Allianz Malaysia Bhd (AMB) Group concluded 2017 with a 2.5% growth in the Group’s Gross Written Premium (GWP), which stood at a solid RM4.29 billion (bn) as compared to RM4.18bn from the previous year.
Its profit before tax stood at RM437.3 million (mn) 2017 as compared to RM454.6mn in 2016. The Group’s total assets grew 11.3% to RM16.59bn in 2017 (compared to RM14.91bn in 2016)
“In 2018, we are shifting gears towards making Allianz to be a household brand that is synonymous with protection for everything you need, literally from A to Z,” stated Zakri Khir, CEO of AMB.
Additionally, the GWP of Allianz General Insurance Company (M) Bhd took in RM2.14bn in 2017 as compared to RM2.08bn in 2016 (2.5% increase). Its underwriting profit was at RM101.6mn in 2017 from RM 166.9mn in 2016 while profit before tax dropped by 16.7% in 2017 to RM266.9mn from RM320.5mn previously.
“The year 2017 was a year of significant changes and challenges in the general insurance industry with the phased liberalisation of the motor and fire insurance sectors. The drop-in profits was mainly due to impairment of insurance receivables. However, in exercising our adaptability, Allianz came up with our own game changer, offering a new range of incomparable products and value-added services at better prices. Our Allianz Road Rangers service and modular home insurance – Smart Home Cover has made all the difference in 2017 in allowing us to continuously maintain the highest of standards in serving our customers,” Zakri continued.
Meanwhile, the life insurance subsidiary of the Group; Allianz Life Insurance Malaysia Berhad continues to grow, recording a 2.4% increase in GWP to RM2.15bn in 2017 from RM2.10bn in 2016. Its New Business Premiums (ANP) rose by 15.3% in 2017 to RM452.5mn from RM392.5mn in 2016.
Profit before tax also grew an impressive 24.9% in 2017 to RM172.9mn compared to RM138.4mn the previous year. Total sssets also rose by 16.8% to RM10.14bn in 2017 from RM8.68bn in 2016.
“We have had a couple of standout products in 2017 that has allowed us to capitalise on the demand for the best value increased satisfaction. We zeroed in on what Malaysians truly need, carefully putting together purposeful products and service that addresses every point of contact to improve our customer’s journey with us,” Zakri added.