Allianz Asia Pacific declares $9.5b in total revenue for 2021
Growth in key markets such as Indonesia, Malaysia and Taiwan boosted the firms revenue.
Allianz Asia Pacific has declared a 14% increase in revenue to $9.5b for the full-year ending 31 December.
Total operating profit for Asia went up by 9% to $648.96m, supported by growth in key markets such as Indonesia, Malaysia, Thailand, Taiwan, and the Philippines.
Life & health operating profit went up 8% to $500.85m, with new business value up 16% to $448.84m. The life & health segment was mostly driven by strong performance in Thailand, Malaysia, and Taiwan. Meanwhile, double digit growth in the Philippines drove most of the increase in new business value.
Property & casualty business operating profit increased by 11% to $148.11m, with total revenues up by 10% to $1.70b. Allianz Asia Pacific said they saw a robust performance in their Malaysia and India business.
For new business ventures, Allianz Asia Pacific reported that Allianz China Insurance Asset Management Co., launched as a first wholly foreign-owned insurance asset management in China whilst Allianz China Life received approval to become the first wholly foreign-owned life insurance company in China developed under a joint venture.
“Within Asia, in the past year, we continued to pursue and attain new milestones, capitalising on growth opportunities and achieving solid growth in total overall revenues, operating profit, and new business value. The ongoing and newfound partnerships which augment our presence on the ground across our markets, have also performed exceptionally well. We aim to remain resilient and resolute in 2022, to deliver a full suite of solutions for our customers during these trying times, and we expect to see significant growth in markets including China, Malaysia, Thailand, Sri Lanka, and Singapore,” Anusha Thavarajah, regional chief executive officer of Allianz Asia Pacific said.
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