Net profit of Allianz jumps 35% YoY

By TMR

Allianz Malaysia Bhd’s net profit jumped 35% year-on-year (YoY) to RM89.87 million on higher contribution from its life and general insurance segments.

The insurance firm’s top line grew 9.7% YoY to RM1.3 billion on higher gross earned premiums and investment income.

Operating revenue for Allianz’s general insurance division grew marginally by 3.5% YoY to RM583.8 million due to the increase in gross earned premiums and investment income, its exchange filing yesterday noted.

“The increase in gross earned premiums of the general insurance segment was attributable to higher premiums from the motor business,” it said.

The company’s general insurance division recorded a pretax profit of RM77.1 million supported by lower management expenses ratio from lower impairment of insurance receivables.

Its life insurance division recorded an operating revenue of RM719.7 million, a 14.9% YoY increase, due to higher gross earned premiums and investment income.

“The increase in gross earned premiums of the life insurance segment was attributable to higher premiums from all the key distribution channels,” it said.

The firm anticipates some volatility in the market resulting from the changes in the political landscape and economic policies.

Allianz added that its general insurance segment will continue prioritising innovative products and services, while further expanding its multi-distribution model to maintain its market position.