Allianz Ayudhya Assurance reported a 30% increase in new business value and 4% growth in new business sales for 2021.
The growth was supported by health and sustainable savings products.
The firm also generated 32 billion baht in gross written premiums, a 2% increase year-on-year and a 4% jump in annualised new premiums to 6.1 billion baht. Of this amount, 2.4 billion baht came from the agency channel, 2.1 billion from bancassurance, and 1.46 billion from direct marketing.
Thomas C. Wilson, chief executive and president of Allianz Ayudhya Assurance, said the firm was successful last year despite many industry and economic hurdles.
"The company generated a 30% increase in new business value [2.76 billion baht] on the back of strong health sales, with one of the highest ratios of new health insurance to total new business sales, and sustainable savings products that are robust to low interest rate environments," said Mr Wilson.
He said the company maintained a solid solvency ratio averaging 300% throughout the year, demonstrating its financial strength to support customers in dire times.
The Allianz Group also delivered a strong operating performance across all business segments.
In 2021, the firm achieved a 6% increase in revenues worth €149 billion and 25% growth in operating profit worth €13.4 billion. The improved performance was driven by higher profitability in all segments.
The property-casualty segment saw revenues increase 5% to €62.3 billion and 31% operating profit growth to €5.7 billion.
For the life/health business segment, operating profit rose 5% to €5 billion from higher reserve loadings and improved investment and technical margins. The value of new business grew to €2.5 billion. Higher average assets under management grew by 9% to €2.6 trillion and continued cost control led to a 22% gain in operating profit to 3.5 billion baht from the asset management business segment.