Business

Allianz Malaysia records strong first quarter performance


File picture shows a man walking past flags with the logo of German insurance giant Allianz prior to the company’s annual general meeting in Munich on May 7, 2014. — AFP pic

File picture shows a man walking past flags with the logo of German insurance giant Allianz prior to the company’s annual general meeting in Munich on May 7, 2014. — AFP pic

Friday, 20 May 2022 7:47 PM MYT

KUALA LUMPUR, May 20 — Allianz Malaysia Bhd’s net profit jumped to RM101.32 million in the first quarter ended March 31, 2022 from RM63.26 million in the same period a year earlier, mainly due to profit contribution from life and general insurance segments.

Revenue for the quarter also increased to RM1.71 billion from RM1.61 billion year-on-year, mainly due to higher gross earned premiums and investment income by RM87.8 million and RM13.3 million respectively. In a statement today, Allianz Malaysia chief executive officer Sean Wang said the group would continue to find ways to remain agile in driving business and profitability, innovate and accelerate transformation to stay ahead of the game. The group recorded total gross written premiums (GWP) of RM1.62 billion for the first quarter of 2022, a 9.5 per cent increase from RM1.48 billion in the same period last year, while its total assets grew by 10.2 per cent to RM23.92 billion for the first three months of 2022 compared to RM21.71 billion last year.

Allianz Malaysia’s life insurance subsidiary Allianz Life Insurance Malaysia Bhd registered a GWP of RM888.8 million in the first quarter of 2022, a 7.7 per cent increase from the RM825.6 million it achieved in the first quarter of 2021.

However, annualised new business premiums dipped 14.1 per cent to RM147.1 million in the first three months of 2022 from RM171.3 million in the corresponding period of 2021 mainly due to weak market sentiments.

Allianz Malaysia’s general insurance subsidiary; Allianz General Insurance Company (Malaysia) Bhd recorded RM733.7 million GWP in the first quarter of 2022, an 11.8 per cent increase from RM656.4 million in 2021. — Bernama



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