Allianz Malaysia Berhad Group for FY2022 recorded a total of RM6.02 billion in Gross Written Premiums (GWP), a 5.8 percent growth compared to the RM5.69 billion recorded the year before. Profit Before Tax rose by 12.6 percent to RM704.4 million in 2022 as compared to RM625.6 million in 2021, while Total Assets increased by 4.4 percent to RM24.68 billion in 2022 as compared to RM23.64 billion in 2021.
Chief Executive Officer, Sean Wang, said: “The Group signed off 2022 with a strong performance, exceeding the RM6 billion mark in GWP for the very first time. This is a testament to our strength as group. We will focus on remaining agile and adaptable as we continue to grow our business and ensure stable profitability in 2023. We will also continue to drive intiatives to better serve both our life and general insurance customers and agents under one roof through seamless customer service, enhance cross-selling and upselling opportunities and ensure better distribution resonance across both entities.“
Allianz Malaysia general insurance subsidiary; Allianz General Insurance Company (Malaysia) Berhad‘s (Allianz General) GWP rose 9.2 percent to RM2.66 billion in 2022 as compared to RM2.43 billion in 2021. Underwriting Profit grew by 12.6 percent to RM289.6 million in 2022 from RM257.1 million in 2021. The Company’s Profit Before Tax also saw an improvement by 5.8 percent in 2022 to RM462.6 million from RM437.2 million the previous year and registered Total Assets of RM7.27 billion in 2022 from RM7.36 billion in 2021.
According to the ISM Insurance Services Malaysia Berhad (ISM) market performance report, Allianz General captured 13.3 percent market share as of December 2022 and maintained its position as the general business market leader in the country. Based on Life Insurance Association of Malaysia (LIAM) statistics for 2022, Allianz Life maintained its fourth position among the life insurance segment, registering an improved 9.5 percent market share in 2022 from 9.0 percent in 2021.
