Allianz Malaysia Berhad first-quarter total Gross Written Premiums was at RM1.62 billion, a 9.5 percent increase from RM1.48 billion in the first quarter of 2021. The Group’s Total Assets grew by 10.2 percent to RM23.92 billion for the first three months of 2022 as compared to RM21.71 billion last year, while the Profit Before Tax rose by more than 100 percent to RM151.8 million compared to RM67.4 million in the corresponding period of 2021.
Allianz Malaysia Chief Executive Officer, Sean Wang, said: “The country’s “Transition to Endemic” phase and opening of our international borders beginning 1 April has been a tremendous boost for the economy. As a business, we will continue to find ways to remain agile in driving business and profitability, innovate and accelerate the transformation to stay ahead of the game, anticipate changing trends, and be fiscally prudent and responsible as we continue to focus on our collective goals to outperform the market and continue to build profitable businesses in 2022.”
AMB’s general insurance subsidiary; Allianz General Insurance Company (Malaysia) Berhad (Allianz General) recorded RM733.7 million GWP in the first quarter of 2022, an 11.8 percent increase from RM656.4 million in 2021. Underwriting Profit rose 21.5 percent to RM58.8 million in the first three months of 2022 from RM48.4 million in 2021 while PBT improved by 10.4 percent to RM102.2 million in the first quarter of 2022 from RM92.6 million achieved in the corresponding period in 2021. Meanwhile, Total Assets grew by 7.5 percent to RM7.54 billion as at 31 March 2022 from RM7.01 billion in the previous year. Combined Ratio for the first quarter of 2022 improved to 88.9 percent, compared to 90.5 percent in the first quarter of 2021. Based on the latest Insurance Services Malaysia (ISM) market performance statistics, Allianz General increased its market share to 14 percent in the first quarter of 2022 from 13.3 percent during the same period last year.
Allianz General recorded its best performance for a single quarter in Q1 with RM733.7m in GWP and signed off the first quarter of 2022 on a higher PBT mainly driven by higher underwriting profit, and an improved Combined Ratio of 1.6 percentage points,” said Sean, who is also the Chief Executive Officer of Allianz General.
The life insurance subsidiary of the Group; Allianz Life Insurance Malaysia Berhad (Allianz Life) registered a GWP of RM888.8 million in the first quarter of 2022, a 7.7 percent increase from the RM825.6 million it achieved in the first quarter of 2021. Annualised New Business Premiums (ANP) dipped 14.1 percent 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. Profit Before Tax improved to RM67.7 million in the first quarter of 2022, an increase of more than 100% as compared to a loss before tax of RM20.2 million in the first quarter of 2021. Meanwhile, Total Assets rose by 11.5 percent to RM15.88 billion as of 31 March 2022 as compared to RM14.25 billion in 2021.
Allianz General reveals only 11 percent of 1.11 million customers purchased special perils cover as part of their private car comprehensive cover in 2021. Following numerous flood incidents in the past year and early this year, the Company saw an increase in take-up rate this year – 22 percent in January, followed by 23 percent and 27 percent in February and March respectively.