Allianz Asia Pacific’s* 9M 2024 key highlights:
- Total Business Volume (TBV) surged 161 per cent to EUR 6.5 billion, driven by growth across both Life/Health and Property-Casualty segments
- Total Operating Profit (OP) increased 3 per cent to EUR 584 million, bolstered by strong performance in Life/Health and Property-Casualty business
- Life & Health New Business Value (NBV) rose 35 per cent to EUR 520 million driven by strong sales performance across operating entities
- Allianz was named one of the 25 best workplaces worldwide, with Allianz SE, Singapore Branch, and Allianz Insurance Singapore being recognised as Best Workplace in Singapore for the first time
All OP figures include India at equity; results exclude global lines.
1 Growth vs p.y. is calculated on a constant currency basis
* Allianz Asia Pacific Operating Entities: China, India, Indonesia, Laos, Malaysia, Philippines, Singapore, Sri Lanka, Taiwan, Thailand
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Anusha Thavarajah, Regional Chief Executive Officer, Allianz Asia Pacific, said: “Our 9M results reflect Allianz Asia Pacific’s unwavering commitment to making insurance more accessible across all segments of society. Through sustained efforts in executing our Pinnacle strategy, 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.
The Life/Health (L/H) business has shown steady growth in business volume, with New Business Value (NBV) surging by 35 per cent to EUR 520 million and Annualised Premium (ANP) rising by 14 per cent to EUR 892 million. The Property-Casualty (P/C) business achieved a 12 per cent increase in Total Business Volume to EUR 1.5 billion, contributing to a 9% rise in operating profit to EUR 129 million.
We are also proud that Allianz has recently been recognized as one of the top 25 World’s Best Workplaces globally, with Allianz SE, Singapore Branch, and Allianz Insurance Singapore honoured as Best Workplaces in Singapore. This recognition underscores our commitment to fostering a purpose-driven environment, empowering our people, and building an engaged workforce dedicated to delivering positive outcomes for those we serve.
These strong results and accolades highlight the strength of our business strategy and our deep-rooted expertise in Asia Pacific. We remain steadfast in delivering innovative and sustainable solutions for our customers, ensuring we continue to create value and strengthen trust across the region.”
In the Philippines, Allianz PNB Life’s significant growth contributed to the region’s upward trajectory. In the third quarter, the company reported a remarkable 47% increase in local net income, amounting to Php 838,405,760.32. Gross Written Premium (GWP) grew by 29%, reaching Php 26,176,584,355.77, while New Business Annual Premium Equivalent (NBAPE) rose by 32%, totaling Php 3,342,334,989.49. This steady growth reinforced its industry standing, maintaining 4th place in GWP and improving its NBAPE ranking from 8th to 7th.
