Today, Allianz Utama and Allianz Life Indonesia (Allianz Indonesia) reported its 2009 financial year results. Joint Gross Written Premium (GWP) is up by 17% to IDR 4.3 trillion compare to IDR 3.7 trillion in 2008.
Joint local profits increased by 38% to IDR 239 billion (IDR 204 billion for Allianz Life and IDR 35 billion for Allianz Utama), compared to IDR 173 billion in 2008. Its joint Total Assets also grew significantly by 42% to more than IDR 9 trillion, making Allianz Indonesia one of the fastest growing assets managers in insurance industry.
“Our business growth and robust profits proved that we are a fast growing group of companies with strong financially performance and a stable partner to all our customers, agents and business partners,” said Jens Reisch, President Director of Allianz Life Indonesia.
Allianz Indonesia serves nearly 1.5 million customers in Indonesia with the strong support from nearly 20,000 sales agents and business partners.
Allianz Utama Indonesia: Premiums growth in all Lines of Business
In the general insurance business, Allianz Utama generated IDR 905 billion of Gross Written Premium (GWP) in 2009, an increase of 17% compared to the previous year. Positive premium growths are reported from all lines of business with Engineering and Motor Vehicle insurance as the two fastest growing businesses with 40% and 20% growth respectively.
Brokers and Agency channels are the main premiums contributors, which generated 48% and 21% of GWP respectively. The fastest growing distribution channel in Allianz Utama is the Alternative Distributions with 15% growth.
“Despite tougher competitions in all market segments, we are well above our premium targets for 2009,” explained Victor Sandjaja, Technical Director of Allianz Utama.
The company reported a profit before tax of IDR 35 billion, compared to IDR 43.8 billion in 2008. The total assets rose by 11% to IDR 891 billion while the solvency ratio reported strong at 149%.
“Our local profit is lower than in 2008 due to more challenging claims situation in 2009. However, our solvency ratio is maintained solid at 149%, above 120% minimum RBC,” Victor explained.
Allianz Life Indonesia: Maintain Leading Position in Group Insurance & Strong Agency Business
Allianz Life Indonesia reported 17% growth of GWP in 2009, achieved 3.4 trillion compared to IDR 2.9 trillion in 2008. Group Life business reported the highest growth with 38.6%, which maintained the company’s position as a leading life insurer in corporate business. Health insurance grew by 15.6% while Individual Life grew by 6.7%, compared to the previous years’ GWP achievements.
“Our strong financial performance and the Allianz brand as well as our nationwide network of service providers helped us to secure our position as the leaders for corporate business in Indonesia,” said Handojo Kusuma, Director of Allianz Life Indonesia.
In respect to business line portfolio, Individual Life business grew rapidly by 27% and is the main premium contributor, which covers 55% of the total GWP, while group life insurance (including severance plan) and health insurance contributed 35% and 10% respectively.
Around 63% of the company's new Individual Life business was generated through the agency channel while the rest 37% gained from the bancassurance partnerships. More than 95% of the company's new Individual Life business is generated from unit linked policies.
“Allianz Life Indonesia reported a new record of profit before tax of IDR 204 billion, far exceeded the previous year’s IDR 129 billion. Our Assets Under Management grew by 46% to IDR 8.2 trillion while our solvency ratio is reported strong at 428%, far above the government minimum regulation of 120%. We are a financially strong company,” said Jens Reisch.