- Strong full-year earnings growth with total operating profit for the region up 22.7 per cent to EUR 435 million
- Total revenues for the region grew 1.6 per cent to EUR 6.8 billion
- Life & Health operating profit up 34.3 per cent to EUR 369 million, with new business value growing 14.2 per cent to EUR 333 million
- Property & Casualty revenues up 32.4 per cent to EUR 1.2 billion
NB: All figures exclude India and Global Lines
Solmaz Altin, Regional CEO, Allianz Asia Pacific, comments: “In the past 12 months we have continued to build a solid foundation in Asia for the further expansion of our business. Our solid performance is driven by capturing profitable growth opportunities, the further digitalisation of the regional business and enhancing our existing customer proposition with innovative digital products and services. With customers across the region continuing to respond positively, we are doubling-down on our efforts to deliver on our strategic priorities.”
Aaron Fryer, Regional CFO, Allianz Asia Pacific, shares further details on the business’s financial performance: “Our Life & Health (L/H) business continued its strong progress, with operating profit for the region up 34.3 per cent to EUR 369 million. We continue to post quality growth in our preferred product segments, with new business margin strengthening by 73 basis points to 5.7 per cent and new business value (NBV) up 14.2 per cent to EUR 333 million - both driven by strong performance in Indonesia, Malaysia and China. Overall, markets across the region delivered robust growth results, with an ANP of EUR 977 million.
Total revenues in our Property & Casualty (P/C) business rose by 32.4 per cent to EUR 1.2 billion, with positive contribution from all markets in the region, including strong growth in China and Thailand. Combined ratio increased 3.6ppts against prior year due to integration costs in China and one-off claims in Sri Lanka.”
Solmaz Altin, adds: “2019 was a year in which we extended Allianz’s outreach and bolstered our presence in the region. Earlier this year, Allianz Ayudhya in Thailand completed the expansion of our strategic partnership with Sri Ayudhya Capital. This now ensures a stronger insurance franchise, which better meets the diverse and growing protection needs of our local customers. Importantly, it enhances the Allianz proposition in the region as a whole.
Furthermore, in the latter stage of the year we secured the necessary approvals to establish the Allianz (China) Insurance Holding Company Ltd in Shanghai - China’s first fully foreign-owned insurance holding company and a milestone moment for the business. Launching earlier this year, the Holding provides a strong platform from which to develop our business in China. It allows us to improve efficiencies, develop synergies with our other businesses, and position us to maximize the opening-up of the Chinese economy.
We are focused on delivering for our customers in Asia and we’re confident our efforts in the region are resonating. We are pleased that in 2019 the share of Allianz businesses whose Net Promoter Score1 outperformed their respective markets hit 78 per cent, including five of our operating entities attaining Loyalty Leadership. This positive customer feedback is testament to the shared strategy we are implementing and the hard work and commitment shown by our teams to put customers first.
We are pleased with the momentum Allianz Asia is building in this dynamic region and we look forward to maximising the opportunities in 2020.”
1Net promotor score – a key metric used by Allianz to measure customer sentiment globally