The Germany-headquartered insurer, Allianz posted a 24% increase in its Asian operations. The total revenue for this segment rose to US$7.39 billion. The company also has a 22% rise in operating profits and the total revenue went up to US$336.34 million.
BankBazaar Singapore – February 22, 2018
Singapore: Allianz released its results for last year, posting a 24% increase in Asian operations. The total revenue from business in the region rose to US$7.39 billion. Headquartered in Germany, Allianz also registered a 22% rise in operating profits and the total revenue went up to US$336.34 million. The return on equity remained stable at 11.4%.
The insurance giant reported strong figures for property and casualty segment and life and health segment. The former witnessed a growth in its gross written premiums by 7% while the operating profit went up by 37%. This growth can be attributed to the struggles in improving sales and applying stricter discipline on expenses in the markets of China, Sri Lanka, and Indonesia.
On the other hand, the annualised new premiums went up by 33% in the life and health segment, thanks to stronger sales through the agency and bancassurance channels. Allianz launched its AZ Discover digital sales tool in Malaysia and Thailand, augmenting the capabilities of its agents.
The new business value for the insurer grew by 27% and the operating profit went up by 16%. This was due to the Taiwan, China, and Philippines markets that performed well in bringing new business.