Allianz posts double-digit growth in Asia-Pacific revenues for H1

GERMAN insurer Allianz on Thursday said it has maintained a double-digit growth in revenues in the Asia-Pacific for the six months ended June 2015, lifted by its property & casualty (P&C), as well as the life and health segments.

These segments posted double-digit growth in all markets in the region.

Gross premiums written in P&C insurance in Asia-Pacific rose 26.3 per cent to 869 million euros (S$1.35 billion) and operating profit climbed 18.8 per cent to 101 million euros.

The growth in premiums in P&C was lifted by business in Indonesia, Malaysia and China.

Total premium in the life and health business in the region grew by 37 per cent to 4.1 billion euros.

Operating profit was down 48 per cent to 104 million euros for the first six months.

Total revenue for the region rose 35.1 per cent to five billion euros in the first half of 2015, compared to the same period last year.

For the first half of 2015, operating profit was down 28.1 per cent to 205 million euros.

Said George Sartorel, regional CEO of Allianz Asia-Pacific: "The results for the first six months of 2015 have been satisfactory in terms of growth and profitability. We are seeing some early benefits from initiatives launched in 2014 and with several new initiatives in the pipeline, we are confident that we will sustain the pace as well as the quality of growth and profitability."