Asia's the Silver Lining in Allianz's 2017 Results

Singapore, 22nd February 2018 -- ALLIANZ on Wednesday announced a solid set of results for its performance in Asia for the year ended Dec 31, 2017.

Earnings were up in both its life and health, and property and casualty insurance segments. Operating profit jumped 22 per cent to 273 million euros (S$444 million), while revenue rose 24 per cent to six billion euros.

The regional gains outpaced the Munich-based group's overall performance, which was announced on Feb 16.

Allianz reported a 3 per cent increase in global turnover to 126.1 billion euros for 2017, while global operating profit saw a modest 0.4 per cent uptick to 11.1 billion euros, after being dragged down by property and casualty claims from a host of natural disasters.

But Asia bucked the trend, with operating profit in the property and casualty business up by 37 per cent to 81 million euros.

Regional CEO George Sartorel called this performance "substantial progress", on the back of stronger sales and cost control in China, Indonesia and Sri Lanka.

Allianz inked a deal on Feb 2 to pick up Sri Lanka's Janashakthi General Insurance for 16.4 billion rupees (S$140 million).

In the life and health segment, operating profit grew 16 per cent to 192 million euros, as annualised new premiums surged 33 per cent to a record 954 million euros through "steady inflows" in both agency and banking institution channels.

Mr Sartorel said in a statement: "Given the strengths of our regional franchise, and our continued focus on driving long-term value creation in Asia, we look ahead with confidence."

Allianz operates in 14 Asian markets, with its regional headquarters in Singapore.