Allianz Reports Higher Profits in Asia
Allianz’s life and health business in Asia generated operating profit of 279 million euros, up 46% from the same period last year. This is mainly due to a better margin for investment in Thailand and better results in Taiwan thanks to the stock market recovery, Fryer said.
New business value improved 38% to € 199 million, with higher sales volumes recorded in the markets of Malaysia, the Philippines and Indonesia. The region also saw an improvement in the business mix and a recovery in interest rates in certain markets.
Fryer noted a significant increase in claims paid to customers and families directly affected by COVID-19, particularly in Indonesia.
“This highlights the important role our health and protection solutions play in the wider community, and we will continue to deepen our market presence to strengthen the ways in which we can help financially protect our customers,” did he declare.
Regional revenue from the P&C business was up 13% to € 741 million, with a strong contribution from China and Singapore. Operating income was up 8% to 63 million euros, driven by an expanded digitalization strategy of the insurer’s main channels, mainly in Thailand and Malaysia. The combined ratio improved by half a basis point year-on-year to 96.8%.
“In a challenging market environment and the impact the COVID-19 pandemic continues to have on all aspects of life, Allianz Asia Pacific is pleased to report strong revenue and operating profit in the first half of 2021 ”, said Solmaz Altin, CEO of Allianz Asia-Pacific.
“The success of our strategy is due to the hard work and dedication of our employees, and we will continue to make their well-being, safety and mental health our top priority. Additionally, we are proud that the pre-pandemic implementation of our digitization program has enabled us to protect and safeguard the way we deliver solutions to our customers and business partners in the region and across multiple markets of Asia where we operate. “