Allianz Partners today (24 April) reported a substantial rise in its health business, up 23.4%, with record revenues of €2.959bn last year.
The Paris-headquartered insurance and assistance services group highlighted the health business performance in its full year 2023 results which saw overall total revenue of €9.3bn and an operating profit of €301.2m, the “strongest financial performance in Allianz Partners’ history”.
The health business “continued its double-digit growth in revenue, driven by a combination of organic growth, a strengthened presence in the Small and Medium Enterprises (SME) segment worldwide and new partnerships with local insurers for expanded client coverage.
“Cross-border health insurance, services and administration have been reinforced by a significant increase in regional footprint through additional operational support centres for customers in Asia Pacific and the Middle East.
“Together with the roll-out of digital healthcare services through the Lumi health ecosystem that has benefited over one million users in 2023 alone, these changes place the business in a strong position to continue to scale-up”, Allianz said in the statement.
All lines of business reported sustained growth – powered by surging international travel, double-digit growth in Mobility & Assistance, and record 23.4% growth in Allianz Partners’ Health business.
The Travel Insurance business increased by 8.0%, with €3.297bn in revenues in 2023, driven by growth in APAC, North America, and Europe.
The Mobility & Assistance business reported €2.902bn in revenue, representing an annual increase of 11.2%. with Roadside Assistance business showed strong growth in European markets, notably in France, Spain, and Switzerland, as well as in Latin America, mainly in Brazil. The Home business performed well across Europe, mainly in Germany and Austria, in addition to achieving substantial growth in Australia.
Easy Living, providing daily life services such as rehabilitation support, also grew year on year, primarily due to new clients in Eastern Europe. The Mobile Device and Digital Risk (MDDR) business remained stable overall, with significant growth in India, Spain, and France, offset by portfolio cleaning in selected markets. Mobility registered an 8% increase in revenue, driven by existing client relationships, new clients in European and Asian target markets, embedded insurance, and the growth of special covers, particularly around new and micro-mobility. The Mobility line of business also successfully entered the US market, with further opportunity for growth in 2024.
Tomas Kunzmann, CEO of Allianz Partners, said: “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 digitalization of our services while ensuring the human touch and the highest levels of customer satisfaction.
“Thanks to this strong financial performance, Allianz Partners is at the forefront of the transformation of the insurance industry. We continue to innovate and invest significantly in digital transformation, including the rollout of our market-leading digital platform, allyz, across all our lines of business. 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.”
