Allianz Malaysia Berhad (Allianz Malaysia) Group announced its results for the first nine months of 2022. The Group recorded a total of RM4.56 billion in Gross Written Premiums (GWP) in the first nine months of 2022, a 9.4 percent increase as compared to RM4.16 billion it achieved in the same corresponding period in 2021.
The Group’s Total Assets grew by 4.0 percent to RM23.84 billion as at September 2022 as compared to RM22.91 billion gained last year while the Group saw a one percent increase in Profit Before Tax to RM436.9 million in the first nine months of this year, as compared to RM432.6 million achieved in the same corresponding period last year. Meanwhile, Core Profit of the Group, which is before the inclusion of short-term volatility in the life segment due to interest rates, grew at 11.1 percent at RM529.7 million, as compared to RM476.7 million.
Allianz Malaysia Chief Executive Officer, Sean Wang, said: “Allianz Malaysia Group continued to deliver resilient financial results in the third quarter of 2022. While there were low base effects from the negative growth in the third quarter of 2021, stronger economic growth driven by increased domestic demand saw our general and life insurance businesses perform remarkably well to deliver a combined RM4.56 billion in GWP. While Bank Negara revealed that the Malaysian economy looks set to expand in the fourth quarter of 2022, although at a more moderate pace, the Group remains cautiously optimistic and will continue to employ strategic initiatives to drive business and profitability and deliver customer-focused solutions.
Allianz General posts improved results in underwriting result and profit before tax Allianz Malaysia’s general insurance subsidiary: Allianz General Insurance Company (Malaysia) Berhad (Allianz General) GWP jumped 12.3 percent to RM2.01 billion in the first nine months of 2022 from RM1.79 billion in 2021. Allianz General also posted positive Underwriting Results of RM209.4 million in the first nine months of this year, an 11.1 percent increase from RM188.5 million earned last year while Profit Before Tax improved by 2.8 percent to RM331.6 million in the first nine months of 2022, as compared to RM322.7 million achieved in the same corresponding period in 2021. Total Assets as at September 2022 stood at RM7.40 billion, a 2.5 percent increase from RM7.22 billion in 2021. Allianz General’s Combined Ratio stood at 87.6 percent in the third quarter of 2022, compared to 88.2 percent in the same corresponding period in 2021.
“Our general business was robust in the first nine months of this year, delivering a GWP of RM2.01 billion thanks to our highly motivated distribution channels and on-ground assets and improved consumer sentiments and market conditions. This saw the sales volume of new vehicles increase by 62 percent up to the third quarter of this year compared to the corresponding period in 2021. Besides that, higher underwriting profitability and lower management expenses allowed the Company to deliver a profit before tax of RM331.6 million, an increase of RM8.9 million, and a healthy combined ratio of 87.6 percent,” said
Sean, who is also Chief Executive Officer of Allianz General. Allianz Life delivers RM2.55 billion in GWP The life insurance subsidiary of the Group; Allianz Life Insurance Malaysia Berhad (Allianz Life) continues to stay resilient, recording a 7.2 percent increase in GWP of RM2.55 billion from January to September this year as compared to RM2.38 billion earned in 2021. Its Annualised New Premiums (ANP) were lowered by 0.6 percent to a total of RM466.1 million in the first nine months of 2022 with a better performance than the life insurance industry, which reported a 5.6 percent reduction. Profit Before Tax as at September 2022 increased by 7.6 percent to RM142.4 million compared to RM132.4 million achieved in 2021, thanks to a 33.3 percent higher Core Profit that more than offset the negative short term impact of higher interest rates on the fair value of its investments.
Total Assets grew by 4.7 percent to RM15.98 billion from January to September this year compared to RM15.27 billion in 2021. Based on Life Insurance Association of Malaysia (LIAM) statistics for January to September 2022, Allianz Life reached a 9.6 percent market share compared to 9.1 percent in the same corresponding period in 2021.
Allianz Life Chief Executive Officer, Charles Ong, said: “Consumer sentiments and lingering caution continue to dictate the performance of the life insurance industry, with new business growth rate labouring at negative 5.6 percent. In spite of this, Allianz Life remained resilient, doing better than the industry rest of the industry by containing the reduction to 0.6 percent, thanks to the diligent work of our agency, bancassurance and employee benefits channels.
Furthermore, Allianz Life also managed to record positive GWP results of RM2.55 billion whilst the Company saw a higher profit before tax of RM142.4 million, mainly driven by a higher contribution from the protection business. As health visits are expected to normalise in the coming months following the COVID-19 pandemic, Allianz Life will continue to employ strategies that have allowed us to remain agile as we continue to chart positive growth for the business.”
Allianz Malaysia backs UMMC’s study on Long COVID effects Allianz Malaysia supports University Malaya Medical Centre (UMMC) in its ongoing clinical study on individuals who have had COVID-19 and the development of long-term symptoms or Long COVID.
The 31-month-long study, spearheaded by UMMC’s Dato’ Prof. Dr. Adeeba Kamarulzaman, focuses on the assessment of post-acute COVID-19 syndrome (PACS) in COVID patients and will culminate in December 2024.
According to the World Health Organisation (WHO), Long COVID condition usually occurs in individuals three months after being infected with COVID-19, with symptoms, and can last up to two months. Common symptoms of long COVID include shortness of breath, fatigue, and cognitive dysfunction, including problems with concentration and memory, as well as brain fog.