Allianz Asia Pacific has reported a total operating profit of EUR584m ($616m) for the nine months to 30 September 2024, representing an increase of 3%, bolstered by strong performance in its Life/Health and Property/Casualty business.
Total Business Volume surged by 161% year on year to EUR6.5bn in the first three quarters of this year, driven by growth across both Life/Health and Property/Casualty segments.
Ms Anusha Thavarajah, regional CEO of Allianz Asia Pacific, said, "We continue to strengthen our distribution channels, broaden our product and service offerings, and leverage our established strengths to meet the evolving needs of customers in the region.”
Commenting on the company’s nine-month financial performance, she said, “The Life/Health business has shown steady growth in business volume, with New Business Value surging by 35% to EUR520m and Annualised Premium (ANP) rising by 14% to EUR892m.”
The growth was driven by strong sales performance across operating entities. Allianz Asia Pacific’s operating entities are China, India, Indonesia, Laos, Malaysia, Philippines, Singapore, Sri Lanka, Taiwan, and Thailand.
Allianz Asia Pacific’s P/C business achieved a 12% increase in Total Business Volume to EUR1.5bn, contributing to a 9% rise in operating profit to EUR129m.
Allianz is active in 15 markets in Asia Pacific, comprising the 10 operating entities under Allianz Asia Pacific, as well as Brunei, Hong Kong, Pakistan, South Korea and Japan.