RICHMOND, VA, MAY 31, 2016
- 2015 Revenue: 7.272 billion euros (+14% compared to 2014 and +11% at a constant exchange rate)
- Operating Profit: 266 million Euros (+21% compared to 2014 and +15% at a constant exchange rate )
- Combined ratio: 97.9% (99% in 2014)
- 16,000 employees worldwide
- Present in 75 countries
- 40 million cases handled *
- Ambition for 2020: 10 billion euros in revenue and 500 million euros in operating profit
Allianz Worldwide Partners (AWP) has announced its financial results for 2015 and confirms its ambitions for 2020. Global revenue increased by 14% compared to 2014, and 11% at a constant exchange rate. All of the Group’s geographical regions and lines of business made balanced contributions to growth in 2015. Allianz Worldwide Partners also showed a marked improvement in its combined ratio at 97.9%, while operating profit increased by 21% (+15% at a constant exchange rate).
“We saw that 2015 was another year of growth for Allianz Worldwide Partners, and generated very satisfactory results, particularly in light of the difficult global context. I want to thank all of our teams whose efforts once again allowed us to demonstrate our ability to serve all our customers around the world, be they global or local,” said Rémi Grenier, President and CEO of Allianz Worldwide Partners.
Allianz Worldwide Partners: a unique combination of service, insurance and technology
Allianz Worldwide Partners is the new integrated offer responding to an undergoing profound change worldwide. In an increasingly connected and globalized economy, and with changes in consumer behavior and ever higher demands from its partners, Allianz Worldwide Partners offers a solution for each market.
Allianz Worldwide Partners accompanies and supports each of its clients thanks to its unique combination of service, insurance and technology for the assistance, travel insurance, international healthcare and automotive industries.
“Allianz Worldwide Partners is the B2B2C specialist as well as one of the growth drivers of the Allianz Group. We now provide a unique global offering that has already been adopted by large international groups to protect their customers and employees worldwide,” Rémi Grenier explains.
Solid growth across all lines of business
In 2015 all of the Group’s lines of business reported growth: +19 % for assistance and travel insurance, +8% for automotive and +18 % for international health.
Allianz Worldwide Partners’ assistance and travel insurance business grew by 19% compared to 2014, and by 14% at a constant exchange rate, to reach 3.176 billion euros. This growth was partly driven by a 67% increase in the “home and daily life” activity. Operating profit rose to 116 million euros, up 14% over 2014.
The automotive business in 2015 reported 8% growth (6% at a constant exchange rate) with revenue of 2.818 billion euros. Operating profit followed a similar trajectory with 102 million euros and a 17% rise compared to 2014. The increase of this line of business was mostly due to strong growth in the Asia-Pacific (Australia, India and China) and in Europe (Germany, the Netherlands and Switzerland). Two product lines in particular, warranty extension (+14%) and motor insurance (+6%), contributed to business development.
International health reported revenue of 1.306 billion euros, up 18% compared to 2014 (+10% at a constant exchange rate). The same goes for operating profit, which reached 65 million euros (+22% compared to 2014). The signing and renewal of several partnerships, and the launch of new offers (corporate assistance, individual healthcare products and international health insurance programs) proved to be the strongest drivers of growth.
Present on all continents
The Group continues to geographically expand its operations. While Europe, the Middle East, and North Africa still represent 62% of total revenue, in 2015 the Asia-Pacific region accounted for 25% of all activity and the Americas accounted for 13%. Germany and Australia are competing for the first place on the podium and represented over 16% of the Group’s activity each, followed by France (11%) and the USA (8%).
The US business remained strong in 2015, attaining 600 million euros ($666M USD) of revenue, a 19% increase over the prior year at a constant exchange rate. Bottom line performed even better, with operating profit growing to 38 million euro ($42M USD) – a 22% improvement over 2014 in constant currency - on the strength of its travel insurance portfolio.
A new strategy to support strong ambitions
Since January 2016, and in order to meet the needs of a perpetually changing world, Allianz Worldwide Partners has been organised around 5 lines of business, 5 regions and 5 global functions:
5 lines of business:
o Travel Insurance
o International Health
o Digital and Market Management
o Europe 1 (Northern Europe, Middle East and North Africa)
o Europe 2 (Germany, Austria, Switzerland)
o Europe 3 (Southern Europe, France)
5 global functions: Finance, Operations, HR/Communication, Audit, Strategy
This new organization is led by Rémi Grenier, President & CEO, and supported by the new and recently announced Board of Management. Allianz Worldwide Partners pursues its strategy to maintain its leadership position and become the B2B2C, customer-centric standard bearer. The Group now relies on 5 major strategic initiatives to accelerate growth and ensure its development: assistance is focused on an increasingly connected world (connected home and daily mobility); international health is focused on the “Health in a Box” solution; travel focuses on connected travellers, digital on “Allianz for Life” solutions, and automotive on the connected car.
“Allianz Worldwide Partners aims to generate 10 billion euros in revenue with an operating profit of 500 million Euros by 2020, while simultaneously maintaining a high customer satisfaction rate (70% NPS) and strong commitment from our employees worldwide,” Rémi Grenier concludes.
*excluding Allianz Global Automotive
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About Allianz Global Assistance USA
Allianz Global Assistance USA (AGA Service Company) is a leading consumer specialty insurance and assistance company. We insure 21 million customers annually and are best known for our Allianz Travel Insurance plans. In addition to travel insurance, Allianz Global Assistance USA offers tuition insurance, event ticket protection, registration protection for endurance events and unique travel assistance services such as international medical assistance and concierge services. The company also serves as an outsource provider for in-bound call center services and claims administration for health insurers, property and casualty insurers, and credit card companies.
About Allianz Worldwide Partners
Dedicated to bringing worldwide protection and care, Allianz Worldwide Partners is the B2B2C leader in assistance and insurance solutions in the following areas of expertise: global assistance, international health & life, global automotive and travel insurance. These solutions, which are a unique combination of insurance, service and technology, are available to business partners or via direct and digital channels under three internationally renowned brands: Allianz Global Assistance, Allianz Worldwide Care and Allianz Global Automotive. This global family of over 16,000 employees is present in 35 countries, speaks 58 languages and handles 39 million cases per year, protecting customers and employees on all continents. For more information, please visit https://www.allianz.com/en/products_solutions/services-and-assistance/allianz-worldwide-partners/