Allianz APAC posts 13% revenue rise in Q1'24

The region also saw significant growth in volume in its P&C business.

Allianz Asia Pacific’s total revenues (or gross written premiums) climbed 13% year-on-year (YoY) in the first three months of 2024 (Q1’24). It accumulated EUR2.2b.

On top of that, the region’s total operating profit surged 17% YoY to EUR183m. Similarly, its life and health segment stirred a YoY growth of 16% to EUR141m.

The region recorded a new business value of EUR149m, this was 41% higher than last year’s. Additionally, the annualised premium was up 13% to EUR295m.

Anusha Thavarajah, the Regional Chief Executive Officer of Allianz Asia Pacific, commended the region’s progress in its distribution transformation programme.

“Our Bancassurance channel witnessed double-digit growth with Annualised Premium (ANP) up 19% and New Business Value (NBV) up 82% compared to 1Q’23, driven by increased relationship manager activation, higher sales productivity, and customer-focused product steering,” Thavarajah said in a press release.

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The company also said growth was driven by enhanced relationship manager activation, higher sales productivity, and customer-focused product strategies. The region-wide bancassurance transformation boosted business growth, with the HSBC partnership across Asia achieving a 6% increase in active ratio and a 34% increase in productivity, surpassing financial targets.

“Agency channel performance in 1Q 2024 saw a 3% increase in Annualised Premiums (ANP) and an increase of 13% in New Business Value (NBV). Industry headwinds in Indonesia persist, where sales and volumes were reported lower than in the previous year. Notwithstanding these effects, the ANP and NBV for the channel, excluding Indonesia, grew impressively by 22% and 31% respectively.” Thavarajah said.

There was an emphasis on professionalising the agency workforce, which resulted in higher productivity, with ANP per active agent growing by 21%.

Allianz APAC also noted significant growth in volume in its property and casualty (P&C) segment, supported by strategic initiatives focusing on enhancing technical expertise in claims and churn management within P&C retail and commercial insurance lines.

Allianz Asia Pacific remains optimistic for continued growth in the second quarter, with many exciting developments in the pipeline.