Allianz in Asia with strong first half-year 2013 results

The FINANCIAL — Allianz continued its successful course in Asia in the first six months of 2013. Property and Casualty as well as the Life and Health segments contributed to the very solid growth. Total revenues increase 4.9 percent to 3.8 billion euros, from 3.7 billion euros compared to the same time last year. Operating profit booked a 34 percent rise to 289 million euros from 215 million euros over the period, according to Allianz.

“The consistently good results reflect a combined impact of our global strength and local expertise. Our employees have demonstrated dedication and commitment to keeping our customers’ needs paramount. The strong performance for the past six months was built upon the results we achieved last year. We continued to witness growth in our core markets and are growing profitably and sustainably in the region,” said Manuel Bauer, member of the Board of Management of Allianz SE, responsible for Insurance Growth Markets.

“Half way through 2013, the economic climate remains challenging. We have been agile to respond quickly to the dynamic environment so that we can deliver sustainable results for the long-term benefit of all stakeholders,” Manuel Bauer added.

The Property and Casualty business achieved strong growth. The segment recorded an increase in gross premiums written of 9 percent to 703 million euros, and operating profit improved to 82 million euros, according to Allianz.

Allianz in Malaysia maintained its position as market leader, collecting 251 million euros in premiums, an increase of 19 percent compared to the same time last year. Its operating profit climbed by 23 percent to 36 million euros.

India is the largest property and casualty market for Allianz in Asia, according to Allianz. For the first six months in 2013, operating profit in India rose to 42 million euros due to an improved underwriting result, especially with the dismantling of the Indian Motor Third Party Insurance pool, and favorable investment income.

“Pursuing growth in personal lines with a focus on motor business proved to be a successful strategy for us. We will accelerate the distribution growth in focus markets including Indonesia, Thailand and China. Meanwhile, ourflagship operations in Malaysia and India serve as centers of competence,” commented Rangam Bir, Regional General Manager of Allianz Asia-Pacific.