franchise, portfolio diversification and focus on innovation positions us very well to secure long-term growth and meet the demand for protection and risk management in this region.”
