Sign up | Log in



PR Today

Home >> Press Release

Allianz in Asia achieves solid results in 2013

Total revenues at 7.2 billion euros / Operating profit at 367 million euros/
Exclusive bancassurance partnership with HSBC extended / Multi-access a must for the future

Allianz in Asia-Pacific delivered solid full-year results for 2013. Total revenues were reported at 7.2 billion euros compared to 7.4 billion euros in the previous year. Overall results were respectable in Property and Casualty as well as in Life and Health business with double digit growth in many markets. Results were adversely impacted by the euro appreciation against Asian currencies. Operating profit amounted to 367 million euros for 2013. Commenting on the performance, Manuel Bauer, Member of the Board of Management of Allianz SE, responsible for Insurance Growth Markets said, “With our entities in Asia-Pacific we have delivered sound results for 2013 and we saw overall healthy growth in our Property and Casualty and Life and Health entities. We are satisfied with the results as our underlying fundamentals are robust.”

Property and Casualty insurance is well positioned and developed strongly in 2013

Gross premiums written in the Property and Casualty insurance in Asia-Pacific amounted to 1,326 million euros in 2013 compared to 1,287 million euros in 2012, which represents an increase of 3 percent. Excluding foreign currency effects growth was 12 percent. Operating profit rose to 158 million euros. The good performance in the Property and Casualty business was driven across the entire region and by all markets in Asia-Pacific.

Allianz in Malaysia maintained its leading position in the market for traditional Property and Casualty business. The company generated a total of 474 million euros in premiums, an increase of more than 12 percent, compared to the prior-year period. Operating profit climbed to 64 million euros which is a rise of 14 percent compared to the previous year. The insurance company is highly recognized for its contribution to road safety.

India remains the largest Property and Casualty market for Allianz in Asia. In 2013, the company was recognized and honored once again with awards for innovative claims handling. Operating profit in India rose to 87 million euros, mostly due to improved underwriting results.  

“We managed to increase our market share and to improve our position. We aim to be one of the leading Property and Casualty Insurance companies in the Asia. We will concentrate on bringing the best of the Allianz technical excellence into the region and accelerate growth of our distribution network, while extending our strong positions in India and Malaysia, “commented George Sartorel, new CEO of Allianz Asia-Pacific.

Solid results for Life and Health insurance segment in Asia

Total statutory premiums in the Life and Health business in Asia-Pacific for 2013 amounted to 5,913 million euros compared to 6,139 million euros in 2012 with Taiwan as the largest contributor. Compared to the results in 2012 this corresponds to a moderate decline of 3.7 percent which is predominately driven by foreign currency effects. Overall operating profit came in at 210 million euros. The results of the Allianz Life and Health entities in the Asia-Pacific region were mixed. Southeast Asian markets continued to be the profitable growth engine with healthy results. Operating profit in the Northeast Asian entities were steady with the exception of South Korea which has been impacted by one-off effects due to major restructuring efforts as well as reserve strengthening to drive the company back to profitability.

Allianz in Thailand was very successful: Statutory premiums achieved 609 million euros, an increase of 8 percent compared to the year before and operating profit showed a gain of 26.5 percent amounting to 78 million euros. A recent survey of the insurance landscape in Thailand ranked the company number one in customer satisfaction.

Malaysia showed a strong performance, with a significant increase in statutory premiums which climbed to 381 million euros by 15 percent from 330 million euros in 2012. The company expanded and diversified its distribution capabilities in 2013: It was able to implement the new bancassurance partnership with HSBC and at the same time, the agency channel has increased to 7,500 agents across the country. Allianz in Malaysia continues to outgrow the market and the brand is strong and well respected in the country.

In China Allianz continued to invest in its strong cooperation with China Pacific Insurance Group (CPIC). The company provided unique product solutions through its global lines, while improving the operating performance in the Life and Health as well as the Property and Casualty business in the country.

Exclusive bancassurance partnership contract with HSBC prolonged

Expanding the distribution network is one of Allianz’s strategic priorities. In line with this Allianz signed an exclusive bancassurance partnership with HSBC in Asia which was successfully launched at the beginning of 2013. The cooperation is set to run for a term of eleven years underlining the strong commitment of both partners. The joint business has been implemented successfully in China, Indonesia, Malaysia and Taiwan with a broad range of products on shelf and operational services.

