Insurer posts growth in first 3 quarters
Allianz Ayudhya Assurance has reported robust performance for the first nine months of this year, in both first-year premiums (FYP) and gross written premiums (GWP), thanks to the steady growth in demand for life and health coverage, according to presiden
The company’s FYP from all distribution channels reached Bt3.9 billion at the end of the third quarter, up 5.3 per cent from the same period last year, while GWP from all distribution channels increased to Bt19 billion, a rise of 8 per cent.
Behind the strong growth is a balanced increase in demand in all distribution channels focusing on life and health protection products. Moving forward, the company will continue to strengthen the three channels, aiming to become the leader in life and health insurance in Thailand.
The company’s performance in the first three quarters reached the target, said Smith, adding that it would continue to focus on growing its business steadily while providing excellent service to its customers, agents and business partners.
"In agencies, our largest channel, we are growing steadily with a clear mission to become one of the top three in life insurance by 2017," he said.
Meanwhile, Allianz Group, a major shareholder of Allianz Ayudhya, continued its positive development from the first half of the year with total revenue increasing by 14.5 per cent from 25.1 billion euros (about Bt1.04 trillion) in the third quarter of 2013 to 28.8 billion euros.
Operating profit stood at 2.7 billion euros, up 5.2 per cent from 2.5 billion euros in the third quarter of last year. Net income attributable to shareholders increased 11.2 per cent to 1.6 billion euros from 1.5 billion euros in the same period of 2013.
The development was evident in the first nine months of the year, with total revenues rising 9.8 per cent to 92.2 billion euros from 84 billion euros for the same period last year. Operating profit increased 6 per cent to 8.1 billion euros from 7.7 billion euros, while net income attributable to shareholders rose 5.5 per cent to 5.0 billion euros from 4.7 billion euros.
The conglomerate European solvency ratio was 184 per cent as of September 30, representing an increase of 3 percentage points compared with December 31, 2013. Shareholders’ equity rose 16.2 per cent to 58.2 billion euros from 50.1 billion euros as of the end of 2013.
"Strong internal growth in the property and casualty segment, continued high demand for life-insurance products and good operating profit in the asset-management segment show that we are on the right track for 2014," said Dieter Wemmer, chief financial officer of Allianz SE. "Our results confirm our outlook that the upper end of the operating-profit target range at 10.5 billion euros is within reach."
