During this period, the Asian arm of the company achieved an operating profit of US$403 million, marking an 18% increase compared to the preceding period. Notably, the life and health sectors exhibited particularly strong growth, recording an operating profit of $325.7 million, a remarkable surge of 22%. This surge was primarily propelled by outstanding performance in key markets such as Indonesia and Taiwan.
Furthermore, the property and casualty division also contributed to the positive trajectory, with its operating profit registering a 5% uptick to reach $77.3 million. Total combined revenues experienced a commendable 19% rise, culminating in €937 million. This growth in the property and casualty segment can be attributed to the stellar performances in crucial markets like China, Singapore, and Thailand.
Allianz Asia Pacific’s CEO, Anusha Thavarajah said that the company’s strategic efforts have been bearing fruit. Since the inception of their regional strategy aimed at elevating Allianz’s standing in Asia, the insurer has laid a robust foundation that is propelling it firmly towards achieving its ambitious targets.
“As we enter the second half of the year, we will continue to explore new markets, deliver exceptional financial solutions, and provide unparalleled service to our customers, underscoring our ambitions to become market leader in insurance and financial services,” Thavarajah added.
Driven by this strong growth, global insurance group Allianz also affirmed its 2023 operating profit target of €14.2 billion in its own half year financials following robust H1 results.
Source: Insurance Business
