Allianz Life suffers from crisis

Allianz' life insurance premiums from both Asia-Pacific and the Middle East fell slightly to $7.4 billion due to the turmoil on financial markets. Allianz has more than 21 million customers in Asia Pacific and MENA today.

Premiums of Allianz China Life fell by 20 percent, but according to Allianz, their company did better than the market and climbed to number 4 among international joint ventures. While premiums of Allianz Taiwan Life fell by roughly 40 percent, it maintained its number 1 position in unit-linked business and improved its solvency, against market trend.

South Korea went down 10 percent to $2.1 billion premiums but remains the fifth largest life market for Allianz. Allianz Indonesia grew by 8.5 percent and is the fourth biggest life insurer in the country.

Malaysia posted a record premium of $186.02 million and raised its market share in new business to 7 percent. Allianz Life Japan started selling life insurance policies in April 2008 and generated revenues ahead of expectations.

Total premiums in life insurance in Asia were $5.04 billion.

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