Allianz Malaysia for the second quarter ended 30 June 2022, recorded operating revenue of RM1.65 billion, an increase of 5.5% or RM85.8 million as compared to the preceding year’s quarter ended 30 June 2021 of RM1.57 billion due mainly to higher gross earned premiums and investment income by RM73.3 million and RM12.5 million respectively.
Profit before tax came in at RM118.6 million, a decrease of 42.5% or RM87.7 million as compared to the preceding year quarter ended 30 June 2021 of RM206.3 million. The decrease was attributed due to the life insurance segment recording a lower profit before tax of RM8.3 million, a decrease of 91.4% or RM88.6 million as compared to a profit before tax of the preceding year quarter ended 30 June 2021 of RM96.9 million and higher claims and fair value losses on investment in the current quarter.
For the quarter under review, the general insurance segment recorded operating revenue of RM675.4 million, an increase of 1.3% or RM8.5 million as compared to the preceding year’s quarter ended 30 June 2021 of RM666.9 million due to an increase in gross earned premiums and investment income by RM6.2 million and RM2.3 million respectively. The increase in gross earned premiums of the general insurance segment was attributable to higher premiums from the motor and personal accident business.
The life insurance segment registered an operating revenue of RM975.8 million, an increase of 8.6% or RM77.1 million as compared to the preceding year’s quarter ended 30 June 2021 of RM898.7 million due to an increase in gross earned premiums and investment income by RM67.1 million and RM10.0 million respectively. The increase in gross earned premiums of the life insurance segment was mainly contributed by higher premiums from all key distribution channels. The general insurance segment recorded a higher profit before tax of RM116.7 million, an increase of 1.5% or RM1.7 million as compared to a profit before tax of the preceding year quarter ended 30 June 2021 of RM115.0 million. The higher profit before tax was mainly contributed by higher underwriting profit and lower management expenses.
For the quarter under review, the investment holding segment registered a loss before tax of RM6.4 million as compared to a loss before tax of the preceding year’s quarter ended 30 June 2021 of RM5.6 million due mainly to higher expenses in the current quarter.
