Allianz Malaysia Berhad announced its financial results for the third quarter with the group recording RM1.31 billion in insurance revenue, which took the Year-to-date total business volume to RM3.63 billion.
The Group posted a Year-to-date insurance revenue growth of 11.3% or RM367.7 million increase as compared to the same period last year. Allianz Malaysia also recorded an 8.3% increase over last year in total Gross Written Premiums (GWP) amounting to RM4.95 billion, while Profit After Tax (PAT) grew 22.0% to RM537.2 million Year-to-date.
The General insurance business posted RM706.9 million in insurance revenue for Q3, Combined Ratio improved by 0.6% to 85.7% general insurance subsidiary; Allianz General Insurance Company (Malaysia) Berhad (Allianz General) registered an insurance revenue of RM706.9 million for Q3, an increase of 8.3% or RM54.4 million as compared to the preceding year quarter mainly due to an increase in
Gross Earned Premiums from the motor business. Year-to-date, the general insurance segment recorded an insurance revenue of RM2.03 billion or an increase of 7.7% amounting to RM145.5 million compared to the same period last year. GWP also increased 11.4% to RM2.25 billion Year- to-date.
Profit Before Tax (PBT) for Q3 grew 20.6% over the preceding year’s quarter to reach RM141.2 million as a result of higher net insurance service results and lower other operating expenses for the quarter. Year-to-date PAT grew 34.6% for a total of RM306.8 million, while, the Combined Ratio improved by 0.6 percentage points to 85.7%.
