Singapore, 21st February 2018 -- Allianz is pleased to announce it has achieved an excellent set of results in Asia for the full year ended 31 December 2017. Performance highlights include:
Asia overview
- Total revenues grew 24 percent to 6.0 billion euros
- Operating profit up 22 percent to 273 million euros
- Return on equity (RoE) remains stable at 11.4 percent
Life & Health segment
- Annualised new premiums (ANP) rose 33 percent to a record 954 million euros
- New business value (NBV) grew 27 percent to 263 million euros
- Operating profit up 16 percent to 192 million euros
Property & Casualty segment
- Gross written premiums (GWP) grew 7 percent to 794 million euros
- Operating profit up 37 percent to 81 million euros
- Combined ratio improved by 3.1 percentage points to 93.7 percent
(2016 – 96.8 percent)
George Sartorel, Regional CEO for Asia Pacific, comments:
“We have finished 2017 on a high in Asia, delivering significant earnings growth across both insurance businesses. This solid performance reflects the strengths of our diversified portfolio across geographies, channels and products, the focused execution of our teams and our commitment to drive a high-quality, value-creating business in the region.
The Life and Health business continued to accelerate growth in our preferred segments in 2017. The solid 33 percent rise in annualized new premiums was supported by steady inflows in both the agency and bancassurance channels. Besides widening our bank distribution footprint in the year, Allianz strengthened its proposition to both our agents and customers by extending the proprietary digital sales tool AZ Discover into Thailand and Malaysia. First developed and launched in Taiwan, AZ Discover facilitates a comprehensive customer experience within clicks, and sits at the heart of our Digital Agency strategy. Combined with the improvement in product mix, Allianz Asia has expanded new business value by 27 percent to 263 million euros, with strong margins particularly in Taiwan, China and the Philippines.
We made substantial progress in our Property and Casualty (P/C) business, with operating profit rising 37 percent, while the combined ratio improved by 3.1 percentage points to 93.7 percent. Management actions to drive sales and stronger expense discipline delivered clear results in 2017, especially in China, Indonesia and Sri Lanka. On 2nd February 2018, Allianz announced plans to acquire 100 percent of Janashakthi General Insurance, a subsidiary of Janashakthi Insurance PLC. The transaction, which is subject to regulatory approval, will significantly expand Allianz’s customer reach and position it as one of Sri Lanka’s largest P/C insurers.
As well, a key part of our strategy is in enhancing the engagement with our customers. In 2017, the share of Allianz businesses whose Net Promoter Score* outperformed their respective markets reached 73 percent. This is testament to the impressive efforts by our employees in driving customer centricity, as well as the investments we have made in services and solutions to meet our clients’ evolving needs. We will continue to leverage data and technologies to make insurance simpler and more convenient for our customers.
As a region, Allianz is getting stronger. Given the strengths of our regional franchise, and our continued focus on driving long-term value creation in Asia, we look ahead with confidence.”
* Net promoter score - A key metric used by Allianz to measure and manage customer focus
