Allianz APAC’s operating profit catapults in 2023

Both P&C and L&H saw robust growth in their 2023 performance.

Allianz Asia Pacific (APAC) exceeded its operating profit target with 33% year-on-year (YoY) in 2023, despite market challenges. The year saw total operating profit reach $812.7m (EUR751m).

Its Life & Health (L/H) business demonstrated robust and sustainable growth, with operating profits and NBV growing at 35% and 11% to $637.4m (EUR589m) and $582.2m (EUR538m), respectively. 

The insurer indicated the successful renewal of the exclusive bancassurance distribution agreement with HSBC in APAC, along with the introduction of a banca value-share model, contributed to strong growth in NBV.

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Similarly, the Property & Casualty (P/C) business witnessed strong profitability growth, with operating profit increasing by 26% to $175.3m (EUR162m) and revenues climbing 6% to $2b (EUR1.8b).

The progress in both business segments was attributed to strategies in distribution and product initiatives across major markets in the region. 

The company said its distribution transformation efforts focused on quality recruitment, productivity, and digitalisation to enhance the agency channel. Investments in high-value, capital-light products led to an 11% rise in the protection and health business. 

(EUR1.00 = $1.08)