Allianz Group posted strong growth for the Asia region for the full year ending 31 December, 2018.
Allianz Asia’s Regional CEO, George Sartorel, said, “In the past 12 months we’ve continued on our journey to position Allianz to deliver future growth in Asia. Our full year results are driven by strong performance across both business sectors, the focused execution of our strategy, and underpinned by positive customer feedback in the region”.
“As the growth engine for the Group, the work we’ve undertaken in 2018 means we are better placed than ever to deliver on our strategic priorities”, he added.
Our Life and Health (L/H) business performed strongly across all key metrics in 2018, with notable investment returns, expense discipline and portfolio growth supporting an operating profit increase of 43 per cent to EUR 275 million.
We continued to post quality growth in our preferred product segments, with new business margin strengthening to 5% and new business value improving 11 per cent to EUR 292 million.
Strong sales from Taiwan, China, Malaysia and the Philippines supported a 12 per cent uplift in gross written premiums (GWP) to EUR 5.8 billion.
Total revenues in our Property and Casualty (P/C) business rose by 11 per cent to EUR 882 million, with growth in all our major markets. Operating profit fell 2 per cent to EUR 79 million.
2018 has seen many significant developments for our Allianz Asia operations. We continued to expand our P/C footprint, with our business now working alongside more than 50 digital partners in the region. We further advanced our digital strategy through our recent announcement to enter the Vietnam general insurance market by partnering with technology business FPT Group.
In addition, Allianz and JD.com reached an agreement to set-up a digital general insurance business – leveraging JD.com’s position as one of China’s leading e-commerce players.
“With this in mind, our recognition of China as a strategically important market for Allianz laid the groundwork towards the preparatory establishment of the country’s first wholly-owned foreign insurance holding company”.
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