Rollercoaster Year Effects Allianz Earnings. Profits Take A Dip

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Allianz Insurance CEO Sean Wang

Allianz Malaysia Berhad ended 2021 with a 7.2 percent growth in Gross Written Premiums (GWP) to RM5.69 billion as compared to RM5.31 billion from the year before. However, Profit Before Tax dipped 14.3 percent to RM625.6 million in 2021 as compared to RM729.6 million in 2020. Its Total Assets increased 8 percent to RM23.64 billion as compared to RM21.90 billion in 2020.

Chief Executive Officer, Sean Wang, said: “It was a rollercoaster year in 2021, as we experienced highs with the reopening of the economy and implementation of the National Recovery Plan and lows as we were impacted by further lockdowns and then lowest of lows when the country was hit with devastating floods in December.

AMB’s general insurance subsidiary; Allianz General Insurance Company GWP took in RM2.43 billion as compared to RM2.36 billion in 2020, an increase of 3.2 percent. Underwriting Profit grew by 9.1 percent to RM257.1 million. PBT improved by 1.2 percent in 2021 to RM437.2 million from RM432.1 million the previous year. Total Assets increased by 7.1 percent to RM7.36 billion in 2021 from RM6.87 billion in 2020 while the Combined Ratio in 2021 improved to 87.8 percent as compared to 88.4 percent in 2020.

The life insurance subsidiary of the Group; Allianz Life Insurance Malaysia Berhad recorded a 10.5 percent growth in GWP to RM3.26 billion in 2021 from RM2.95 billion in 2020. Its New Business Premiums rose by 29.2 percent in 2021 to RM687.2 million from RM531.8 million in 2020. PBT dipped by 28.6 percent in 2021 to RM220.5 million compared to RM308.7 million the previous year. Total Assets increased 8.7 percent to RM15.63 billion in 2021 from RM14.37 billion in 2020.

Based on Life Insurance Association of Malaysia statistics for 2021, Allianz Life secured the fourth position among the life insurance segment, registering an improved 9 percent market share in 2021 from 7.7 percent in 2020.

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