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Allianz Asia Pacific reports resilient FY results amid “turbulent global economy”

20th February 2023 - Author: Kane Wells

Allianz Asia Pacific has reported that full year Property & Casualty operating profits were up 8% to €141 million, with total revenues up 17% to €1.7 billion.

new-allianz-logoAccording to Aaron Fryer, Regional Chief Financial Officer, Allianz Asia Pacific, this was spearheaded particularly by strong growth in China, Malaysia, Singapore, and Thailand.

Allianz Asia Pacific also reported that total operating profit was up 17% to €674 million, with Life & Health operating profit increased by 20% to €532 million.

On this, Fryer said, “In a year of uncertainty and amid a turbulent global economy, our core businesses have displayed resilience and performed in line with expectations.”

Anusha Thavarajah, Regional Chief Executive Officer, Allianz Asia Pacific, added, “Allianz Asia Pacific’s strategy to focus on Distribution and Customer through delivering the best in digital, products, and services has resulted in a strong and resilient performance amid difficult market conditions.

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“We are committed to insuring more people, ensuring that we meet their needs, and securing their futures. This will be done through continuous growth of our distribution – especially agency, and leveraging on the strength of the Allianz Group to build unrivalled propositions, underpinned by the integration of sustainability (ESG) aspects in our business.”

Thavarajah continued, “Asia as a region has always been synonymous with boundless promise, potential, and opportunity. As the outlook for the region improves, the shift in market dynamics and changing consumer behaviours impact the way the Asian consumer demands insurance.

“Our excellent track record in Asia, and with 9 out of 11 of our operating entities being “Loyalty Leaders”, affirms our customers’ trust in our brand and service.

“We are confident that we will meet the increasing demands of customers and fully capitalize on Asia’s growth opportunity.”

In terms of strategic partnerships and general market expansion for the year, Allianz states that its acquisition of Aetna Thailand, a prominent player in the Thai health insurance market, by Allianz Ayudhya Capital PCL, simultaneously expanded its market share into the Thai health insurance market, broadened the range of insurance solutions to customers, and unlocked considerable growth potential.

The firm added that the renewal of its exclusive bancassurance distribution agreement with HSBC in Asia Pacific for another 15 years has reaffirmed a successful track record and demonstrated the commitment to provide best-in-class insurance products, as well as deliver a digitally enabled insurance experience for customers across its major growth markets in Asia.

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