Allianz’s operating profit in Asia grew 22% to €273 million (US$337 million) during 2017, driven by strong performance across the business. Total revenues were up 24% to €6 billion.
“We have finished 2017 on a high in Asia, delivering significant earnings growth across both insurance businesses,” said George Sartorel, regional CEO for Asia. “This solid performance reflects the strengths of our diversified portfolio across geographies, channels and products, the focused execution of our teams and our commitment to drive a high-quality, value-creating business in the region.”
The life-and-health business booked a 33% rise in annualised new premiums thanks to steady inflows in both the agency and bancassurance channels.
Combined with an improvement in product mix, Allianz Asia expanded new business value by 27% to €263 million, with strong margins particularly in Taiwan, China and the Philippines.
On the P&C side, operating profit rose 37%, while the combined ratio improved by 3.1 percentage points to 93.7%.
Efforts to drive sales and stronger expense discipline delivered clear results in 2017, especially in China, Indonesia and Sri Lanka, where it recently announced plans to acquire 100% of Janashakthi General Insurance.
Return on equity (RoE) remains constant at 11.4%.
No comments