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Allianz Ayudhya reports strong 2016 performance, generating THB 5.9 billion ANP and THB30 billion GWP with True Customer Centricity, Protection and Digitalization as key strategies

อลิอันซ์ อยุธยา Allianz Ayudhya - Bryan_Smith_-_CEO_Allianz_Ayudhya_low_res
Mr. Bryan Smith, President and Chief Executive Officer, Allianz Ayudhya Assurance PCL

Allianz Ayudhya Assurance PCL reports a strong operating result for 2016 with continued growth. Annualized New Premium (ANP) from all distribution channels reached 5.9 billion baht (5.8BB / 2015) up 2% on prior year. Gross Written Premium (GWP) grew 8% reaching 30 billion baht (28BB / 2015). This successful performance was the result of the company’s continued focus on 3 core strategies: True Customer Centricity; Protection Leadership; and Digitalization.

Allianz Ayudhya Assurance PCL reports a strong operating result for 2016 with continued growth. Annualized New Premium (ANP) from all distribution channels reached 5.9 billion baht (5.8BB / 2015) up 2% on prior year. Gross Written Premium (GWP) grew 8% reaching 30 billion baht (28BB / 2015). This successful performance was the result of the company’s continued focus on 3 core strategies: True Customer Centricity; Protection Leadership; and Digitalization. 

Mr. Bryan Smith, President and Chief Executive Officer, Allianz Ayudhya Assurance PCL, stated that the company has achieved a strong performance in 2016 in line with the business plan. New Premiums from all distribution channels was 5.9 billion baht growing 2%. GWP from all distribution channels hit a record 30 billion baht, an increase of 8% from 28 billion baht in the previous year. Agency remains the largest premium contributor with a total premiums of 14.14 billion baht. Bancassurance generated 10.25 billion baht total premium, while Direct Marketing remains the market leader for the 7th consecutive year with 4.89 billion baht in total premium.

“Our successful 2016 performance was a result of our focused growth strategies. First and most important is our commitment to the customer which we call “True Customer Centricity”. Our products and services have been developed to serve customers’ needs reflected in an increasing trend for the need for Health and Life “Protection”. We also have worked closely with our Agency channel to grow the agency force to better serve our customers through the use of “Digitalization” to increase productivity. In addition to our support for our tied-agents, our digital platform was also extended to support our customers, employees and business partners. By having a very clear strategic focus, and a strong customer commitment, 2016 has marked another successful year for Allianz Ayudhya”.

“Moving forward in 2017, True Customer Centricity will remain our key focus. In addition we will ramp up our investments into digital innovation and plan to invest more than 200MB. Finally we will build agency and we expect to recruit 6,500 new agents by year end to support our drive towards Life and Health protection offerings. We plan to grow protection sales as a proportion of our total business to 42% and to grow faster than the industry to achieve THB 6.5 billion baht in new premiums and THB 32.5 billion baht in total premiums” Mr. Smith concluded.   

Allianz also had a solid year in its Asia growth region, with steady investments that expanded both its distribution capabilities, as well as digital partnerships and platforms. The launch of its digital sales tool Allianz Discover in core life markets saw Allianz advance towards its Digital Agency model, allowing advisers to customize protection solutions and engage more meaningfully with customers. In the second half of the year, Allianz successfully secured distribution partnerships with Maybank and E-Sun in Indonesia and Taiwan, as well as a landmark regional  agreement with Standard Chartered Bank across five markets, significantly expanding its distribution footprint in the region. The introduction of its Asia Lab in mid-2016 supported the integration of new data-driven propositions to enhance the customer experience across the insurance value chain, from predictive underwriting to claims processing.

Meanwhile, Allianz Group, the company’s major shareholder, has delivered 10.8 billion euros (411.87 billion baht) in operating profit in 2016, near the upper end of its target range and the fifth consecutive increase in annual operating results. Net income attributable to shareholders rose 4.0 percent compared to 2015, leading Allianz to raise its dividend further to 7.60 euros (289.83 baht). Allianz will also launch a 12-month share buy-back plan worth up to 3 billion euros (114.4 billion baht), representing around 4.2 percent of its share capital. Allianz, Europe’s largest insurer by market value, saw further progress in implementing its Renewal Agenda in 2016, putting the company well on track to achieve its 2018 targets.

The Life and Health segment saw the strongest rise in operating profit – up 9.3 percent to 4.1 billion euros (156.35 billion baht) – with rising investment results as the key driver. The new business margin rose to 2.7 percent in 2016 compared to 2.2 percent in 2015, demonstrating Allianz’s ability to implement strategic changes swiftly and profitably in response to the low interest rate environment.

The Property and Casualty segment saw operating result ease 4.2 percent in the year mainly due to weaker investment results, even as its underwriting performance improved. The segment’s combined ratio, which measures underwriting profitability, improved 0.3 percentage points to 94.3 percent due in part to lower claims from natural catastrophes. 

The Asset Management segment marked an important milestone as PIMCO generated two consecutive quarters of third-party net inflows in the second half of 2016. A 6.1 percent increase of total assets under management (AuM) to 1,871 billion euros (71.35 trillion baht) at year-end was mainly due to positive market effects. A decline in AuM driven fees and performance fees, however, led to a 4.0 percent decrease in operating profit. Cost discipline led to an improvement in the cost-income ratio to 63.4 percent from 64.5 percent for the segment.

“The year was filled with surprises, not all of them welcome, that challenged many assumptions, fueled geopolitical uncertainty and market volatility, and that make 2017 difficult to predict. Nevertheless, we feel confident enough to raise our operating profit target range. The group aims to achieve an operating result of 10.8 billion euros (411.87 billion baht), plus or minus 500 million euros (19.068 billion baht), in 2017, barring unforeseen events, crises or natural catastrophes,” Oliver Bäte, Chief Executive Officer of Allianz SE, said.

(Currency Exchange rate as of 30 December 2016:  1 euro = 38.1362 baht)

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