Allianz Malaysia records 8.4% insurance revenue growth for Q2
Allianz Malaysia records 8.4% insurance revenue growth for Q2 | Insurance Business Asia
Insurance News
Allianz Malaysia records 8.4% insurance revenue growth for Q2
Profit after taxes also surges by 12.9%
Insurance News
By
Kenneth Araullo
Allianz Malaysia Berhad has reported robust financial results for the second quarter of the financial year 2023, achieving RM1.16 billion in insurance revenue and contributing to a total business volume of RM2.33 billion for the first half of the year.
This signifies an increase of 8.4%, or RM180.2 million, compared to the same period last year. Additionally, Allianz Malaysia saw a 4.5% rise in total gross written premiums (GWP) amounting to RM3.22 billion, while its profit after tax (PAT) surged by 12.9% to RM38.8 million compared to the corresponding period in 2022.
Allianz Malaysia CEO Sean Wang said that these results showed continued momentum as planned, and that he is confident of this trajectory despite macroeconomic factors.
“You may ask where this confidence is coming from,” Wang said in a report from Business Today. “It’s very much rooted in the way we navigated the unprecedented pandemic. The manner in which we managed to build a strong, resilient business and operational model during this period distinguishes us from the rest of the market.”
General insurance performance, ESG initiatives
Allianz General Insurance Company, the firm’s general insurance subsidiary, also contributed significantly to these positive results. It reported an insurance revenue of RM665.9 million during Q2, reflecting a 6.7% increase or RM41.8 million compared to the same period last year. This growth was primarily driven by increased gross earned premiums from the motor business.
Moreover, the insurance revenue year-to-date outperformed the previous year by 7.4%, reaching RM1.33 billion compared to RM1.24 billion recorded in Q2 of the prior year. The profit before tax for Allianz General also surged by 17.9% to RM263.8 million year-to-date, and the Combined Ratio remained substantially aligned with the previous year at 85.4%.
Wang also highlighted the company’s focus on environmental, social, and governance (ESG) initiatives and partnerships.
“Allianz’s partnership with the Olympics and Paralympics has been well known globally, but I’m proud to say that locally, we are working with Malaysian para-athletes through our Allianz MoveForward Programme and we are committed to continue our support through to the 2024 Paris Paralympics,” he said.
Allianz Life Insurance Malaysia Berhad, the life business, contributed to the strong performance as well. It reported an insurance revenue of RM498.8 million during Q2, marking an increase of 8.7%, or RM40.1 million, compared to the corresponding period of the previous year. The year-to-date insurance revenue witnessed a growth of 9.8% or RM89.1 million, totalling RM998.7 million.
The division’s growth can be attributed to solid performances in Investment-linked and employee benefits business lines. Allianz Life’s profit before tax for Q2 grew by 14.4% compared to the same period last year, while the profit before tax for the first six months decreased by 10.4%, considering the strong post-pandemic recovery figures of 2022.
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