Allianz has posted its consolidated results for the Asian region for the full year ending December 31, 2018.
Full year performance highlights include:
Strong full-year earnings growth with total operating profit for the region up 30 per cent to EUR 354 million and Total Revenues for the region grew 12 per cent to EUR 6.7 billion
Life and Health operating profits were up 43 per cent to EUR 275 million, with new business value growing 11 per cent to EUR 292 million andProperty and Casualty revenues rose 11 percent to EUR 882 million.
Allianz Asia’s Regional CEO George Sartorel said, “In the past 12 months we have continued on our journey to position Allianz to deliver future growth in Asia. Our full year results are driven by strong performance across both business sectors, the focused execution of our strategy, and underpinned by positive customer feedback in the region. As the growth engine for the Group, the work we’ve undertaken in 2018 means we are better placed than ever to deliver on our strategic priorities.
“The year 2018 has seen many significant developments for our Allianz Asia operations. We continued to expand our P/C footprint, with our business now working alongside more than 50 digital partners in the region.
“We further advanced our digital strategy through our recent announcement to enter the Vietnam general insurance market by partnering with technology business FPT Group. In addition, Allianz and JD.com reached an agreement to set-up a digital general insurance business – leveraging JD.com’s position as one of China’s leading e-commerce players.
“With this in mind, our recognition of China as a strategically important market for Allianz laid the groundwork towards the preparatory establishment of the country’s first wholly-owned foreign insurance holding company,” Sartorel said.