Allianz Malaysia announces its second quarter 2016 results
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Allianz Malaysia Berhad (AMB) Group announced its results for the first six months of 2016. The Group recorded a total of RM2.11 billion in Group's Gross Written Premiums (GWP) from January to June this year as compared to RM 2.09 billion in the corresponding period last year. The Group's Total Assets grew 11.6 percent to RM14.36 billion as of first six months of 2016 as compared to RM12.87 billion last year while Profit Before Tax stood at RM224.3 million in the first six months of 2016 as compared to RM213.9 million in the six months of 2015; an increase of 4.9 percent.
AMB CEO, Zakri Khir said, "Allianz Malaysia displayed generally good results the first half of 2016 amidst a moderate economic expansion that has have brought in mixed results. Despite the economic slowdown, Allianz will continue to provide simply the best value for customers through smart, customer-savvy products and superior service."
Allianz General maintains its position as the market leader
AMB's general insurance subsidiary; Allianz General Insurance Company (Malaysia) Berhad (Allianz General) recorded RM1.09 billion in GWP in the first six months of 2016, a 5.7 percent drop from RM1.15 billion compared to the corresponding period last year due to weaker market sentiments. Nevertheless, Total Assets grew by 4.9 percent, rising to RM5.76 billion as of first six months of 2016 from RM5.49 billion in last year's corresponding period. Underwriting Profit was at RM94.9 million in the first six months of 2016 as compared to RM97.0 million in 2015, while Profit Before Tax was at to RM172.7 million in the first six months of 2016 as compared to RM161.0 million in the previous year. Combined Ratio for the first six months of 2016 remained below 90.0 percent, standing at 89.1 percent. Allianz General maintains its position as one of the leading general insurers in Malaysia with a market share of 11.07 percent as at March 2016.
"The general insurance industry entered its first phase of progressive liberalisation of motor and fire insurance tariffs on 1 July this year. In getting accustomed to a liberalised market, Allianz General is equipped with a newly added value chain - Allianz Online. Since 1 August 2016, customers have be able to use the platform via the corporate website to obtain a general insurance quote on four products - Enhanced Road Warrior, Allianz Shield, ATM Sheild and Home Shield - using their desktop, tablet or mobile device. Customers now have the power to decide and the platform's dual-function also assists agents in lead generation," added Zakri, who is also the CEO of Allianz General.
Allianz Life maintains its Top 5 ranking
The Group's Life insurance subsidiary; Allianz Life Insurance Malaysia Berhad (Allianz Life) continued to grow, recording a 10.0 percent increase in GWP to RM1.03 billion in the first six months of 2016 from RM933.1 million in 2015. New Business Premiums (ANP) also grew 5.6 percent to RM174.7 million from January to June this year from RM165.4 million last year. Profit Before Tax rose slightly to RM54.4 million in the first six months of 2016 compared to RM54.0 million achieved in the corresponding period in 2015 while Total Assets jumped 17.3 percent to RM8.22 billion in the first six months of 2016 as compared to RM7.01 billion in 2015. Allianz Life is currently one of the top five players in the industry with a market share of 6.5 percent.
"In spite of current market and economic challenges, Allianz Life continues to grow as we continue to place emphasis on serving our customers well through innovative digital initiatives. One highlight has been our our fast offer platform through the Imagine App that has improved turnaround time and offers greater convenience to customers. So no longer are our customers waiting weeks on end for a quote and are also able to customise products to fit their every need," said Joseph K. Gross, CEO of Allianz Life.
Improving customer journey
Since embarking on its True Customer Centricity service model in May this year, Allianz Malaysia is committed towards elevating its customer's journey by championong superior customer's experience.
"There's a paradigm shift in customer behaviour over the last couple of years. Customers are a lot more plugged-in, well-informed and make purchasing decisions based on their experience. This is the very reason why we strive to provide exceptional customer experience simply by doing ordinary things, in an extraordinary way, consistently," said Zakri.
"From providing digital solutions, to opening a new customer service centre at Menara Allianz Sentral to phoning a customer when a claim is lodge and once the claim is settled are just simple steps that we have take in improving our customer's journey with us. Why? Because it matters to us that our customers gain a great, seamless service experience at every touch point, every time," added Zakri.