By The Nation
Bryan Smith, president and chief executive of Allianz Ayudhya Assurance, said that the insurance market in early 2019 has been pressured by many factors including falling interest rates and reduced consumer’s purchasing power. “However, our distribution channels continue to perform well. This ongoing success is a result of our strategies implemented some years ago that focus on building on our momentum as a Protection Leader. Protection sales results, especially in terms of health products, are outstanding and are meeting the needs of our customers. We strongly believe that these good results will continue and will empower Allianz Ayudhya to achieve our total premium year-end target of Bt33 billion,” he said.
“We have also seen the successful launch of our strategic partnership in Thailand with Sri Ayudhya Capital, now Allianz Ayudhya Capital, and continue to build on our One Allianz Ayudhya vision to provide better services to all our insurance customers in Thailand.”
Allianz Group, the major shareholder of Allianz Ayudhya Assurance has also announced its consolidated results for the Asia region for the half-year ending June 30. Half-year performance highlights (versus previous year), include:
*Total operating profit for the region up 28 per cent to EUR 260 million (Bt9.2 billion), with total revenues down 6 per cent to EUR 3.2 billion.
*Life & Health operating profit up 42 per cent to EUR 205 million, with annualised new premiums (ANP) down 5 per cent to EUR 484 million.
*New business value (NBV) for Life & Health up 18 per cent to EUR 166 million
*Property & Casualty revenues rose 23 per cent to EUR 543 million, with operating profit up 3 per cent to EUR 40 million
“It has been a solid start to the year for our operations in the region. Since taking on the chief executive role for Allianz Asia during this period I am delighted with the progress we continue to make in a competitive marketplace. Our healthy results are driven by continued performance across both business sectors and the ongoing support our teams have contributed to meet our shared strategy for the region,” said Solmaz Altin, Allianz Asia’s Regional chief executive.
“Total revenues in our Property & Casualty (P/C) business increased by 23 per cent to EUR 543 million, with solid organic growth and positive impact from transactions in China, Sri Lanka and Thailand. Operating profit increased 3 per cent to EUR 40 million, with volume growth the primary driver. Due to growth in markets with higher expense ratios, Combined Ratio (CoR) has increased 1.4 percentage points to 97.8 per cent against last year,” he continued.
“In the first half-year, we continued to increase our P/C footprint in Asia by completing the expansion of our strategic partnership in Thailand with Sri Ayudhya Capital – an important milestone for Allianz’s growth ambitions in the country and the wider region. This transaction will ensure a stronger insurance franchise focused on meeting the diverse and growing protection needs of local customers in Thailand.”