Germany's global insurer Allianz has announced that its total operating profit in Asia increased by 17% to EUR674m ($720m) in 2022.
In Asia, Life & Health operating profit climbed by 20% to EUR532m while Property & Casualty operating profit rose by 8% to EUR141m, with total revenues jumping by 17% to EUR1.7bn.
In comparison, for Allianz globally, operating profit rose by 5.7% to EUR14.2bn in 2022, driven by strong performance in the Property-Casualty and Life/Health business segments.
Life & Health operating profit grew by 5.4% to EUR5.3bn while Property & Casualty operating profit rose by 8.4% to EUR6.2bn, with total revenues jumping by 17% to EUR1.7bn. Total global revenue grew by 2.8% to EUR152.7bn in 2022.
Ms Anusha Thavarajah, Regional CEO, Allianz Asia Pacific, said, " “Allianz Asia Pacific’s strategy to focus on distribution and customers through delivering the best in digital, products, and services has resulted in a strong and resilient performance amid difficult market conditions.
She added, “Asia as a region has always been synonymous with boundless promise, potential, and opportunity. As the outlook for the region improves, the shift in market dynamics and changing consumer behaviours impact the way the Asian consumer demands insurance."