Allianz Ayudhya Assurance yesterday hailed its strong first-quarter results with first-year premiums (FYP) from all distribution channels sprinting ahead by 17 per cent and gross written premiums (GWP) by 12 per cent year on year.
"Our direction for 2014 is to continue growing our business in all distribution channels, offering competitive life and health and protection products," said Bryan Smith, president and chief executive officer.
Allianz Ayudhya will continue to put its customers at the centre through the "Service Excellence" campaign. It also aims to become the market leader in life and health insurance.
The Blue House Strategy and the strength of the three core distribution channels worked together to achieve the strong growth last quarter. Allianz Ayudhya brought in Bt1.4 billion in FYP, a 17-per-cent increase from the first quarter of last year, and Bt6.2 billion of GWP, a 12-per-cent increase.
Financial results show steady growth despite the variable economic environment.
Allianz Ayudhya just launched "My Health Plus", a rider that abolishes limits on most expense items. This product meets customer needs as evidenced by more than 1,000 policies within a very short time frame after launch.
It has recently introduced a TV commercial titled "1 Thing That Matters", a communications campaign started by Allianz Group. The new commercial claims that the "1 Thing That Matters" to Allianz Ayudhya is to do its best to protect everything that matters to its customers.
"Last but not least, digital innovation will be a strategy to reach out to a younger generation and to increase brand awareness among consumers," Smith said. "With all of these strategies in place, I am |confident that we will be able |to achieve the targets of Bt6.6 billion of FYP and Bt27.5 |billion of GWP from all distribution channels by the end of 2014."
Allianz Group, a major shareholder of Allianz Ayudhya, also began the year with a strong first quarter. With 34 billion euros (Bt1.5 trillion), it achieved the highest quarterly revenue in its history.
Compared to the previous year’s first-quarter figure of |32.1 billion euros, revenue increased by 6.0 per cent. Operating profit reached 2.7 billion euros, 2.6 per cent below the previous year’s record of 2.8 billion euros.
Net income attributable to shareholders was 1.6 billion euros, a decrease of 3.9 per cent from 1.7 billion euros the year before.