Gross written premium (GWP) from all distribution channels was Bt22 billion for the period, up 9 per cent year on year, while first year premium (FYP) grew 11 per cent to Bt4.3 billion.
President and chief executive officer Bryan Smith said that in the current low-interest-rate environment, and with customers’ demand for health coverage and the high inflation in medical costs likely to continue, Allianz Ayudhya had a clear vision to become the market leader in life and health protection.
“This year, the company has continuously developed and enhanced many protection offerings to our customers.
“Our largest success has been with our popular ‘My Health Plus Extra’ product, which, to date, has generated around Bt100 million FYP.
“With the strong focus on protection offerings for our customers, the proportion of protection premium for Allianz Ayudhya has reached 37 per cent of total premiums for the first time in our 65-year history. This reflects the successful implementation of our protection strategy that we began to implement three years ago.
“During the last few months of 2016, with our strong customer focus and multi-channel distribution, we are confident that we can achieve our target of Bt6.1 billion in FYP and total gross written premium of Bt31 billion by the end of the year,” Smith said.
Meanwhile, Allianz Group, the major shareholder of Allianz Ayudhya Assurance, has reported that the group’s performance in the first nine months will keep Allianz on track for its full-year profit target.
Total revenues decreased by 3.2 per cent to 92.4 billion euros (about Bt3.5 trillion) for the first nine months of 2016.
Operating profit increased 1.7 per cent to 8.0 billion euros, driven by the property and casualty segment and, to a lesser extent, asset management. The life and health segment posted an increase in operating profit. The non-operating result was affected by a lower investment result and the classification of the South Korean business as “held for sale”.
Overall, net income attributable to shareholders was 5.1 billion euros, down 1.1 per cent from the first nine months of 2015.
“Efforts to develop our business in a very difficult environment are paying off,” said Dieter Wemmer, chief financial officer of Allianz SE. “We’re seeing sustainable profitable growth in many businesses.
“Improvements from our renewal agenda are bearing fruit and keeping us on track to reach our operating-profit target for the full year of 10.5 billion euros, give or take 500 million euros.”