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.