Allianz’s Asia-Pacific revenues dip in H1

MANILA, Philippines - In the first six months of 2014, Allianz in Asia-Pacific has reported total revenues of 3.7 billion euros, compared to 3.8 billion euros in the same period last year.

Allianz Asia-Pacific consists of entities in China, India, Indonesia, Japan, Laos, Malaysia, South Korea, Sri Lanka, Taiwan and Thailand.

Operating profit amounted to 285 million euros in the first semester and was notable in life and health business as well as property and casualty (non-life) segment.

Unfavorable foreign exchange effects were the principal reason for the lower figures. Without the euro’s appreciation against Asian currencies, revenues would have increased by six percent, while operating profit would have grown by 13 percent with both segments contributing strongly to internal growth.

Gross premiums written in property and casualty (P&C) insurance in Asia-Pacific reached 688 million euros from 703 million euros, and operating profit rose to 85 million euros from 82 million euros in the same period last year.

Excluding foreign exchange effects, internal growth stood at 11 percent for gross premiums written, and at 18 percent for operating profit. Allianz in Malaysia maintained its leading position in the market for traditional P&C business.

Total premium in the life and health business in Asia-Pacific reached 3,018 million euros compared to 3,128 million euros last year, with Taiwan and Korea as the largest contributors.

Operating profit came in at 200 million euros. The Southeast Asian markets especially continued being the profitable growth engine for Allianz in Asia-Pacific.

Expanding the distribution network is one of Allianz’s strategic priorities. Consequently, Allianz signed an exclusive bancassurance partnership agreement with HSBC last year. So far, the joint business has been implemented in China, Indonesia, Malaysia and Taiwan, as annualized new premiums increased by 26 percent.

The Allianz Group of Germany serves over 83 million customers in over 70 countries. It is the insurance leader in Germany and a major player worldwide.

In 2013, total revenues were 110.8 billion euros. It is one of the world’s total asset managers, with third party assets of 1.3 trillion euros.