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Sep
06
Allianz Strategically Targets Asia and Pacific Regions for Growth
Posted on Sep 06, 2010 by Sergio Ulloa (G+)
Allianz SE, the holding company of the German insurer Allianz Group, is strategically aiming to drive their business growth by targeting the insurance markets of China and India, boosted by revenue generated by the sale of both life and non-life insurance products. The Asian and Pacific regions are perceived to hold the key for continued growth, after Allianz achieved a 31 percent increase in gross written premiums totaling US$7.1 billion (EUR 5.6 billion) in this region during the first half of 2010. In the words of Bruce Bowers, chief executive of Allianz Asia Pacific: "We are convinced that Asia will remain a growth region and our own economists have forecast a 7.5 percent growth in the Asia/Pacific region with insurance penetration still being low in most countries." Both China and India have ongoing infrastructure projects with massive amounts of investment, which contribute to new business development in the lines of industrial and commercial insurance. Also in the Asian region, Indonesia continues showing promising signs of development in the growing business of life and non-life insurance products. Allianz sees big potential in terms of sales expansion and distribution, as well as an opportunity to develop new products. For the first six months of 2010, Allianz reported a 17 percent increase in operating profit equivalent to US$397 million (EUR 313 million) in the Asian and pacific regions. Worldwide, the Allianz group reported a 22 percent increase in operating profit amounting US$4.95 billion (EUR 3.9 billion). The engine for business growth in the Asian region for Allianz is life insurance. According to figures recently released in a financial statement by the group, premiums from the sale of life insurance products rose 40 percent to US$5.2 billion (EUR 4.1 billion) during the first six months of 2010, in comparison to the same period a year earlier. Insurance Company mentioned: Allianz
Allianz Group is one of the leading global services providers in insurance and asset management. With approximately 153,000 employees worldwide, the Allianz Group serves approximately 75 million customers in about 70 countries. On the insurance side, Allianz is the market leader in the German market and has a strong international presence.