Published on November 28th, 2019 | by Amirul Mukminin0
Allianz Malaysia Records RM3.68b in GWP in Q3 2019
Allianz Malaysia Berhad Group (Allianz Malaysia) has announced its results for the first nine months of 2019.
The Group’s earnings from January to September this year are summarized as follows:
- Allianz Malaysia recorded a total of RM3.68 billion in Gross Written Premiums (GWP), a 7.9 percent jump from RM3.41 billion earned in the same corresponding period of 2018.
- Profit Before Tax rose 28.9 percent to RM503.9 million from January to September this year as compared to RM391.1 million in 2018.
- The Group’s Total Assets grew 9.9 percent to RM19.24 billion as at September 2019 as compared to RM17.50 billion last year.
- Allianz Malaysia’s general insurance operation, Allianz General earned RM1.65 billion in GWP, a slight 0.8 percent increase from RM1.63 billion earned in 2018.
- Profit Before Tax remained at RM242.7 million in the first nine months of 2019 as compared to RM242.6 million in the previous year.
- Underwriting profit dipped by 6.4 percent to RM100.6 million in the first nine months of 2019 as compared to RM107.5 million in the corresponding period of 2018.
- Combined Ratio stood at 92.6 percent in the first nine months of 2019 compared to 92.5 percent in the same corresponding period of 2018.
- Total Assets increased by 3.5 percent to RM6.46 billion as at September 2019 from RM6.25 billion in the previous year.
- Allianz General holds the market leader position in the general insurance industry with a market share of 12.1 percent based on Persatuan Insurans Am Malaysia (PIAM) statistics for January to September 2019.
- Allianz Life continued its growth trajectory with a strong 14.4 percent growth in GWP to RM2.03 billion in the first nine months of 2019 from RM1.77 billion in 2018.
- Annualised New Premiums (ANP) also grew by 10.8 percent to a total of RM418.1 million in the first nine months of 2019 from RM377.5 million in the same corresponding period of 2018.
- Profit Before Tax saw a 74.0 percent increase to RM268.1 million from January to September this year as compared to RM154.1 million achieved in 2018.
- Total Assets rose by 14.0 percent to RM12.37 billion as at September of 2019 as compared to RM10.85 billion in 2018.
- Allianz Life holds the fifth position in the life insurance segment, registering an 8.4 percent market share, based on Life Insurance Association of Malaysia (LIAM) statistics for January to September 2019.
Digitalisation is rapidly changing the landscape of insurance. While no one can predict when the tide will turn for Malaysians to start placing their trust in buying insurance online, Allianz must already be ready to operate in a digital world.
Continuing its investment on the digital front, Allianz Malaysia is also committed towards offering more definitive products that are simpler and easier to understand and transforming its distribution channels. This will also include better claims and service experience as well as single-illness products such as Allianz Cancer Protect.