Allianz Malaysia Berhad announced its financial results for the financial year ended 31 December 2023 with the group posting an insurance revenue of RM4.94 billion, representing an increase of 11.8% from the previous year. The group’s Gross Written Premiums (GWP) increased by 8.7% to RM6.55 billion, while Profit after Tax soared 19.1% to RM730.9
million.
The Group’s Total Assets grew by 8.1% to stand at RM25.92 billion from RM23.99 billion in 2022. Allianz General on the other hand hits milestones breaching RM3.00 billion in GWP, and extends market lead to 14.0%. It breached the 3 billion mark for the first time by recording RM3.00 billion in GWP for FY2023, representing an increase of 13.1% from the year before. GWP accrued from the motor insurance specifically also breached RM2.03 billion for the first time.
Profit After Tax for Allianz General grew 21.7% to RM420.6 million over the previous year’s RM345.7 million. Combined
Ratio stood at 85.7 percentage points while Allianz General extended its market lead capturing 14.0% of market share.
