Allianz Asia Pacific has disclosed its financial results for the first half of 2021, with total operating profit for Asia up 37% year on year to €343 million (SG$546.5 million).
The insurer’s total revenues for Asia grew by 14% to €4.1 billion. Allianz Asia Pacific CFO Aaron Fryer said the company was able to achieve this “substantial growth” in Asia despite market uncertainties and sluggish market recoveries from the COVID-19 pandemic.
Allianz’s life and health business in Asia brought in an operating profit of €279 million, up 46% from the same period last year. This was driven mainly by better investment margin in Thailand and improved results in Taiwan from equity markets recovery, Fryer said.
New business value improved by 38% to €199 million, with higher sales volumes recorded in the Malaysia, Philippines and Indonesia markets. The region also saw an improved business mix and a recovery in interest rates in some markets.
Fryer noted a significant increase in claims paid to customers and families directly impacted by COVID-19, particularly in Indonesia.
“This highlights the important role that our health and protection solutions play in the broader community, and we will continue to deepen our market presence to strengthen ways in which we can help financially protect our customers,” he said.
The property and casualty business’ regional revenue rose by 13% to €741 million, with China and Singapore contributing heavily. Operating profit was up 8% to €63 million, driven by an expanded digitalisation strategy for the insurer’s core channels, mainly in Thailand and Malaysia. The combined ratio improved by half a basis point year over year to 96.8%.
“Amid the challenging market environment and the impact that the COVID-19 pandemic continues to have on all aspects of life, Allianz Asia Pacific is pleased to announce a strong revenue and operating profit performance in the first half of 2021,” said Solmaz Altin, Allianz Asia Pacific CEO.
“The success of our strategy is thanks to the hard work and dedication of our employees, and we will continue to place their wellbeing, safety, and mental health as our top priority. Additionally, we are proud that the pre-pandemic implementation of our digitalisation programme has enabled us to protect and safeguard the way we deliver solutions to our customers and business partners in the region and across the multiple markets in Asia where we operate.”
