Record financial results for Allianz Australia

Record financial results for Allianz Australia

24 March 2015

Allianz Australia grew by 3.7% in 2014 to a record Gross Written Premium of $4.058 billion*, completing more than five years of continuous and sustainable growth. Operating Profit on the Allianz Group International Financial Reporting Standards (IFRS)
reporting basis for the year was ahead of plan at $518 million.

Allianz’s performance was underpinned by a solid Combined Operating Ratio (COR), at 94.6% in 2014.

Commenting on premium growth, Managing Director, Niran Peiris, said “Allianz Australia continues to record strong underlying growth across most distribution channels.”

“I am particularly pleased with our Underwriting Result, reflected in our COR, in light of November’s Brisbane hail storm. This has been achieved by our continued focus on customer service, disciplined underwriting and expense management, which is essential to achieving our financial targets as investment yields continue at record lows,” continued Mr Peiris.

“While the low interest rate environment and the soft market are a continuing challenge, Allianz non-insurance businesses, such as the NSW and Victorian workers compensation schemes and our South Australian CTP operations have continued to perform exceedingly well,” he said.

“Allianz Australia continues to make a positive contribution to the performance of our parent company, Allianz SE, and the credit for this rests with our dedicated employees and the support of our business partners,” Mr Peiris said.

*The figures in this release are based on International Financial Reporting Standards (IFRS) for consistency with figures contained in financial results released by Allianz SE. Care should be taken in making direct comparisons between IFRS-based figures and those of other Australian insurers which may be prepared on an Australian Generally Accepted Accounting Principles (AGAAP) basis.


About Allianz Australia
General Insurance Company of the Year 2014, 2013, 2012, 2011, 2009*
Best General Insurance Company of the Year 2014, 2012, 2010, 2007, 2006**
Allianz Australia delivers a wide range of personal, commercial and corporate insurance products and services to more than 2.5 million policyholders. Over 50% of Australia’s top 200 BRW-listed companies have some form of insurance cover with the group and the group provides workers compensation services to around one-fifth of Australian employees.

*
Australia & New Zealand Insurance Industry Awards
**
Australian Banking and Finance Insurance Awards

About Allianz
Together with its customers and sales partners, Allianz is one of the strongest financial communities. About 85 million private and corporate customers insured by Allianz rely on its knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks. In 2014, around 147,000 employees in over 70 countries achieved total revenues of 122.3 billion euros and an operating profit of 10.4 billion euros. Benefits for our customers reached 104.6 billion euros.

This business success with insurance, asset management and assistance services is based increasingly on customer demand for crisis-proof financial solutions for an aging society and the challenges of climate change. Transparency and integrity are key components of sustainable corporate governance at Allianz SE.