Allianz Asia Pacific posts full-year financials

CEO praises "strong and resilient" performance amid difficult market

Allianz Asia Pacific posts full-year financials

Insurance News

By Kenneth Araullo

Allianz Asia Pacific has posted its full-year financials, with regional chief executive officer Anusha Thavarajah praising the insurer’s “strong and resilient performance amid difficult market conditions. Thavarajah credits the company’s 2022 growth to its strategy of focusing on distribution and customer.

Across its global markets, Allianz Global has made a very strong showing in 2022 as revealed in the company’s yearly financial report.

Allianz Asia – what were its financial results?

“In a year of uncertainty and amid a turbulent global economy, our core businesses have displayed resilience and performed in line with expectations, achieving a 17% increase in operating profits in Asia in FY2022,” said Allianz Asia Pacific regional chief financial officer Aaron Fryer.

Fryer noted that the life & health business saw robust growth thanks to profit increases in Taiwan, Malaysia, and China, resulting in an increased operating profit of 20% to €532 million.

Property & casualty business also showed continued growth within the region, with an increased operating profit of 8% to €141 million. Total revenues also rose 17% to €1.7 billion, which Fryer noted was driven by “strong growth in China, Malaysia, Singapore, and Thailand (including the acquisition of Aetna Thailand).”

“The growth was driven by strong momentum across several operating entities,” Fryer said. “While the year ahead may present its challenges, we have positioned ourselves well for sustainable growth.”

Asia – “boundless promise, potential, and opportunity”

“We are committed to insure more people, ensuring that we meet their needs, and securing their futures,” Thavarajah said. 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 praised the Asian market, stating that the region has always been synonymous with “boundless promise, potential, and opportunity.” As the regional outlook improves, Thavarajah also states that the shift in market dynamics and changing consumer behaviours also impact the way the Asian insured 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,” said Thavarajah. “We are confident that we will meet the increasing demands of customers and fully capitalize on Asia's growth opportunity.”

Distribution, expansion, and sustainability

In the official Press release, Allianz Asia Pacific noted its continued focus on innovation with enhanced distribution and new products as its key strategy to strengthen the company’s presence as a leader across all Asian markets. The insurance giant noted that its investments in technology had yielded positive results, allowing Allianz Asia Pacific to provide a more seamless experience for employees, customers, and distribution partners.

To better enable its agency teams with ‘on-the-go information and enhanced sales and servicing capabilities’, Allianz Asia Pacific will also launch its Digital Unified App, called Allianz 360, in Malaysia later this year, followed by a further extension to the service in both Indonesia and Thailand.

Over the course of 2022, Allianz Asia Pacific also made key acquisitions within the market to capitalize on existing and new opportunities. One of these was the acquisition of Aetna Thailand, a prominent player in the Thai health insurance market. This purchase has overall broadened the range of insurance solutions to customers and unlocked considerable growth potential for the Allianz insurance business in Thailand.

The global insurer also renewed its exclusive bancassurance distribution agreement with HSBC in the Asia Pacific for another 15 years. This, according to Allianz Asia Pacific, has reaffirmed a successful track record and demonstrated a commitment to provide the best insurance products in major growth markets in Asia.

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