Allianz has reported a total premium income of E8.8 billion from all its insurance operations in the Asia Pacific region for FY 2007, an increase of 29.3%.
Premiums in India reached E1.8 billion, up 72% and in China, premiums climbed over E300 million, an increase of 132%. The company’s operating profit during the year increased to E668 million.
Allianz said that excluding these huge markets, premiums amounted to E6.7 billion and growth reached 19%, which demonstrates that all operations in the region showed superior performance and a healthy diversity of Allianz’s portfolio in the region.
Bruce Bowers, CEO of Allianz Asia Pacific, said: We exceeded all our ambitious targets for 2007 and generated strong profitable growth in Asia Pacific. We expect double-digit growth once again in the top and bottom line in 2008. The contribution of the Asia Pacific region to revenues and profits of Allianz Group will continue to rise.