Allianz APAC’s H1 2024 busines volume more than doubled

Its life and health business saw new business value surge 34% YoY.

Allianz Asia Pacific’s (APAC) total business volume (TBV) in the January to June period (H1 2024) grew over two-fold (131% year-on-year (YoY)) to $4.77b (EUR4.3b), driven by robust growth in both its life/health (L&H) and property/casualty (P&C) segments. The region's operating profit rose by 5% YoY to $431m (EUR388m).

Notable highlights include a 34% YoY jump in L&H New Business Value (NBV) to $359m (EUR324m), reflecting strong sales momentum across multiple markets.

Allianz APAC also reported a 14% YoY rise in annualised new premiums (ANP) per active agent, demonstrating the impact of its regional distribution transformation program, which focuses on strengthening its agency force.

In addition, Allianz’s Partnership channel saw double-digit growth, with ANP up 20% YoY, driven by product innovation and enhanced sales productivity.

Looking ahead, Allianz APAC plans to continue capitalising on growth opportunities and further strengthen its position in the region.

($1.00 = EUR0.90)