Allianz Malaysia posts RM3.24 billion in GWP in 3Q
KUCHING: Allianz Malaysia Bhd (AMB) announced a total of RM3.24 billion in gross written premiums (GWP) from January to September this year following its results for the first nine months of 2017.
The group’s total assets grew 9.7 per cent to RM16.33 billion in the first nine months of 2017, while profit before tax stood at RM310.9 million from January to September this year.
AMB chief executive officer Zakri Khir said the Malaysian economy’s resilient growth in the third quarter of 2017 has continued to strengthen business and consumer sentiments.
“With that said, Allianz Malaysia achieved RM3.24 billion in GWP in the first nine months of 2017 backed by our ability to come together and be quick to deploy simple and targeted solutions that answers the needs of our customers,” he said in a statement.
“Thus, we continue to keep a concious effort in focusing on our customers, making sure that every idea we develop ticks the following boxes – simple, quick, relevant and value for money.”
In a difficult market, AMB’s general insurance subsidiary; Allianz General Insurance Company (Malaysia) Bhd’s (Allianz General) was resilient and recorded a 12.1 per cent market share to register a GWP of RM1.64 billion in the third quarter of 2017.
Its profit before tax was at RM199.5 million in the first nine months of 2017 as compared to RM246.6 million in the previous year.
Total assets rose 2.7 per cent to RM6.04 billion in the third quarter of 2017 from RM5.88 billion in the previous year. Combined ratio stood at 94.4 per cent in the first nine months of 2017 as compared to 89.9 per cent in the same corresponding period of 2016.
Allianz General holds the first position among the general insurance segment’s market share based on Persatuan Insurans Am Malaysia ( PIAM) statistics for January to September 2017 and is still outpacing the market growth in Fire and Motor even with the ongoing liberalisation.
“As we become an increasingly digitally dependent society, it is easy to lose focus on the essence of good service, prioritising human touch and just going the extra mile for customers.
“In saying Allianz protects you from A-Z, our efforts in expediting claims during the recent flood situation up around the country, especially in Penang was our way of reaffirming our promise to our customers and to always be there in their time of need.
“Doing what we can to help them get back on their feet and to rebuild their lives was our utmost priority,” said Zakri, who is also the chief executive officer of Allianz General.
The life insurance subsidiary of the Group; Allianz Life Insurance Malaysia Berhad (Allianz Life) continues to grow, recording a 4.6 percent increase in GWP to RM1.60 billion in the first nine months of 2017 from RM1.53 billion in 2016. Its New Business Premiums (ANP) also improved by 21.0 percent to a total of RM324.8 million in the third quarter of 2017 from RM286.4 million in 2016.
Profit before tax saw a 26.0 per cent increase to RM113.4 million from January to September this year, while total assets rose by 14.6 per cent to RM9.88 billion in the first nine months of 2017 as compared to RM8.63 billion in 2016.