Allianz Malaysia Berhad announced its first quarter result for the financial year 2023 recording an insurance revenue of RM1.16 billion representing an increase of 9.2% or RM98.3 million compared to the same period last year supported by higher insurance revenue from both its general and life segments.
The group also recorded a Profit Before Tax (PBT) of RM232.3 million for the first three months ending 31 March 2023, marking a 7.8% increase or RM16.8 million as compared to the preceding first quarter. The general insurance portion recorded an insurance revenue of RM661.5 million representing an increase of 8.1% or RM49.4 million as compared to the preceding financial period which ended on 31 March 2022. While the Life Insurance business recorded an insurance revenue of RM499.9 million for the first quarter of the year, which marks an increase of 10.8% or RM48.9 million as compared to the first quarter of the previous year.
Annualised New Premiums (ANP) grew 11.1% to RM163.4 million when compared the same quarter in the preceding year. Investment-linked products contributed to RM91.8 million in revenue for the first quarter of the year, marking a 24.4% increase when compared to Q1 2022.
The Q1 results also resulted in Total Assets growing by 7.9% for the first three months of 2023 as compared to the corresponding period in 2022. Allianz Life also saw its market share increase to double digits at 10% while it maintained its overall market rank at 4th place. CEO Charles Ong said “We are scaling up on our Recruit2grow initiative which will support new agents in starting their entrepreneurial journey and in building their teams. We will also leverage on and drive recruitment through our flagship programme, the Allianz C.E.O. Programme, which has a proven track record of producing C.E.O. agents that are two times as productive than other new agents.
