Allianz APAC posts 15% YoY jump in business volume for FY 2024

Taiwan recorded the largest NBV expansion with a 68% increase.

Allianz Asia-Pacific (APAC) posted a 15% year-on-year (YoY) jump in total business volume (TBV) for fiscal year 2024 (FY 2024), reaching $9.328b (€8.8b), driven by both Life & Health $7.208b (€6.8b, +16%) and Property & Casualty $2.12b (€2.0b, +11%). 

Operating profit rose 6% to $842.7m (€795m), despite a less favorable health claims environment. The Life & Health segment remained a key driver of growth, with new business value (NBV) surging 31% to $749.42m (€707m).

Taiwan led NBV expansion with a 68% increase, followed by China (+31%) and Thailand (+24%). Annualised new premiums (ANP) climbed 12% to $1.2402b (€1.17b), with significant contributions from Taiwan (+27%), Malaysia (+15%), and Thailand (+13%). 

Despite challenges such as lower interest rates in China, rising medical inflation, and climate-related risks, Allianz APAC continued to expand its distribution capabilities and product offerings.

Regional CEO Anusha Thavarajah attributed the strong performance to Allianz’s strategic focus on transformation and customer engagement under its Pinnacle 2030 initiative.

($1.00 = €0.94)