Allianz Partners reports record 2023 earnings
Allianz Partners reports record 2023 earnings | Insurance Business Australia
Insurance News
Allianz Partners reports record 2023 earnings
Report details segment-wide growth
Insurance News
By
Roxanne Libatique
Allianz Partners, a major global insurance and assistance provider, has disclosed its financial outcomes for the year 2023, setting new records for revenue and operational profit.
Performance of Allianz Partners’ health segment
In the health business segment, revenues surged by 23.4% to reach 2.959 billion euros. This growth was propelled by organic expansion, increased engagement in the small and mid-size enterprise (SME) sector, and forging new alliances with local insurance entities.
A significant role in this growth was played by the enhancement of the digital health services through the Lumi health ecosystem, which served over a million users in the past year.
Performance of Allianz Partners’ travel insurance segment
The travel insurance division reported an 8.0% increase in revenues, totalling 3.297 billion euros. The resurgence of travel activities in the Asia-Pacific region, particularly following the lifting of travel restrictions in Australia and New Zealand, contributed to this rise.
Additionally, sustained advancements in North America and Europe helped bolster the segment’s performance. The recent introduction of the allyz mobile app marked a significant stride in the company’s digital outreach.
Performance of Allianz Partners’ mobility and assistance segment
The mobility & assistance segment showed a revenue increase of 11.2%, amounting to 2.902 billion euros. This was led by the robust performance of the roadside assistance and home businesses across Europe and Latin America.
Despite stability in the mobile device and digital risk (MDDR) business, remarkable growth was noted in markets such as India, Spain, and France.
Allianz Partners businesses’ growth in 2023
CEO Tomas Kunzmann reflected on the year’s achievements, noting significant strides in all key business areas, including travel, health, assistance, and mobility services.
“2023 was another record year for Allianz Partners in terms of total revenues and profits, following the record results in 2022. The travel business continues to thrive, our healthcare business saw tremendous growth and there was excellent momentum in our assistance and mobility business globally. As a result, our continued growth is built on solid foundations as we invest in the digitalisation of our services while ensuring the human touch and the highest levels of customer satisfaction,” he said.
Allianz Partners’ performance forecast
Looking forward, Kunzmann remains optimistic about the company’s trajectory, attributing its strong position to the dedication of over 22,000 global employees. He emphasised the strategic goals set for 2030, aiming to double the company’s revenues through continuous innovation and a focus on digital enhancements.
“Thanks to the commitment of our team of more than 22,000 employees around the world, I am very positive about the outlook for the coming years and that we are on track to achieve our goal of doubling revenues by 2030,” he said.
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