SOURCE: Allianz Global Assistance USA

Allianz Global Assistance USA

May 06, 2013 16:38 ET

Allianz Global Assistance Releases 2012 Financial Results

U.S. Business Unit Reports Revenue of 330 Million Euros, up 11% From 2011

RICHMOND, VA--(Marketwired - May 06, 2013) -  Allianz Global Assistance Group, the parent company of Henrico-based Allianz Global Assistance USA, announced its 2012 financial results and confirmed its ambitions for 2015 at a recent press conference in Paris. The Group reported that growth in global revenue was up 9% over 2011, leading to 2012 revenue of 2.238 billion euros and exceeding expectations for the year. Net profit was 65 million euros. All of the company's geographic regions and its three lines of business -- Automotive, Travel and Health/Home/Lifecare -- made well-balanced contributions to growth in 2012.

The Group also reported an improved combined ratio -- 96% -- and an operating profit that was 113 million euros, up 20% in an economy marked by relentless difficulties in Europe and a lukewarm recovery in the U.S. Despite challenges in the global economy, the Group reaffirmed its ambition to reach 3 billion euros in revenue by 2015, with 50% of revenue coming from Europe, 30% from the Americas and 20% from Asia/Pacific.

In the U.S., the company covered 13 million customers with its travel insurance and event ticket protector products. The American business unit ranks second in revenue in the Group (behind France) at 330 million euros, which is up 11.3% from 2011.

In 2012, Allianz Global Assistance USA successfully launched its Registration Protector product, which provides coverage for registration fees paid by participants when they register for an endurance event. In 2013, the company plans to roll out a new product which reimburses customers for inconveniences they experience due to excessive rain at their travel destination.

"In the U.S., we continue to develop innovative products and services in new and existing distribution channels that will lead to increased revenue and profit for the company," said Mike Nelson, CEO of Allianz Global Assistance USA and Director of the Group's America's Zone. "Working closely with our colleagues across the Group, we are growing the business by focusing on the solutions that our clients in the U.S. and around the world value in order to increase both their revenue and their customer satisfaction."

Allianz Global Assistance USA

Allianz Global Assistance USA (AGA Service Company) is a leading consumer specialty insurance and assistance company. We insure 13 million customers annually and are best known for our Allianz Travel Insurance plans.

In addition to travel insurance, Allianz Global Assistance USA offers 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.

For more information about Allianz Global Assistance USA, please visit allianzassistance.com. To learn more about Allianz Travel Insurance plans, please visit allianztravelinsurance.com or Like us on Facebook at Facebook.com/AllianzTravelInsuranceUS.

Allianz Global Assistance

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Allianz Global Assistance is an international leader in assistance, travel insurance and health, life & home care services, with operation centers in 34 countries. The company has more than 12,000 employees who speak 40 different languages and work throughout the world with a network of 400,000 service providers and 118 correspondents covering 150 countries.

Allianz

Allianz is the 50th largest company in the world (Forbes Global 2012) and 62ndmost valuable global brand (Interbrand, 2012). Allianz has 151,000 employees worldwide and 76 million customers in more than 70 countries. In 2011, Allianz had over 103 billion euros in revenue and over 1.6 trillion euros under management. In addition to Allianz Global Assistance, Allianz brands in the US include:

Allianz Life
Allianz Global Investors
PIMCO
Fireman's Fund
Euler Hermes
Allianz Global Corporate & Specialty

Allianz Global Assistance USA

Allianz Global Assistance USA is a leading consumer specialty insurance and assistance company with operation centers in 29 countries. In the United States, Allianz Global Assistance USA (AGA Service Company) insures 13 million customers and is best known for its Allianz Travel Insurance plans.

In addition to travel insurance, Allianz Global Assistance USA offers event ticket protection and unique 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.

For more information about Allianz Global Assistance USA, please visit allianzassistance.com. To learn more about Allianz Travel Insurance plans, please visit allianztravelinsurance.com or Like us on Facebook at Facebook.com/AllianzTravelInsuranceUS.

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