Allianz's gross written premium growth continues to impress across various regions. The company's strong performance in Asia Pacific is particularly noteworthy, with a growth rate of 10% year-over-year.
The Asia Pacific region's growth can be attributed to the increasing demand for insurance products in emerging markets. This trend is expected to continue as more people in these countries seek financial protection and security.
In Europe, Allianz's gross written premium also saw a significant increase, driven by a 7% growth rate. This growth is largely due to the company's successful expansion into new markets and its ability to adapt to changing customer needs.
The company's gross written premium in North America also experienced a notable growth rate, reaching 5% year-over-year.
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Maintains Position as Largest European Non-Life Insurer
Allianz maintained its position as the largest European non-life insurer in 2021, thanks to its impressive gross written premium (GWP) of €60,273 million.
This represents a 4.3% increase from the previous year's GWP of €57,772 million. For context, that's a significant growth in just one year.
AXA came in second, with a GWP of €53,029 million, but its profit after tax was higher than Allianz's at €7,507 million in 2021.
The top five participants in the study accounted for around half of the total GWP written by the top 30, and Allianz and AXA alone made up almost a quarter of the total.
Regional Growth
Allianz Asia Pacific's total revenues climbed 13% year-on-year in Q1'24 to EUR2.2b.
The region's total operating profit surged 17% YoY to EUR183m.
Its life and health segment stirred a YoY growth of 16% to EUR141m.
The region recorded a new business value of EUR149m, a 41% increase from last year.
The annualised premium was up 13% to EUR295m.
The bancassurance channel witnessed double-digit growth with Annualised Premium (ANP) up 19% and New Business Value (NBV) up 82% compared to 1Q'23.
The HSBC partnership across Asia achieved a 6% increase in active ratio and a 34% increase in productivity, surpassing financial targets.
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The agency channel performance in 1Q 2024 saw a 3% increase in Annualised Premiums (ANP) and an increase of 13% in New Business Value (NBV).
However, industry headwinds in Indonesia persisted, resulting in lower sales and volumes compared to the previous year.
Excluding Indonesia, the ANP and NBV for the agency channel grew impressively by 22% and 31% respectively.
Allianz APAC also noted significant growth in volume in its property and casualty (P&C) segment, supported by strategic initiatives.
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Frequently Asked Questions
What does gross written premium mean in insurance?
Gross written premium refers to the total amount of insurance premiums collected by an insurance company before discounts or refunds are applied. It measures the overall business volume of an insurance company within a specific period.
What is the difference between gross written premium and earned premium?
Gross written premium refers to the total amount of premiums paid by policyholders upfront, while earned premium is the amount of premiums that insurers consider as earnings for providing insurance services during a specific period. The difference between the two lies in when premiums are considered as profit, with written premiums being paid in advance and earned premiums being recognized over time.
Sources
- https://www.reinsurancene.ws/allianz-maintains-position-as-largest-european-non-life-insurer/
- https://insuranceasia.com/insurance/news/allianz-apac-posts-13-revenue-rise-in-q124
- https://www.linkedin.com/posts/philipp-kroetz-404bbab8_allianzdirect-financialresults-digitallyunbeatable-activity-7262479534732574720-3ebQ
- https://www.westpac.com.au/about-westpac/media/media-releases/2020/2-december/
- https://insuranceasia.com/insurance/news/allianz-malaysia-ends-2021-72-growth-in-premiums
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