Allianz Malaysia announces its third quarter 2015 results
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Allianz Malaysia Berhad (AMB) Group continues to deliver solid results for the stakeholders in the first nine months of 2015 against weaker economic backdrop. A total of RM3.13 billion was recorded in Gross Written Premium (GWP) by the AMB Group for the nine months ended 30 September 2015 as compared to RM3.02 billion of the last corresponding period, an increase of 3.8 percent. Profit Before Tax dipped 3.8 percent this year to RM311.2 million as compared to RM323.5 million of the last corresponding period. The AMB Group’s Total Assets grew by 8.7 percent at RM13.15 billion as compared to RM12.10 billion achieved in the last corresponding period.
AMB CEO, Zakri Khir said, “Our financial performance for the third quarter of 2015 was within our expectation. We have been able to protect our earnings despite the weakening economy. This is largely attributable to the strong fundamental we have built over the years. Our stakeholders namely, our customers, shareholders, agents, business partners and employees are our priority and thus, we will continue our focus on providing excellent services to them.”
Allianz General Insurance Company (Malaysia) Berhad (Allianz General)
Allianz General, a general insurance subsidiary of the AMB Group, maintains as a leading conventional general insurer in the country with a market share of 12.7 percent based on the ISM market performance report for January to June 2015. For the nine months ended 30 September 2015, Allianz General recorded RM1.71 billion in GWP as compared to RM1.68 billion in the last corresponding period. Total Assets were up by 5.5 percent to RM5.66 billion as compared to RM5.36 billion in the last corresponding period. Profit Before Tax of RM235.7 million for this year, a decrease of 3.8% as compared to the last corresponding period of RM247.8 million. The decrease of profit was due mainly to lower Underwriting Profit of RM135.9 million as compared to the last corresponding period of RM159.1 million. The net combined ratio of Allianz General remained healthy at 89.4%.
The slowdown of economy has dampened the consumer spending. The overall insurance sector growth has been subdued. “Our underlying performance is resilient mainly attributable to the continuous improvement in operation efficiency, distribution and service capabilities to achieve sustainable profitable growth,” said Zakri who is also the CEO of Allianz General.
Allianz Life maintains positive growth
For the nine months ended 30 September 2015, the AMB Group’s life insurance subsidy; Allianz Life Insurance Malaysia Berhad (Allianz Life) registered a total GWP of RM1.42 billion as compared to the last corresponding period of RM1.34 billion, delivering a healthy growth of 6 percent. Our New Business Premiums (ANP) also performs very well and delivered a strong growth of 11 percent to RM263.9 million as compared to RM238.6 million of the last corresponding period. Allianz Life's Total Assets increased by 12.5 percent to RM7.12 billion as compared to RM6.33 billion of the last corresponding period. Profit Before Tax stood at RM76.3 million this year as compared to RM74.1million of the last corresponding period.
“Allianz Life is currently one of the top five players in the industry with a market share of 7.7 percent. Despite the current market and economic conditions, we have managed to post positive results. In closing out the year, we will continue to strive to provide innovative and apt solutions for our customers through our various distribution channels,” said Rangam Bir, CEO of Allianz Life.
Providing innovative and reliable solutions for everyone
AMB Group’s priority as always is its customers and providing unique tailor-made products continuously exceeding customers’ expectations. AMB 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.
So far this year, Allianz has launched a variety of products like FlexiSaver, a savings plan that offers total flexibility and affordability in order to save smart and the MyAid app (Malaysians Against Irresponsible Drivers) to help combat irresponsible driving. The introduction of life insurance riders like MediSafe, MediSafe Xtra, MediSafe+ and MediSafe Xtra+, MediSafe Infinite and MediSafe Infinite Xtra offer extended coverage to customers by catering to specific needs in aid of boosting existing medical plans.
“At its core, Allianz is all about its customers and embracing diversity and inclusion. This has never been more vital as we move towards our True Customer Centricity model in understanding the unique needs of each individual while and delivering fast, easy and reliable service to all our customers. We appreciate the support given to us by our customers and we want to ensure that they (the customers) and all stakeholders have the best experience with Allianz in their hour of need,” said Zakri.