Allianz’s H1 gross written premiums hit RM2.2b

KUALA LUMPUR: Allianz Malaysia Bhd registered RM2.2 billion in gross written premiums (GWP) in the first half of the year, compared with RM2.11 billion in the same period last year.

Net profit fell to RM66.48 million in the second quarter ended June from RM76.29 million a year ago due to lower underwriting results.

For the six-month period, the company recorded RM133.65 million in net profit, lower than the RM149.47 million achieved in the corresponding period a year ago.

Chief executive officer Zakri Khir said business and consumer sentiments improved in the second quarter as Malaysia’s economy was on a growth trajectory, driven by domestic demand and strengthening exports.

Its general insurance subsidiary, Allianz General Insurance Company (Malaysia) Bhd, registered RM1.11 billion in GWP in the second quarter, a 2.3 per cent increase from RM1.09 billion last year.

Pre-tax profit stood at RM148.8 million in the first six months of the year, compared with RM172.7 million the previous year.

The life insurance subsidiary of the group, Allianz Life Insurance Malaysia Bhd, recorded a 5.7 per cent increase in GWP to RM1.08 billion in the first half of the year from RM1.03 billion in the same period last year.

Its new business premiums improved by 27.4 per cent to RM222.5 million in the second quarter from RM174.7 million last year.

Pre-tax profit rose 23 per cent to RM66.9 million from January to June, compared with RM54.4 million in the same period last year.

Allianz Life holds fifth position in the life insurance segment, registering a 7.6 per cent market share based on the Life Insurance Association of Malaysia’s statistics for the January-June period.