Allianz Malaysia’s FY23 net profit rises to RM730.90 mln

Allianz Malaysia Bhd’s net profit for the financial year ended Dec 31, 2023 (FY23) rose to RM730.90 million against RM613.67 million in FY22.

Revenue improved by 11.8 per cent to RM4.94 billion versus RM4.41 billion previously, mainly due to higher insurance revenue from both general and life insurance segments, it said in a filing with Bursa Malaysia.

The general insurance segment recorded an insurance revenue of RM2.77 billion in FY2023, an increase of 8.0 per cent compared with FY2022’s RM2.57 billion due mainly to the increase in gross earned premiums from motor business.

The life insurance segment recorded an insurance revenue of RM2.17 billion in FY2023, up 17.1 per cent versus RM1.85 billion in FY2022, mainly attributed to higher insurance revenue resulting from the investment-linked protection business and employee benefits business.

For the fourth quarter ended Dec 31, 2023 (4QFY23), net profit rose to RM193.69 million from RM173.46 million in the same quarter a year ago.

Revenue improved to RM1.30 billion against RM1.15 billion previously.

Moving into 2024, the group continues to expand its distribution channels to accelerate growth. It continues to pursue profitable growth through various strategic initiatives with a focus on operational scalability and efficiency to provide better services to its customers.

Efforts would also be dedicated to product portfolios to ensure product offerings continually meet the needs of customers. There has also been a continued effort within the group to promote digital innovation.

“The group expects to continue a positive trajectory by continuing the momentum of the current year.,” it said.