Allianz Malaysia records RM1 billion in GWP in Q1 2018

Allianz Malaysia Berhad (AMB) Group  records a total RM1.16 billion in the Group’s Gross Written Premiums (GWP) from January to March this year as compared to RM1.12 billion last year; a 3.7% increase. The Group’s Total Assets grew 9.3% to RM16.81 billion in the first three months of 2018 as compared to RM15.38 billion last year while Profit Before Tax increased by 17.4% to RM127.6 million in the first three months of 2018 as compared to RM108.7 million in the first three months of 2017.

AMB Chief Executive Officer, Zakri Khir says “Amidst slower growth for Malaysian economy in the first quarter of 2018, Allianz Malaysia managed to deliver RM1.16 billion in GWP in the first three months of the year. Our focus for the next nine months will be to continuously put customers first and deliver the highest of standards in products and services as we want the Allianz brand to be top of mind when it comes to protection for all needs, from A to Z.”

AMB’s general insurance subsidiary, Allianz General Insurance Company (Malaysia) Berhad’s (Allianz General) GWP  took in RM585.7 million in the first quarter of 2018, a 4.4% increase from RM561.0 million in 2017. Underwriting Profit was at RM44.8 million from January to March of 2018, a 34.9% increase from RM33.2 million in 2017 while Profit Before Tax increased by 20.1% to RM88.3 million in the first three months of 2018 as compared to RM73.5 million the previous year. Total Assets also rose 4.5% to RM6.03 billion in the first quarter of 2018 from RM5.77 billion the previous year. Combined Ratio for the first three months of 2018 improved to 90.6% as compared to 92.6% in 2017. Allianz General maintains its position as the leading general insurer in Malaysia with a market share of 11.6%. based on ISM Market Performance Report for January to March 2018.

The life insurance subsidiary of the Group, Allianz Life Insurance Malaysia Berhad (Allianz Life) registered a GWP of RM572.0 million in the first three months of 2018, a 3.1% increase from RM 555.0 million it achieved in 2017. Its Annualised New Business Premiums  eased a slight 1.6% to a total of RM108.4 million in the first quarter of 2018 from RM110.2 million in 2017. Profit Before Tax saw a 14.3% increase to RM41.5 million in 2018 as compared to RM36.3 million achieved in 2017 while Total Assets rose by 12.9% to RM10.39 billion in 2018 as compared to RM9.20 billion in 2017. Allianz Life holds the fifth position among the life insurance segment, registering a 7.8% market share based on Life Insurance Association of Malaysia  statistics for January to March 2018.

Zakri adds, “Some of our recent partnerships with the Fintech Association of Malaysia and PolicyStreet have allowed us to tap into new, exciting market places and customer segments. These partnerships have also given us room to improve how we package and sell our products and also how we reach out to our customers, allowing us to re-imagine and simplify those choices and at the same time help customers feel confident about it.”

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