Allianz Partners has added two senior appointments to its health business as full year results reveal a 26% revenue surge for this business segment.
The group’s health business posted revenues of €2.384bn last year and attributed the improvement to a “stellar” performance from its traditional international private medical insurance (IPMI) business segment with strong growth and retention in the expat business.
It added other revenue came from its partnership with Aetna International and strong growth in the international student business as borders reopened in Australia.
Across the group Allianz delivered total revenue of €8.2bn and an operating profit of €260m which was mainly driven by the significant rebound of the travel business – up 80% on 2021, with €3.053 billion in revenues in 2022 – due to the lifting of Covid-related travel restrictions.
It added that revenue growth supported significant new investment in its digital platforms and health business through 2022.
Pair of appointments
The insurer announce two senior appointments to its health operation, with Paul McGuire joining from Cigna Healthcare as medical underwriting lead for individual and small group business, and Jodi Thomas promoted to head of individual, student and small group business.
McGuire has spent more than 12 years of global underwriting experience with Cigna Healthcare’s operation. His career has centred in the intersection between medical and insurance, coming from a pharmacy background and having worked with the NHS for three years, the insurer noted.
His role leverages extensive knowledge in data and analytics, as Allianz Partners looks to continually simplify and innovate within its underwriting practices.
Meanwhile, Thomas joined Allianz Partners Australia in 2018 as general manager, strategy for international health, and her expanded in 2019 to include travel and assistance.
In 2020, she relocated to the Allianz Partners global office in Paris to focus on growing the student segment around the world.
David Myers, chief sales officer, health at Allianz Partners said: “I am delighted to welcome Paul McGuire and Jodi Thomas to the team. Allianz Partners’ is committed to expanding and innovating its business to meet the growing needs of B2B and B2C customers.
“We continue to invest in not only new innovations, but in the right people to bring these products to life.
“The world has changed post pandemic, but individual and small group business remain a priority for us. We are continuing to enhance our offerings in order to meet the growing demands and needs of emerging segments such as digital nomads and gig workers.”