Allianz Malaysia Berhad (AMB) Group recorded a total Gross Written Premiums (GWP) of RM1.48 billion for the first quarter this year, an 8.8 percent increase from RM1.36 billion in the first quarter of last year.
The Group’s Total Assets grew 12.3 percent to RM21.71 billion as at 31 March 2021 as compared to RM19.33 billion last year, while the Profit Before Tax dipped by 26.7 percent to RM67.4 million in the first quarter of 2021 as compared to RM91.9 million in the first quarter of 2020, mainly from changes in fair value in the life business segment.
AMB Chief Executive Officer Zakri Khir said, “Notwithstanding the business challenges and tepid economic environment following the reinstatement of the Movement Control Order (MCO) restriction between January to February of this year, Allianz Malaysia still managed to deliver resilient results. In observing the government’s Covid-19 strategy, there just seems to be no end game in sight, and as such, the future is looking bleak for Malaysia. That said, Allianz Malaysia will continue to take things in its stride, employing short-term strategies and its continued push for improved business agility, as we gear up for yet another challenging year.”
AMB’s general insurance subsidiary; Allianz General Insurance Company (Malaysia) Berhad (Allianz General) recorded RM656.4 million GWP in the first quarter of 2021, a 7.0 percent increase from RM613.6 million in 2020.
Underwriting Profit improved by 84.0 percent to RM48.4 million in the first quarter of 2021 compared to RM26.3 million in the first quarter of 2020. Profit Before Tax rose 24.3 percent to RM92.6 million in the first quarter of 2021 as compared to RM74.5 million in the first quarter of previous year.
Total Assets grew by 5.2 percent to RM7.01 billion as of March 31 from RM6.66 billion in previous year. Combined Ratio for the first quarter of 2021 improved to 90.5 percent, compared to 94.8 percent in first quarter of 2020.
“Allianz General’s overall performance was mainly driven by lower expenses and savings from motor claims following the lower number of road users during the movement restriction imposed in the first two months of 2021. Notably, the general insurance industry grew by RM184.9 million or 3.9 percent in the first quarter of 2021, strongly supported by growth in the motor, fire, and liabilities segment, and mainly contributed in the month of March as a result of the significant drop in GWP in the same month last year as a result of the first MCO,” said Zakri, who is also the Chief Executive Officer of Allianz General.