Financial News from Sri Lanka: Allianz for the half-year ending June 30, 2019 Business segment Life & Health (L / H) produced powerful outcomes, driven by remarkable company development and spending discipline in Taiwan, China and Thailand, supporting an operating profit rise of 42% to EUR 205 million. Increased margin growth in our preferred product sections represents an enhanced product combination, contributing to a fresh company value (NBV) increase of 18 percent to EUR 166 million.
Significant input to NBV came from Indonesia, with the agency channel having enhanced volumes and margins. ANP dropped to EUR 484 million by 5 percent, partly owing to decreased amounts through our banking channels.
In our Property & Casualty (P / C) company, total sales have risen by 23 percent to EUR 543 million, with strong organic development and beneficial effect from operations in China, Sri Lanka, and Thailand. Operating profit risen by 3% to EUR 40 million, with the main driver being volume growth. Combined Ratio (CoR) has risen by 1.4 percentage points to 97.8 percent compared to the previous year due to development in economies with greater cost ratios.
Solmaz Altin, Regional CEO of Allianz Asia, said, “For our regional activities, it has been a strong beginning to the year. Since taking on Allianz Asia’s chief executive position during this era, I am pleased with the advancement we are making in a competitive marketplace.
“Our good outcomes are guided by continuing performance across both company industries and continuing support from our teams has helped to fulfill our shared regional strategy.”