Allianz Partners Continues Growth Trajectory Driven By Travel Rebound

Allianz Partners has announced its full year 2022 results with 8.2 billion euros in total revenue and an operating profit of 260 million euros.

Allianz Partners’ strong results in 2022 were mainly driven by the significant rebound of the Travel business due to the lifting of COVID-related travel restrictions. Revenue growth supported significant new investment in Allianz Partners’ digital platforms and health business through 2022.

Overall, all business areas showed growth compared to 2021:

• Travel demonstrated the biggest growth thanks to the travel recovery in the US and pent up travel demand across the world as border restrictions lifted.
• The strong growth in Mobility was mainly driven by the UK and Chinese markets.
• The traditional International Private Medical Insurance (iPMI) segment boosted the results of the Health business with further investments through the partnership with Aetna International.

A deeper look into the performance of the different business areas:

The Travel insurance business grew substantially by 80% compared to 2021, with 3.053 billion euros in revenues in 2022.

• Growth was driven by the exceptional travel recovery and increasing demand for travel protection as most countries opened borders and lifted travel restrictions. The growth was led by North America and particularly the US across all channels, thanks to the airlines and event ticketing segments.
• Increased global demand powered strong results across all markets and regions among both existing and new clients, including e-commerce players, banking, or airlines.

The Assistance and Mobility business reported 2.610 billion euros in revenues (+5.0% vs. 2021)

• The roadside assistance business saw a small decline in revenue due to the loss of a large client, which was mainly offset by organic growth and new business.
• Challenging market conditions and adverse weather events specifically impacted the portfolio of the Home line of business in Spain and France vs. 2021 results. However, this was offset by growth in Germany, Austria, Czech Republic and Australia. The Easy Living business saw good growth rates in Germany, Switzerland, and Austria.
• The Mobility business delivered excellent performance, despite the challenging market context, with strong growth in the UK, France, China and Hong Kong, as well as the corporate motor business (fleet / new mobility).

The Health business grew by +25.7%, with revenues of 2.384 billion euros last year.

• The traditional International Private Medical Insurance (iPMI) business segment contributed to this stellar performance, with strong growth and retention in the expat business.
• Other revenue came from the partnership with Aetna International and strong growth in the international student business as borders reopened in Australia.

Allianz Partners’ direct channels achieved 334 million euros in revenue, with +78% of annual growth.

• Targeted marketing campaigns focused on the post-Covid travel recovery were a key factor in driving performance, with the biggest growth in the US, Australia, Germany and Brazil.

All regions showed growth in 2022 compared to 2021 across all business segments. North Americas had the biggest increase, driven by strong travel demand in the US. The growth in APAC was driven by the border openings in Australia and New Zealand. The performance in Western Europe and Latin American was driven by the UK and post-COVID recovery, and the performance in North Central and Eastern Europe was driven by Germany and overall post-COVID recovery as well.

Tomas Kunzmann, CEO of Allianz Partners, commented, “This record performance demonstrates the success and validation of our global approach as we continue on our path to be the No. 1 insurance and assistance partner in the new digital world. This has only been possible through the commitment of the entire Allianz Partners team, which enables the business to deliver on its global promise of accompanying customers in their daily lives with solutions that offer true peace of mind, just a click away.

Looking ahead to the future, I anticipate continued growth and excellent performance across our business areas thanks to the ongoing trust of our partners and customers. By continuing to pursue our business transformation and the launch of ecosystem platforms offering digital services beyond traditional insurance, we will ensure our leadership position throughout 2023 and beyond.”

Commenting on the UK results, Marcus Latchford, Chief Sales and Distribution Officer, Allianz Partners UK and Ireland, adds, “These results reflect the strides the UK business has taken to strengthen its position in the Travel insurance sector, alongside another year of excellent performance across the Mobility and Assistance markets. Strong revenue growth has been underpinned by the expansion of new partnerships in the corporate and broking channels, and looking ahead the business remains well placed to leverage the local and global capabilities that exist within Allianz Partners to lead the way in our core markets.”