Allianz Partners’ health business’ revenue grew 23.4% in 2023, according to the provider’s full year results.
The results reveal the health business continued double-digit growth with revenues of €2.959bn last year, which the group attributed to a combination of organic growth, a strengthened presence in the SME market worldwide and new partnerships with local insurers for expanded client coverage.
It added that cross-border health insurance, services and administration have been reinforced via a “significant” increase in regional footprint through additional operational support centres for customers in Asia Pacific and the Middle East.
And together with the roll-out of digital healthcare services through the Lumi health ecosystem that has benefited more than one million users in 2023 alone, Allianz added that these changes place the business in a “strong” position to continue to scale-up.
Across the group, the business posted total revenue of €9.3bn and an operating profit of €301.2m.
And the group’s travel insurance business increased by 8.0%, with €3.297bn in revenue in 2023, while its mobility and assistance business reported €2.902bn in revenue, up 11.2%.
Another record year
Tomas Kunzmann, CEO of Allianz Partners, said: “2023 was another record year for Allianz Partners in terms of total revenues and profits, following the record results in 2022.
“The travel business continues to thrive, our healthcare business saw tremendous growth and there was excellent momentum in our assistance and mobility business globally.
“As a result, our continued growth is built on solid foundations as we invest in the digitalisation of our services while ensuring the human touch and the highest levels of customer satisfaction.
“Thanks to this strong financial performance, Allianz Partners is at the forefront of the transformation of the insurance industry.
“We continue to innovate and invest significantly in digital transformation, including the rollout of our market-leading digital platform, Allyz, across all our lines of business.
“Thanks to the commitment of our team of more than 22,000 employees around the world, I am very positive about the outlook for the coming years and that we are on track to achieve our goal of doubling revenues by 2030.”