Allianz, one of the world's leading insurers and asset managers with more than 86 million retail and corporate customers, has achieved excellent results in Asia for the full year ended 31 December 2017. Performance highlights include:
- Total revenues grew 24 per cent to 6.0 billion euros
- Operating profit up 22 per cent to 273 million euros
- Return on equity (RoE) remains stable at 11.4 per cent
Life & Health segment
- Annualised new premiums (ANP) rose 33 per cent to a record 954 million euros
- New business value (NBV) grew 27 per cent to 263 million euros
- Operating profit up 16 per cent to 192 million euros
Property & Casualty segment
- Gross written premiums (GWP) grew 7 per cent to 794 million euros
- Operating profit up 37 per cent to 81 million euros
- Combined ratio improved by 3.1 percentage points to 93.7 per cent (2016 - 96.8 per cent)
George Sartorel, Regional CEO for Asia, said: "We have finished 2017 on a high in Asia, delivering
significant earnings growth across both insurance businesses. This solid performance reflects the strengths of our diversified portfolio across geographies, channels and products, the focused execution of our teams and our commitment to drive a high-quality, value-creating business in the region."
The Life and Health business continued to accelerate growth in Aliianz's preferred segments in 2017. The solid 33 per cent rise in annualised new premiums was supported by steady inflows in both the agency and bancassurance channels. Besides widening its bank distribution footprint in the year, Allianz strengthened its proposition to both its agents and customers by extending the proprietary digital sales tool AZ Discover
into Thailand and Malaysia. First developed and launched in Taiwan, AZ Discover
facilitates a comprehensive customer experience within clicks, and sits at the heart of its Digital Agency strategy. Combined with the improvement in product mix, Allianz Asia has expanded new business value by 27 per cent to 263 million euros, with strong margins particularly in Taiwan, China and the Philippines.
Allianz made substantial progress in its Property and Casualty (P/C) business, with operating profit rising 37 per cent, while the combined ratio improved by 3.1 percentage points to 93.7 per cent. Management actions to drive sales and stronger expense discipline delivered clear results in 2017, especially in China, Indonesia and Sri Lanka. On 2February 2018, Allianz announced plans to acquire 100 per cent of Janashakthi General Insurance, a subsidiary of Janashakthi Insurance PLC. The transaction, which is subject to regulatory approval, will significantly expand Allianz's customer reach and position it as one of Sri Lanka's largest P/C insurers.
As well, a key part of its strategy is in enhancing the engagement with its customers. In 2017, the share
of Allianz businesses whose Net Promoter Score1
outperformed their respective markets reached 73 per cent. This is testament to the impressive efforts by its employees in driving customer centricity as well as the investments it has made in services and solutions to meet its clients' evolving needs. Allianz will continue to leverage data and technologies to make insurance simpler and more convenient for its customers.
In the region Allianz is getting stronger. Given the strengths of its regional franchise, and its continued focus on driving long-term value creation in Asia, it is looking ahead with confidence.