- 17 percent increase in total revenue to €7.6 billion in 2015
- New business value (NBV) grew 17 percent to €230 million
- Accelerates regional growth with new landmark partnerships
Allianz in Asia Delivers Steady Revenue Growth
Singapore, 29th February 2016 -- Allianz in Asia-Pacific delivered total revenues of €7.6 billion, an increase of 17 percent from the previous year. In many markets, the two business segments - Property and Casualty, and Life and Health - posted solid growth, with new business value (NBV) for the region also rising 17 percent on year to €230 million. The region posted an operating loss of €7.8 million, largely due to reserves strengthening as a result of the low interest rate environment. Excluding that, the underlying operating profit1was a robust €270 million, an improvement of 11% on year.
Commenting on the results, Maximillian Zimmerer, Allianz SE Board Member, responsible for Asia & Investments, said, “Asia is a key growth driver for the group, and this steady performance reflects our regional strategy and determined execution. We remain well-positioned to leverage and capitalize on the growth opportunities in Asia Pacific, particularly against a backdrop of global economic uncertainties.”
Asia Pacific’s total premiums in the Life & Health business grew 18 percent to €6.8 billion, driven by strong bancassurance sales and positive product innovation.
Bancassurance remains a key distribution channel for Allianz in Asia. The ongoing exclusive long-term partnership with HSBC saw annualized new premiums grow 40 percent year on year, generating remarkable business particularly in China and Taiwan.
Allianz Taiwan’s steady focus on product innovation and customer service leadership drove its successful portfolio transformation and significant growth, despite the challenging low interest rate environment. New business value in Taiwan was up 52% in 2015, steered by the successful take-up of tailor-made investment products and positive performance from the banking channels.
Full year gross written premiums in Property & Casualty insurance rose 7 percent to €845 million. The underlying combined ratio for Asia Pacific improved by 1.9 percentage points to 92.9 percent.
Allianz Accelerates Regional Growth
Allianz significantly accelerated its growth in Asia Pacific in the second half of 2015, with a landmark digital partnership in China and expansion into the Philippines.