George Sartorel, Allianz Asia’s Regional CEO, comments: “In the past 12 months we’ve continued on our journey to position Allianz to deliver future growth in Asia. Our full year results are driven by strong performance across both business sectors, the focused execution of our strategy, and underpinned by positive customer feedback in the region. As the growth engine for the Group, the work we’ve undertaken in 2018 means we are better placed than ever to deliver on our strategic priorities.
Our Life & Health (L/H) business performed strongly across all key metrics in 2018, with notable investment returns, expense discipline and portfolio growth supporting an operating profit increase of 43 per cent to EUR 275 million. We continued to post quality growth in our preferred product segments, with new business margin strengthening to 5 per cent and new business value improving 11 per cent to EUR 292 million. Strong sales from Taiwan, China, Malaysia and the Philippines supported a 12 per cent uplift in gross written premiums (GWP) to EUR 5.8 billion.
Total revenues in our Property & Casualty (P/C) business rose by 11 per cent to EUR 882 million, with growth in all our major markets. Operating profit fell 2 per cent to EUR 79 million. Adjusting for a one-off reserve item from an earlier period, P/C growth remained strong, with underlying operating profit growing by 40 per cent and combined ratio improving 1.6ppts, reflecting improved underwriting results and expense discipline.