Allianz Asia-Pacific (APAC) has announced a 15% year-on-year (YoY) increase in its total business volume (TBV) for the fiscal year 2024, reaching $9.328 billion (€8.8 billion). The growth was driven by strong performances in both the Life & Health and Property & Casualty segments, which saw increases of 16% and 11%, respectively.
The Life & Health segment, which contributed $7.208 billion (€6.8 billion) to the total, saw its operating profit rise by 6% to $842.7 million (€795 million), despite a challenging health claims environment. Notably, new business value (NBV) in this segment surged by 31% to $749.42 million (€707 million), with Taiwan leading the charge with a remarkable 68% increase in NBV.
Taiwan’s impressive performance was followed by China, which saw an NBV growth of 31%, and Thailand, which posted a 24% increase. Additionally, annualized new premiums (ANP) grew by 12%, reaching $1.2402 billion (€1.17 billion). Taiwan, Malaysia, and Thailand were the key contributors to this growth, with increases of 27%, 15%, and 13%, respectively.
Despite facing headwinds such as lower interest rates in China, rising medical inflation, and climate-related risks, Allianz APAC has continued to enhance its distribution capabilities and expand its product offerings.
Regional CEO Anusha Thavarajah credited the robust performance to Allianz’s strategic focus on transformation and customer engagement, which are key components of its Pinnacle 2030 initiative.
Exchange Rate: $1.00 = €0.94
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