ALLIANZ PROMISES STRONG GROWTH IN ASIA-PACIFIC

European insurer Allianz expects double-digit growth in premiums and profits from the Asia-Pacific region this year, and is targeting at least a top-five position in each of its markets in the region, according to Allianz Asia-Pacific regional CEO Bruce Bowers. Allianz recorded premium income of €8.8bn for the whole region, up 29.3% year on year. Allianz board member Werner Zedelius said that the company was targeting a premium of at least €10bn this year. India is Allianz’s main market in gross terms, although restrictions on foreign direct investment reduce the net. Premiums in India rose by 72% to €1.8bn, while in China they were up 132% to more than €300m.