Allianz Indonesia today reported financial results for 2011, generating a 37.2 percent of Combined Gross Written Premiums growth at IDR 7.48 Trillion, compared to IDR 5.45 trillion in the same period last year. Together, both companies are serving more than 2 million insured and are supported by more than 10,000 agents nationwide. Allianz Indonesia also reported strong growth in total assets, which grew significantly to IDR 16.22 trillion.
“Our commitment to strengthen retail business in both Allianz Life and Allianz Utama was reflected from premium contribution of individual life business with 55.3 percent in life insurance while 67 percent premium were generated from motor and property business in general insurance. These figures are strong evidences that focusing to retail is a necessary step. We will further focus on servicing the retail clients in Indonesia,” said Joachim Wessling, CEO Allianz Life Indonesia, “We see an increasing demand for products that insure rising wealth and assets.”
During the year 2011 Allianz Indonesia equipped their customers with a new online portal as a tool to easily check on the claim status and retrieve information for claims mechanism. “In terms of customer service we saw 2011 a busy year in terms of improving tools to make claims handling hassle free for our customers. We have also greatly improved easy access of Allianz fund information via Bloomberg.com and provide a retirement calculator which can be downloaded as Apple application,” added Joachim Wessling.
Allianz Utama Indonesia: Focus on retail business
Allianz Utama recorded a decrease of GWP by 7.59 percent, to IDR 699.48 billion down from IDR 756.93 billion in 2010. In turn Allianz Utama reinforced its disciplined underwriting and risk selection process to focus on the long term and sustainable business portfolio. The elevation of retail business resulted in an increased premium contribution from agency distribution channel up to IDR 220.88 billion from IDR 173.19 billion in 2010. Moreover, motor business and property remained to be the top two business lines and premium contributors with 34.1 percent and 32.8 percent respectively.
“Allianz Utama will further realign distribution and services to a stronger focus on retail business given the promising market condition for retail business of general insurance in Indonesia. The commercial segment will also remain a strong pillar in the portfolio, “said Daniel Neo.
Allianz Life Indonesia: Continued Premium growth in all segments of business
Allianz Life Indonesia closed 2011 with very good increase in premiums, generating IDR 6.78 trillion compared to IDR 4.69 trillion in 2010 which is a significant gain of 44.5 percent. This growth was contributed by a very significant premium growth of Group Life and Savings with an 89.8 percent increase to IDR 2.60 trillion, followed by Individual Life Business with 28.2 percent growth to IDR 3.75 trillion and Health with a 7.4% growth to IDR 422.23 billion.
Allianz Life also reported IDR 2.66 trillion of pay-out for claims and benefits to its customers. This clearly demonstrates Allianz strong commitment to deliver its promise of protection . Profit before tax remained at a high level of growth, 22.8% or reported at IDR 363.9 billion compared IDR 296.16 billion in 2010. Total asset under management soared to IDR 14.83 trillion or increased by 36.3 percent compared to the previous year with IDR 10.88 trillion.
Joachim Wessling commented: “We are delighted to be able to consistently maintain our leading position among the top 5 Life insurer in the market. Our achievements in 2011 are outstanding with all our stakeholders contributing to this success. All our key initiatives, for example introducing the Allianz Star Network (ASN), our new agency system, and technology enhancement for our operational team, have yet accelerated the growth momentum.”
Allianz Indonesia in 2012
Allianz Indonesia, through Allianz Peduli, has successfully continued to contribute to society in Indonesia with various CSR programs. Through its Education, Health care & Humanitarian and Environmental CSR programs, Allianz Indonesia has reached over 10.000 school age youngsters, empowered more than 10 communities and planted 1.000 trees. Furthermore the Allianz Smart Car (Mobil Cerdas Allianz) was launched to provide quality books to unfortunate children in slum areas.
“Allianz takes its social responsibility and good corporate citizenship very seriously. We will continue our momentum in CSR activities. Close to our heart is the project Financial Literacy which will be expanded to the classes for adults starting in April. In the first batch over 200 customers of microfinance institution will benefit from the educational program, explains Joachim Wessling, CEO Allianz Life Indonesia.
“Looking up to the extensive CSR programs and operation activities, we are confident that we will see another success year for Allianz. Our focus remains at product innovation, service quality improvements and technology enhancement to bolster business growth in 2012,” said Joachim Wessling, CEO Allianz Life Indonesia.” The most important thing to our customer and thus, our top priority is Allianz presents as a reliable partner today and in the future.”Joachim added.