Anusha Thavarajah, Regional Chief Executive Officer, Allianz Asia Pacific, said: “We are pleased to report that Allianz Asia Pacific has achieved robust growth momentum in the first half of 2024, supported by a solid foundation we have established in Asia. Our strategic initiatives implemented in the region recently have laid the groundwork, positioning us well to seize growth opportunities as they arise and effectively navigate the ever-changing business environment.
Allianz’s regional distribution transformation program remains a cornerstone of our growth strategy. By intensifying our efforts to strategically shape and professionalize our agency force, we have achieved higher productivity levels, driving agency channel’s growth. This is well-reflected in a 14 per cent increase in Annualised New Premiums (ANP) per active agent.
Furthermore, our Partnership channel achieved double digit growth with ANP up 20 per cent driven by product innovation and enhanced sales productivity, underpinned by our dedication to developing and nurturing talent within our sales and distribution teams. Recently, we also launched groundbreaking industry initiatives such as Allianz’s Regional Training Program with INSEAD.
The steadfast commitment in solidifying trust with our stakeholders and customers has been a key factor in our success. Nine of our operating entities are recognised as Loyalty Leaders and eight of our regional branches have earned recognition as top workplaces in this year’s Great Place to Work certification.
Looking ahead to the next half of the year, we are well-poised to build on these strong results with even greater resolve to achieve continued success for the organisation.”
Aaron Fryer, Regional Chief Financial Officer, Allianz Asia Pacific, said: ”The successful execution of our growth strategies has enabled Allianz Asia Pacific to deliver outstanding results in the first half of 2024, with a 5 per cent increase in operating profit, driven by higher revenues across our Life/Health and Property-Casualty lines of business.
The Life/Health (L/H) business recorded significant expansion in business volume, with New Business Value (NBV) increasing by 34 per cent to EUR 324 million and Annualised Premium (ANP) rising by 11 per cent to EUR 587 million. The Property-Casualty (P/C) business saw steady growth as operating profit increased by 16 per cent to EUR 83 million, on the back of a 121 per cent growth in Total Business Volume.”
Anusha Thavarajah added, “Our solid financial results demonstrate that we are on a positive trajectory into the second half of 2024. We will continue to leverage our collective achievements, offer Allianz’s unparalleled product capabilities to our customers and reinforce our well-established strategy to deliver sustained value to our stakeholders.”
