Allianz Malaysia announces its second quarter 2015 results
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Allianz Malaysia Berhad (AMB) Group continues to illustrate results for customers for the first six months of 2015. A total of RM2.09 billion was recorded in Gross Written Premium (GWP) in the six months of 2015 by the Group as compared to RM2.00 billion for the same corresponding period of last year; taking a jump of 4.2 percent. Profit before tax saw an increase of 1.1 percent to RM213.9 million from RM211.5 million achieved in the corresponding period last year. The Group’s Total Assets also grew by 11.1 percent at RM12.87 billion as at 30 June this year as compared to RM11.58 billion in the first six months of 2014.
AMB CEO, Zakri Khir said: “We achieved generally encouraging results for the second quarter. As one of the leading insurance group in Malaysia, our customers and stakeholders are our priority and thus we will continue our focus on providing excellent services to our customers, shareholders, agents, business partners and employees.”
Allianz General continues to lead the way as the market leader
Allianz General Insurance Company (Malaysia) Berhad (Allianz General), the General insurance subsidiary of the Group recorded RM1.15 billion in GWP in the first half of 2015 compared to RM1.10 billion recorded in the corresponding period last year. Total Assets went up by 8.6 percent, rising to RM5.49 billion in the first six months of this year from RM5.06 billion it achieved in the first six months of 2014. Underwriting Profit lowered at RM97.0 million in the first six months of 2015 compared to RM118.7 million from the corresponding period in 2014, while Profit Before Tax was at RM161.0 million from January till June this year as compared to RM175.5 million in the corresponding period last year. Combined ratio for the first six months of 2015 remained healthy at 88.4 percent.
“We are happy to reaffirm our position as one of the leading general insurers in Malaysia with growth rate of 5.0 percent in the first half of 2015. We stand strong because of our customers who believe in us and our valued agents and partners who help in promoting awareness on the importance of insurance,” said Zakri, who is also the CEO of Allianz General.
Allianz Life growing steady and strong
The Group’s Life insurance subsidiary, Allianz Life Insurance Malaysia Berhad (Allianz Life) showed a 3.3 percent increase in GWP to RM933.1 million in the first six months of this year compared to RM903.0 million in 2014. Annualised New Premiums (ANP) also grew to RM165.4 million in the first half of this year as compared to RM159.7 million in the corresponding period last year. Allianz Life's Total Assets increased by 14.8 percent at RM7.01 billion in the second quarter of 2015 as compared to RM6.10 billion of last year. Profit Before Tax increased by a tremendous 53.8 percent, which sits at RM54.0 million in the first six months of 2015 as compared to RM35.1 million in the corresponding period of 2014.
“Allianz Life is currently one of the top five players in the industry with a market share of 7.3 percent. We have also achieved record breaking profits despite the current market and economic conditions. With the positive outlook, we believe we are providing innovative and right solutions to our customers through our various distribution channels,” said Rangam Bir, CEO of Allianz Life.
Providing innovative and reliable solutions for everyone
The Group’s priority is its customers and this includes innovative insurance solutions that continuously exceed customers’ expectations. The Group emulates this by providing customers and distribution partners, options to their preferred offerings, channels and communication methods while constantly working on innovating and improving product offerings and solutions.
An example of this is the range of insurance solutions for Persons with Disabilities (PWD) which were introduced in June this year in its effort to promote a more inclusive society.
The first product, Allianz Ability Life; underwritten by Allianz Life, is a yearly renewable life insurance plan designed exclusively for PWDs. The other two products, Allianz Care Individual and Allianz Individual PA are underwritten by Allianz General. These two products are existing products which are now extended to PWDs. At Allianz, diversity and inclusion are important values. As such, the Group respects each individual and seeks to understand them and provide insurance solutions catering to their needs.
“Delivering fast, easy and reliable service to all our customers is our top priority. We also appreciate the support given to us by our customers who have brought us to where we are today. We want our customers and all stakeholders to have the best experience with Allianz in their moments of need,” said Zakri.