The Asia Pacific region is considered to be of strategic importance and is one of Allianz’s most dynamic growth markets. Allianz established its Asia Pacific regional headquarters (Allianz Insurance Management Asia Pacific) in Singapore in 1996 to coordinate and support the efforts of Allianz’s insurance operations in the region, and to foster strong links and information exchange with the headquarters in Munich. Today, with an extensive business network and over 13,000 employees, Allianz operates in 15 markets in the region. Each of Allianz entities has its own specialized capabilities in Life and Health insurance, Property and Casualty insurance, Asset Management and Banking. Allianz has now more than 18 million customers in Asia Pacific. All business targets exceeded in Asia Pacific in 2007. Total premium income from all insurance operations in the region increased 29.3% to 8.8 billion euros. Operating profit increased to 668 million euros. Revenues from property and casualty insurance grew 11.2% to more than 2.3 billion euros, life and health insurance rose markedly by 37.1% to 6.4 billion euros. Performance was excellent in Allianz’ core growth markets India and China. In China, premiums climbed over 300 million euros in 2007, an increase of even 132%. “Our strategy of profitable growth in Asia Pacific pays off. We are determined to go on expanding consistently and continuously in all of our chosen markets, through strengthening our retail presence and following a multi-distribution approach. Our targets are 10 billion euros premiums in Asia Pacific and to attain a top-5 position in each market at least”, commented Werner Zedelius, Member of Board of Allianz SE. Property and Casualty Insurance - The general insurance division seeks to provide competitive and innovative insurance solutions combined with levels of service that are considered best practice, based on international standards. As a leading player in the region, Allianz undertakes some of the most challenging and architecturally significant infrastructure projects such as the new Hong Kong, Kuala Lumpur and Bangkok International Airports the Mass Rapid Transit in Singapore and Bangkok, as well as the famous Petronas Twin Towers in Malaysia – one of the world’s tallest buildings. Life and Health Insurance - Since establishing its first Asian life insurance operation in Indonesia in 1996, Allianz has been strengthening its presence in a number of key markets through greenfield operations, joint ventures and acquisitions. In addition to strengthening its strong agency network in Asia Pacific, Allianz is committed to the ongoing development of alternative distribution channels, particularly bancassurance as well as direct-, tele- and worksite-marketing. With a thorough understanding of customers’ needs, Allianz anticipates their future requirements and tailor insurance solutions that will meet their needs every step of the way. Reinsurance - Allianz SE Reinsurance Branch Asia Pacific (ARAP), the regional reinsurance headquarters based in Singapore, joined forces with Allianz Global Risks Asia Pacific in March 2006, under joint management to maximize synergies and efficiencies. Established in 1999, ARAP is highly regarded for their professional reinsurance solutions and superior services. ARAP provides security, strength & stability to their clients together with in-depth expertise and knowledge in their non-life treaty, facultative, life & health divisions, claims and risk consulting services. Allianz Global Corporate & Specialty Division, formed out of ARAP's Facultative Department and AGR Asia Pacific, specializes in large and complex national and international industrial and commercial risks and is ready to meet challenges and demands of the insurance sector along with Asia Pacific’s spectacular industrialization and urban development. Main projects underwritten by the integrated division includes Chek Lap Kok Airport in Hong Kong, Rail systems in Singapore, Taipei, Bangkok, Saigon City in Vietnam, The integrated risk management approach contributes to solutions that include all technical aspects of risk analysis and loss prevention. Customers can tap into Allianz's global underwriting capacity, expertise and network. Asset Management - Allianz Global Investors (AllianzGI) the asset management arm of Allianz, provides its clients with services ranging from relationship management, fund administration to on-going client services. With operations in Australia, China and its Hong Kong and Taiwan region, South Korea, Malaysia and Singapore, AllianzGI is dedicated to providing to its clients in the region with investment solutions that meet the challenges of today's complex economic environment. Credit Insurancet - Euler Hermes is the world leader in credit insurance with presence in 48 countries worldwide. Through its offices in Singapore, Hong Kong and Tokyo, Euler Hermes offers a comprehensive range of services for the management of trade receivables in Asia Pacific since 1997. Global Travel Assistance - As a recognized leader in the provision of healthcare products and services throughout the region, Allianz operates Allianz Worldwide Care, a renowned provider of health coverage for expatriates and global assistance. The Mondial Assistance Group, also a part of Allianz SE, is a worldwide leader in assistance, travel insurance and customer service. With regional headquarters in Singapore, Mondial Assistance has 24-hour call center capabilities to answer in all the principal regional languages and an extensive network of providers positioned to assist customers in Asia around the clock.