Allianz for the half-year ending June 30, 2019 Life & Health (L/H) business segment delivered strong results, driven by notable business growth and expense discipline in Taiwan, China and Thailand, which supported an operating profit increase of 42 per cent to EUR 205 million. Increased margin growth in our preferred product segments reflects an improved product mix, contributing towards an 18%t increase in new business value (NBV) to EUR 166 million. Significant contribution to NBV came from Indonesia, with improved volumes and margin in the agency channel. ANP reduced 5% to EUR 484 million, in part due to reduced volumes through our bancassurance channels.
Total revenues in our Property & Casualty (P/C) business increased by 23% to EUR 543 million, with solid organic growth and positive impact from transactions in China, Sri Lanka and Thailand. Operating profit increased 3 per cent to EUR 40 million, with volume growth the primary driver. Due to growth in markets with higher expense ratios, Combined Ratio (CoR) has increased 1.4% points to 97.8% against prior year.
Solmaz Altin, Allianz Asia’s Regional CEO, said, “it has been a solid start to the year for our operations in the region. Since taking on the chief executive role for Allianz Asia during this period I am delighted with the progress we continue to make in a competitive marketplace”.
“Our healthy results are driven by continued performance across both business sectors and the ongoing support our teams have contributed to meet our shared strategy for the region”.
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