Both its life & health and P&C segments reported strong growth.
Allianz Asia Pacific posted a 15.4% increase in operating profit to $670.9m (EUR551m) for the full year ending 31 December 2020, a statement read.
Total revenues for the region went up 9% to $9b (EUR7.4b).
Its life and health segment reported a 11.4% growth in operating profit to $524.6m (EUR431m), driven mostly by strong performance in Malaysia and Indonesia. New business value went up 2.5% to $416m (EUR342m) due to higher volumes from Indonesia and the Philippines, with Allianz’s agency channel the largest contributor to NBV in the region.
Total revenues in the property & casualty business rose 12.5% to $1.6b (EUR1.3b) as nearly all markets contributed positively with particularly strong growth in China and Malaysia. Operating profit jumped 32.6% to $146m (EUR120m), spurred by good performance in Malaysia, Sri Lanka, China, Thailand, and notwithstanding its investment in a new Singapore entity.
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