Allianz Asia-Pacific reported a 5% year-on-year increase in total operating profit (OP) to EUR388m ($430m) for the first six months of 2024, with contributions from both Life/Health and Property-Casualty business segments, the company reveals in its interim financial statements.
Other highlights in its 1H2024 financial performance are:
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Total Business Volume (TBV) was up by 131% to EUR4.3bn, driven by strong growth across Life/Health and Property-Casualty businesses
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Life & Health New Business Value was up by 34% to EUR324m. The sales momentum was strong across most of the operating entities in the region.
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Life & Health Annualised Premium (ANP) rose by 11% to EUR587m.
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The Property-Casualty (P/C) business saw steady growth as operating profit increased by 16% to EUR83m, on the back of a 121% growth in TBV.
Allianz Asia Pacific’s operating entities are China, India, Indonesia, Laos, Malaysia, Philippines, Singapore, Sri Lanka, Taiwan, and Thailand.
Ms Anusha Thavarajah, regional CEO of Allianz Asia Pacific, said, “Allianz Asia Pacific has achieved robust growth momentum in the first half of 2024, supported by a solid foundation we have established in Asia. Our strategic initiatives implemented in the region recently have laid the groundwork, positioning us well to seize growth opportunities as they arise and effectively navigate the ever-changing business environment.”
She added, “By intensifying our efforts to strategically shape and professionalise our agency force, we have achieved higher productivity levels, driving the agency channel’s growth. This is well-reflected in a 14% increase in Annualised New Premiums (ANP) per active agent.
"Furthermore, our Partnership channel achieved double-digit growth with ANP up 20% driven by product innovation and enhanced sales productivity.”
Looking ahead
Ms Thavarajah said, “Our solid financial results demonstrate that we are on a positive trajectory into the second half of 2024.”
Note: Overall, Allianz Group reported TBV of EUR91bn (+6.4% yoy) and OP of EUR7.9bn (+5.3% yoy) for 1H2024.