Allianz Asia Pacific posted its figures for the first half of 2023, underscoring a strong growth momentum across its businesses in the region.
In total, the Asian business posted an operating profit of €370 million in the half year, 18% higher than the previous period. Meanwhile, the operating profit of its life and health businesses grew by 22% to post €299 million, driven by surges in Indonesia and Taiwan.
Property and casualty operating profit also went up by 5% to €71 million, with total revenues combined up 19% for a total of €937 million. The P&C line’s growth can be attributed to the insurer’s performance in China, Singapore, and Thailand.
Allianz Asia Pacific CEO Anusha Thavarajah said that since the launch of its regional strategy to bring Allianz in Asia from good to great, the insurer has established the right foundation to place it firmly on the path to achieve its 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 said.
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.
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Source : Insurance Business
