Allianz Global Assistance announces growth in 2012, keeping it on track for its 2015 targets.
Allianz Global Assistance has announced its financial results for 2012, reporting that global turnover was up 9%, exceeding the declared goal of 2.2 billion euro.
The major conclusions were:
- Turnover 2012: 2.238 billion euro (+9%);
- Operating profit: + 20.1%;
- Combined Ratio: 96%;
- 12,171 employees in 34 countries;
- 20 million files treated;
- 50 million calls
All the Group’s geographic regions and three main lines of business – automotive, travel, health, home & lifecare – made well-balanced contributions to the growth seen in 2012.
Travel insurance – steady growth driven by northern Europe
In 2012, Allianz Global Assistance’s travel insurance sales increased by 5.1% and represented 44% of the total turnover.
Despite the tensions in the Eurozone, growth was particularly strong in Germany (+7.7%) and the Netherlands (+6.8%).
Online subscriptions, which represent two thirds of the Group’s travel insurance sales, grew at a slower rate (+2.5%) in 2012 than previous years. This slowdown can be partially explained by the change from a default choice of “opt-out” to a default of “opt-in” on all online travel sites, a measure imposed by regulators on all American companies.
B2C sales, on the other hand, reported a solid 15.2% growth.
Health, home & lifecare
With 18% of total turnover, health, home & lifecare activity continued to develop in 2012. Health services reported growth of 19.3% and home & lifecare grew by 24.1%.
In developed countries, aging populations and the desire to control healthcare costs have led to a need to develop solutions in a highly regulated environment. In emerging markets, an expanding middle class is driving demand for high quality health care and services which local providers struggle to satisfy.
The Group’s telemedicine and tele-health services are promoted as solutions for clients in all regions, whether developed or emerging.
Future ambitions on track
This year of growth appears to have cemented Allianz Global Assistance’s growth ambitions for 2015.
“We are particularly well implanted in the markets that will drive world growth in the next decade, due notably to the rapid development of their middle class.
“With our global organisation and by working very closely with Allianz on the B2B2C markets, we are ready to achieve our strategic plan’s objectives: to reach 3 billion Euros in turnover in 2015 with 50% in Europe, 30% in the Americas zone and 20% in the Asia Pacific,” Rémi Grenier, CEO and president of Allianz Global Assistance concludes.