Allianz Malaysia announces its third quarter 2016 results
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Allianz Malaysia Berhad (AMB) Group announced its results for the first nine months of 2016. The Group recorded a total of RM3.15 billion in Group’s Gross Written Premiums (GWP) from January to September this year as compared to RM3.13 billion in the corresponding period last year. The Group’s Total Assets grew 13.2 percent to RM14.88 billion as of first nine months of 2016 as compared to RM13.15 billion last year. Profit Before Tax stood at RM333.6 million in the first nine months of 2016 as compared to RM311.2 million in the nine months of 2015; an increase of 7.2 percent.
AMB Chief Executive Officer, Zakri Khir said, “Allianz Malaysia displayed resilient results in the third quarter of 2016 amidst an economic downturn which continues to generate moderate growth in the country. Taking a leaf out of the Company’s newly launched brand campaign - Courage Never Fails, Allianz Malaysia is prepared to face an equally challenging environment ahead. And we promise to remain steadfast towards our business and 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 RM1.62 billion in GWP in the first nine months of 2016, a 5.5 percent drop from RM1.71 billion compared to the equivalent period last year due to weaker market sentiments. Nevertheless, Total Assets grew by 3.9 percent, rising to RM5.88 billion as of first nine months of 2016 from RM5.66 billion in last year’s corresponding period. Underwriting Profit was at RM131.8 million in the first nine months of 2016 as compared to RM135.9 million in 2015, while Profit Before Tax was at to RM246.6 million in the first nine months of 2016 as compared to RM235.7 million in the previous year. Combined Ratio for the first nine months of 2016 remained below 90 percent, standing at 89.9 percent. Allianz General maintains its position as one of the leading general insurers in Malaysia with a market share of 11.6 percent as at June 2016.
Allianz Life maintains Top 5 rankings
The Group’s Life insurance subsidiary; Allianz Life Insurance Malaysia Berhad (Allianz Life) continued to grow, recording a 7.7 percent increase in GWP to RM1.53 billion in the first nine months of 2016 from RM1.42 billion in 2015. New Business Premiums (ANP) grew 1.7 percent to RM268.4 million from January to September this year from RM263.9 million last year. Profit Before Tax rose to RM90.0 million in the first nine months of 2016 compared to RM76.3 million achieved in the corresponding period in 2015 while Total Assets jumped 21.1 percent to RM8.63 billion in the first nine months of 2016 as compared to RM7.12 billion in 2015. Allianz Life is currently one of the top five players in the industry with a market share of 6.6 percent.
“In spite of current market and economic challenges, Allianz Life has continued its positive growth with RM1.53 billion in GWP, a rise of 7.7 percent from the year before. In capitalising on current market sentiments and demands for investment-linked products, Allianz PremierLink offers up to RM4 million sum assured for death and Total and Permanent Disability and zeroes in customers concerns on income replacement and legacy planning. Allianz Life will continue to keep a finger on the pulse concerning issues faced by everyday Malaysians to ensure that we do all we can to support and serve them better,” said Joseph K. Gross, Chief Executive Officer of Allianz Life.
Selling customers a service anchored by trust
Six months since embarking on its True Customer Centricity service model this year, Allianz has taken steps in putting customer’s first and championing superior customer experience. The Company has introduced various touch-points, from the opening of the new Customer Service Centre at Menara Allianz in July to the launch of the Allianz Online (August) and Motor ODX Claims in September to serve customers better.
“In making ourselves customer centric, we listened to our customers and addressed pain points that we could improve on with immediate effect. So we added a convenient touch point (Customer Service Centre), enable customers to obtain insurance quotes online (Allianz Online) and introduced a faster motor claims process (Motor ODX Claims) because we didn’t want to stop at just doing things good, but constantly re-evaluating and making things better for all customers at every touch point,” said Zakri.
“Even with a tough economy, our focus remains on what matters most – our customers. Buying insurance is about buying a service on a promise that your insurer would be there for you in your time of need, be it when your car breaks down or when you are ill. Customers buy into that promise when they trust you can do the job. That’s why we believe in doing ordinary things, in an extraordinary way; and consistently, because at the end of the day, people trust actions, not words,” added Zakri.