Allianz’s Asia profit rockets 30%

February 21 2019 by Andrew Tjaardstra

Profits at Allianz’s property-casualty and life businesses in the region climbed 30% in 2018 to reach €354 million (US$401 million).

Earnings at the life and health division increased 43% to €275 million, with the insurer recording strong sales from China, Malaysia, the Philippines and Taiwan, supported by a 12% uplift in gross written premiums to €5.8 billion.

Total revenues in the P&C business rose by 11% to €882 million, with growth from all major markets. Operating profit fell 2% to €79 million. Adjusting for a one-off reserve item from an earlier period, P&C growth remained strong, with underlying operating profit growing by 40% and reflecting improved underwriting results and expense discipline.

George Sartorel, Allianz Asia’s regional chief executive, commented: “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.”

After 40 years, Sartorel is leaving the business on April 30 to be replaced by Solmaz Altin, former group chief digital officer for Asia and currently deputy regional chief executive.

Allianz works with 50 digital partners in the region and has signed a partnership to enter Vietnam general  with tech firm 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.

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