SINGAPORE, August 18, 2023 – Allianz Asia Pacific is pleased to announce our consolidated results for the region in the first half of 2023. Half-year performance highlights include:
- Total operating profit for Asia up 18 per cent to EUR 370 million
- Life & Health operating profit up 22 per cent to EUR 299 million
- Property & Casualty operating profit up 5 per cent to EUR 71 million, with total revenues up 19 per cent to EUR 937 million
- Launch of partnership with INSEAD to enhance and foster agency professionalism
- Allianz General Insurance Company Malaysia Berhad (AGIC) signs bancassurance agreement with HSBC for a 13-year period
- Announcement of a new integrated approach bringing together the best of Mid and Large Corporate Risks for Commercial Insurance in Asia under the trading name Allianz Commercial
All OP figures include India at equity; results exclude global lines
Anusha Thavarajah, Regional Chief Executive Officer, Allianz Asia Pacific, said: “Since the launch of our regional strategy to bring Allianz in Asia from good to great, we have successfully established the right foundation, and demonstrated commendable performance, placing us firmly on the right path to achieve our targets.”
“Our continuous commitment to transforming the agency distribution channel has yielded remarkable outcomes - we have recorded a significant increase in Agency Manpower and saw a double-digit increase in annualized new premiums from the New Agent segment, reinforcing our drive to elevate the next generation of agency professionals. We remain resolute in our support for agents and leaders by developing our agency distribution with key initiatives such as our partnership with INSEAD aimed to upskill and revolutionize the learning experience of agents licensed in the Life and Health business.
“Strengthening and enhancing our distribution channel remains the cornerstone of our growth strategy. The signing of a 13-year bancassurance agreement between AGIC and HSBC and the joint integrated approach with Allianz Commercial in streamlining solutions for mid-sized companies, large corporations, and specialty businesses, will further enhance the value we offer to our clients in the region.”
Aaron Fryer, Regional Chief Financial Officer, Allianz Asia Pacific, said: “In the first half of 2023, Allianz Asia Pacific has demonstrated resilience and delivered strong operating profit and revenue across our Life & Health (L/H) and Property & Casualty (P&C) businesses, achieving 18 per cent increase in operating profit in Asia in HY2023.”
“The Life & Health (L/H) business saw good growth trajectory, with operating profit up 22 per cent to EUR 299 million, driven largely by profit increases in Indonesia and Taiwan.”
“The Property & Casualty (P/C) business in the region has demonstrated robust expansion, with operating profit up 5 per cent to EUR 71 million, while total revenues rose 19 per cent to EUR 937 million, driven mainly by strong growth in China, Singapore, and Thailand.”
“In the face of market fluctuations and external pressures, our financial performance highlights our ability to navigate challenges while capitalizing on opportunities. This positions us optimally for continued success and sustainable growth.”
Anusha Thavarajah added, “As we enter the second half of the year, we will continue to explore new markets, deliver exceptional financial solutions, and provide unparalleled service to our customers, underscoring our ambitions to become market leader in insurance and financial services.”
For further information please contact:
Noridahwati Razak, +65 9725 3865, noridahwati.razak@allianz.com.sg