In the first year Allianz already served more than 12.000 of HSBC’s premier customers’ needs with innovative insurance solutions in those four countries, while building the foundation for the long-term distribution partnership. For example, in Malaysia the unique “Universal Legacy” product was successfully launched to the market in mid-July focusing on the needs of customers that intend to preserve their wealth for the next generation.

“Bancassurance is a significant distribution channel for Allianz in Asia and around 40 percent of our gross written premiums in life insurance derive from bank partners. We will continue to innovate and expand the product range in accordance with the bank customers’ needs,” said George Sartorel.

Outlook: Well positioned for the year 2014

2013 was a year with many positive developments for Allianz in Asia-Pacific. Allianz SE Singapore branch affirmed its presence in Asia with the move of eleven entities in one building in Singapore at Asia Square, underlining the role of the city state as the regional hub in Asia.

Numerous innovative products have been launched in the region recently, predominantly in the savings and protection area to lay the ground for future growth and also in the Property and Casualty area to further expand into the retail business.

“It is a fast world today and whoever is more accessible to the customers, is able to give the customers what they need or want quickly. Multi-access is a key driver for Allianz, especially in this region where the use of digital technology and devices is highly developed, “explained Bauer. He added: “We hold top global positions in all business segments: in the Property and Casualty area we are amongst the top five international players in Asia and in Life and Health segment we belong to the top three companies. We see further profitable growth potential in Asia-Pacific and Allianz has a strong commitment to the region”.

Allianz’s insurance markets are served by local Allianz companies. Figures for retail insurance business comprise all Allianz entities of the Asia-Pacific Region, including India and Allianz C.P. Thailand, which are not consolidated under IFRS. Allianz Asia-Pacific consists of entities in China, India, Indonesia, Japan, Laos, Malaysia, South Korea, Sri Lanka, Taiwan and Thailand.

Singapore, March 11, 2014

Press contact:
Claudia Mohr-Calliet, +65 6297 2724,
Patience Chan, +852 2238 8574,

These assessments are, as always, subject to the disclaimer provided below.

About Allianz in Asia
Asia is one of our three major growth regions. It is characterized by a rich diversity of cultures, languages and customs. Allianz has been present in the region since 1910, providing fire and marine insurance in the coastal cities of China. Today, Allianz is active in 14 markets of the region, offering its core businesses of property and casualty insurance, life and health insurance and asset management. With its more than 35,000 staff, Allianz serves the needs of close to 20 million customers in the region. Allianz has multiple distribution channels in this region and an agency force of over 50,000 agents. Allianz’s ability to adapt quickly to local needs has been the key to its success.

About Allianz
Together with its customers and sales partners, Allianz is one of the strongest financial communities. Over 83 million private and corporate customers insured by Allianz rely on its knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks.

In 2013, around 148,000 employees in over 70 countries achieved total revenues of 110.8 billion euros and an operating profit of 10.1 billion euros. Benefits for our customers reached 93.9 billion euros.

This business success with insurance, asset management and assistance services is based increasingly on customer demand for crisis-proof financial solutions for an aging society and the challenges of climate change. Transparency and integrity are key components of sustainable corporate governance at Allianz SE.

Cautionary Note Regarding Forward-Looking Statements
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Group’s core business and core markets, (ii) performance of financial markets, including emerging markets, and including market volatility, liquidity and credit events (iii) the frequency and severity of insured loss events, including from natural catastrophes and including the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the Euro/U.S. Dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures, and (xiv) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. The company assumes no obligation to update any forward-looking statement.

No duty to update: The company assumes no obligation to update any information contained herein.


Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories                             March 14, 2014 Subsribe Now !
• Myanmar Welcomes International Support for Responsible Investment Subcribe: Asean Affairs Global Magazine
• MISSING MAS FLIGHT: China tells Malaysia to quicken efforts to find plane
• US becomes second biggest trade partner
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• SE Asia forum explores green growth funding
• Govt to bear most of initial cost of MediShield Life; Medisave use to be expanded
Asean Analysis                    March 14, 2014
• Asean Analysis March 14, 2014
Economics and the Japan-Korea Relationship: Adding Value By David A. Parker & Mikael Lindfors
Advertise Your Brand

Asean Stock Watch    March 13, 2014
• Asean Stock Watch-March 13, 2014
The Biweekly Update
• The Biweekly Update  March 7, 2014

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2017 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand