Allianz has noted an uptick in its international private medical insurance (IPMI) business last year, which it said was one of the main drivers of financial improvement in its property and casualty arm.
As part of its annual results the insurance giant reported a 5.7% increase in pre-tax operating profit to €14.2bn for 2022 – its highest ever.
Total revenues increased by 2.8% to €152.7bn with the rising operating profit driven by excellent performance in property-casualty and life-health business segments, it said.
The property and casualty segment, which includes the Allianz Partners international business, saw profits rise by 8.4% to almost €6.2bn in 2022 – up from €5.7bn in 2021.
For Allianz Partners it said higher volume was the main growth driver, as it saw “US travel business and international health lift the top-line”.
Meanwhile its life and health business saw profit rise 5.4% to almost €5.3bn for the year.
The insurer cited the successful integration of Aviva Poland and higher new business margin at 3.8% as being key contributors to this.
Protection and health business was particularly responsible here with new business margin increasing from 5.4% to 6% in 2022.
“Our performance is the product of thoughtful design, reliable execution, relentless simplification, and disciplined capital management,” said Allianz SE chief executive officer Oliver Bäte.
“Also, customer and employee satisfaction as well as brand strength reached new all-time high scores.
In an unpredictable world with growing risks and societal imbalances, we are proudly demonstrating our ability to leverage the benefits of Allianz’s scale for our customers, our employees, and our shareholders.”