Wealth Weekly announced the winners of "2012 China's Preferred Insurance Brands for Millions of Middle Class Families", and two new products of Sino-German Allianz Life Insurance Co. The two new products of Sino-German Allianz Life Insurance Company Limited, "Ankang Furei Comprehensive Protection Plan" and "Ankang Zhizhen Global Group Medical Insurance", were honored with the awards of "Best Medical Insurance" and "Best Group Insurance for Small and Micro Enterprises". This is the second time for C&T to be honored in the list after winning the "Best Innovative Life Insurance Brand" in 2009 for its flagship product "Super Easy", making C&T one of the very few foreign insurance companies to be included in the list. Mr. Hu Dong, General Manager of C&T Beijing Branch, attended the award ceremony in Beijing.
"2012 China's Top Insurance Brands for Millions of Middle Class Families" started in 2009. Based on the objective opinions of three groups of people, namely insurance professional organizations, media and readers of middle class families, the list attracted hundreds of thousands of netizens and readers to participate in the voting process, and comprehensively analyzed the business operation, product design, service innovation, brand image and claims efficiency, as well as the service innovation of each insurance company, The polling attracted hundreds of thousands of netizens and readers to vote for the "preferred" insurance products among millions of middle-class families, based on the performance of insurance companies in business operation, product design, service innovation, claim settlement efficiency, brand image, and social responsibility practices.
The two winning products of Sino-German Allianz are both new products with comprehensive coverage and innovative design. The "Ankang Fortune Comprehensive Protection Plan" is the most comprehensive major disease protection in the industry, as it y fits the current social environment where the incidence of serious illnesses continues to rise and medical insurance coverage is very limited. "Ankang Zhizhen Global Group Medical Insurance" is a group medical insurance plan for high-end businessmen from Sino-German Allianz. With a strong network of medical institutions around the world, Ankang Zhenzhen allows customers to fully enjoy the most effective medical equipment and treatments without worrying about the high cost of medical treatment, as well as a wide range of services covering the entire process of medical treatment, to protect the health and safety of high-end business people.
Allianz Group continues to grow strongly in the third quarter of 2012
Total revenues in the third quarter increased by 4.7% to EUR 25.2 billion
Operating profit increased by more than 30% to EUR 2.5 billion
Quarterly net income remained high at EUR 1.4 billion
Solvency ratio continued to improve to 190%
For the full year of 2012, Allianz expects operating profit of EUR 1.4 billion, up from EUR 1.4 billion in the first quarter of 2012. >Allianz expects full-year 2012 operating profit of more than €9 billion
In the third quarter of 2012, the Allianz Group continued the strong first half of the year and, as in the previous two quarters, total revenues, operating profit and net income increased compared to the same period in 2011.
Total revenues in the third quarter rose 4.7 percent to 25.2 billion euros from 24.1 billion euros in the same period. Quarterly operating profit jumped even more, by 32.8 percent, to 2.5 billion euros from 1.9 billion euros. All three business areas improved.
Net income in the third quarter of 2012 rose to 1.4 billion euros compared with 258 million euros in the same period. Losses from investments in the financial sector and the Greek debt crisis had a significant impact on net income.
The consolidated solvency ratio rose to 190% as of September 30, 2012, up another 4 percentage points from 186% as of June 30th. Shareholders' equity grew from €48,013 million to €51,915 million over the same period, a growth rate of 8.1 percent.
Due to the strong operating performance, Allianz expects operating profit for the full year 2012 to be in excess of €9 billion if there are no adverse changes before the end of the year. The trend in net income will continue to be influenced by the strengthening of the balance sheet, including the resolution of investment risks and restructuring activities.
"The third quarter played an important role in our very solid performance in the first nine months," said Allianz Group Chief Executive Michael? Dickman said, "especially during a challenging period when customers sought insurance and investment dependencies."
Property and Liability business continues to grow
The Property and Liability business continued its solid operating performance, with gross premium income increasing by 5.2% to €11.4 billion in the third quarter of 2012, up from €10.8 billion in the same period of 2011.
Operating profit in the third quarter increased by 4.3 percent year-on-year to €1.2 billion from €1.1 billion. The consolidated expense ratio improved another 1.3 percentage points to 96.3 percent from 97.6 percent in the third quarter. Lower natural disaster claims impacted the loss ratio by only 0.8 percentage points in the third quarter, compared to 4.0 percentage points in the same period. The claims closure rate for the quarter was 1.5 percent.
"Our Property & Casualty and Liability businesses benefited from favorable pricing factors and the ***same impact*** of lower natural catastrophe claims, so our focus remains on securing profitable growth," said Oliver Bäte, Allianz's chief financial officer.
Life and health insurance continues to move forward steadily
In the third quarter, premium income from life and health insurance amounted to 11.9 billion euros, an increase of 0.9% from 11.8 billion euros in the same period. Strong revenue growth was achieved particularly in Asia Pacific, France, Spain and Switzerland.
Premiums from traditional life products grew from €5.6 billion to €5.9 billion, while revenues from investment products followed the trend in the main markets, falling from €6.2 billion to €6.0 billion.
Operating profit was 822 million euros, compared with 520 million euros in the same period last year. 58.1 percent of the increase came from investment income, which strengthened after a hard-hit year in 2011.
The average asset base of this segment increased by 9% to €386.8 billion in the third quarter of 2012 from €354.9 billion. The value of new business declined to €149.0 million from €235.0 million in the third quarter of 2011, reflecting the impact of the weaker interest rate environment.
"In the current intensely challenging environment in life and health insurance, we are very concerned about the quality of our portfolio," said Oliver Bäte, "and clients are eager for a strong partner like Allianz. Our asset base continues to grow and operating earnings are on a very good track.
Asset management continues to deliver excellent results
In asset management, net fee and commission income reached €1.8 billion in the third quarter, up 36.4 percent from €1.3 billion in the same period. This increase reflects higher gross asset management, higher performance fees and favorable foreign currency exchange factors.
At the end of the third quarter, total assets under management increased by 14.8% to a record €1.8 trillion, up from €1.6 trillion at the end of September 2011, and third-party assets under management rose to €1.4 trillion, up from €1.2 trillion the previous year.
Operating profit in asset management jumped 58.1 percent to 849 million euros from 537 million euros in the year, or 40.9 percent after adjusting for foreign exchange rates and consolidated statement factors. The income-expense ratio improved 5.5 percentage points to 54 percent from 59.5 percent in the third quarter.
"This outstanding performance reflects the success of PIMCO's operations. In addition to the solid results achieved in the U.S., PIMCO is delivering strong growth globally," said Oliver Bäte. "Thanks to the outstanding operations in the quarter, the Asset Management business area once again made an important contribution to Allianz Group's solid operations and profitability. "
Pacific Property and Casualty Insurance partners with Euler Hermes
In March 2011, China Pacific Property and Casualty Insurance Co. and French credit insurer Euler Hermes have signed an agreement marking the full cooperation between the two companies in credit insurance product development, operational management and market development.
China Pacific P&C hopes to improve its credit insurance underwriting and risk control capabilities by introducing world-leading credit insurance products. Euler Hermes is a subsidiary of the German Allianz Group, which is held by the French Allianz Group.