Allianz Asia Pacific Delivers Strong Performance

EARNINGS RELEASE: 12M 2024

12M 2024 Highlights

Total Business Volume (TBV) surged 15 per cent to EUR 8.8 billion, with Life & Health contributing EUR 6.8 billion (+16%) and Property & Casualty reaching EUR 2.0 billion (+11%)
Total Operating Profit (OP) increased 6 per cent to EUR 795 million despite less favorable health claims experience
Life & Health New Business Value (NBV) increased 31 per cent to EUR 707 million, led by Taiwan (+68%), Thailand (+24%), and China (+31%)
Annualized New Premiums (ANP) grew 12 per cent to EUR 1.17 billion, with notable gains in Taiwan (+27%), Malaysia (+15%), and Thailand (+13%)
Inaugural Graduation of 200 Agents and Agency Leaders from the Pinnacle Excellence Program in Partnership with INSEAD
Nine of our operating entities being recognised as Loyalty Leaders in Asia
100% of our markets* certified as Great Place to Work reinforcing Allianz’s commitment to creating a strong work environment

_{All Operating Profit figures include India at equity; results exclude global lines.

*Our markets include China, Indonesia, Malaysia, Philippines, Taiwan, Thailand, Singapore, Sri Lanka}

Singapore, March 4, 2025

Anusha Thavarajah, Regional Chief Executive Officer, Allianz Asia Pacific, commented:

2024 has been a year of strong performance for Allianz in Asia, underpinned by our Pinnacle 2030 ambition that began in 2022, with a clear focus on distribution transformation and building unrivalled propositions. Despite headwinds presented by lower interest rates in China, rising medical inflation, and increasing climate-related incidences, we have delivered strong results in both financial and non-financial metrics. This success reflects the strength of our leadership team, the unwavering commitment of our people, and, most importantly, our deep customer focus. I am incredibly proud of the achievements of our team, and we remain committed to delivering sustained growth and making a meaningful impact on society across the region.

The success of distribution transformation truly lies in the quality of execution

One of the cornerstones of Pinnacle 2030 is building a world-class, digitally enabled agency force that consistently delivers exceptional customer service. Allianz’s initiatives to further professionalize its agents and agency leaders have proven remarkably successful, resulting in a 22% increase in new recruits and a 12% increase in Annual New Premium (ANP) from Million Dollar Round Table (MDRT) members.

These results stem from pioneering training programs including the Pinnacle Excellence Program (PEP), with Allianz’s strategic partner INSEAD, and region-specific transformation initiatives across Asia - Kingmaker in Malaysia, Polaris in Indonesia, and Beat the Best in Thailand.

Allianz has elevated standards across the organization, instilling and strengthening fundamentals for its agency force for building the next generation of world-class financial advisors. This foundation will serve as the catalyst for the future of agency excellence throughout Allianz Asia.

Customers and Employees are at the heart of what we do

Allianz’s commitment to offering products that align with customer needs, coupled with a focus on enhancing operational efficiency, has been a key driver of its business growth and value creation for customers. This success is the outcome of the strategic balance that Allianz has achieved with all stakeholders, resulting in exceptional outcomes such as high employee engagement scores and the recognition of nine of its operating entities as Loyalty Leaders in the region.

Aaron Fryer, Regional Chief Financial Officer, Allianz Asia Pacific, said:

Our notable achievements in 2024 underscores Allianz’s ability to drive consistent, profitable growth while maintaining financial resilience. As a reliable financial partner, we remain steadfast in our commitment to delivering stability and security for our customers, even amid evolving market conditions. The Life & Health segment remains a key growth driver, delivering a 31% increase in New Business Value and strong premium growth across key markets. Our Property & Casualty business continues to grow steadily, bolstered by disciplined underwriting and expansion into new customer and product segments. These results highlight our ability to navigate market complexities while demonstrating the effectiveness of our strategy in capturing the right opportunities across the Asia Pacific.

Allianz Group Results

At the Group level, Allianz achieved record financial results, continuing its track record of consistent earnings delivery. Allianz's total business volume increased by 11.2 percent to 179.8 billion euros, operating profit grew by 8.7 percent to 16.0 billion euros, while shareholders’ core net income advanced by 10.1 percent to 10.0 billion euros. The Solvency II capitalization ratio was at a strong level of 209 percent at the end of 2024.

Allianz enters 2025 with confidence and targets a full-year operating profit of 16.0 billion euros, plus or minus 1 billion euros.

Allianz's excellent performance in 2024 underlines the resilience of Allianz's business model and positions us well for continued sustainable value generation.

For full details, please refer to: en-allianz-ir-release-fy-2024.pdf

For further information, please contact:

Noridahwati Razak, noridawati.razak@allianz.com.sg, +65 9725 3865

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