Allianz Malaysia announces Q1 2018 financial results, records RM1 billion in GWP
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Allianz Malaysia Berhad (AMB) Group announced its results for the first three months of 2018 with a total RM1.16 billion recorded in the Group’s Gross Written Premiums (GWP) from January to March this year as compared to RM1.12 billion last year; a 3.7 percent increase. The Group’s Total Assets grew 9.3 percent to RM16.81 billion in the first three months of 2018 as compared to RM15.38 billion last year while Profit Before Tax increased by 17.4 percent to RM127.6 million in the first three months of 2018 as compared to RM108.7 million in the first three months of 2017.
AMB Chief Executive Officer, Zakri Khir said: “Amidst slower growth for Malaysian economy in the first quarter of 2018, Allianz Malaysia managed to deliver RM1.16 billion in GWP in the first three months of the year. Our focus for the next nine months will be to continuously put customers first and deliver the highest of standards in products and services as we want the Allianz brand to be top of mind when it comes to protection for all needs, from A to Z.”
Allianz General continues to put customers first
AMB’s general insurance subsidiary; Allianz General Insurance Company (Malaysia) Berhad’s (Allianz General) GWP took in RM585.7 million in the first quarter of 2018, a 4.4 percent increase from RM561.0 million in 2017. Underwriting Profit was at RM44.8 million from January to March of 2018, a 34.9 percent increase from RM33.2 million in 2017 while Profit Before Tax increased by 20.1 percent to RM88.3 million in the first three months of 2018 as compared to RM73.5 million the previous year. Total Assets also rose 4.5 percent to RM6.03 billion in the first quarter of 2018 from RM5.77 billion the previous year. Combined Ratio for the first three months of 2018 improved to 90.6 percent as compared to 92.6 percent in 2017. Allianz General maintains its position as the leading general insurer in Malaysia with a market share of 11.6 percent based on ISM Market Performance Report for January to March 2018.
“When you buy an Allianz policy, it comes with a service. Since its launch in the Klang Valley last year, the Allianz Road Rangers has been our flagship for added value service. A year on, the service now reaches customers nationwide and includes both accidents and roadside assistance, providing our customers with access to the 24-hours Accident Call Center, the Allianz Road Rangers fleet and speedy Allianz Motor ODX Claims process anywhere in Malaysia. Besides that, in continuing to be service-oriented and digital-centric, we have also been investing in various digital initiatives through our partnerships with the Fintech Association of Malaysia to offer Group Personal Accident coverage to FinTech start-ups as well as PolicyStreet, an online curated platform offering affordable insurance solutions in expanding our digital footprint in the evolving marketplace,” said Zakri Khir, who is also the Chief Executive Officer of Allianz General.
Allianz Life sustains positive growth
The life insurance subsidiary of the Group; Allianz Life Insurance Malaysia Berhad (Allianz Life) registered a GWP of RM572.0 million in the first three months of 2018, a 3.1 percent increase from RM 555.0 million it achieved in 2017. Its Annualised New Business Premiums eased a slight 1.6 percent to a total of RM108.4 million in the first quarter of 2018 from RM110.2 million in 2017. Profit Before Tax saw a 14.3 percent increase to RM41.5 million in 2018 as compared to RM36.3 million achieved in 2017 while Total Assets rose by 12.9 percent to RM10.39 billion in 2018 as compared to RM9.20 billion in 2017. Allianz Life holds the fifth position among the life insurance segment, registering a 7.8 percent market share based on Life Insurance Association of Malaysia statistics for January to March 2018.
“Customers demand for the complete package – value-for-money products, option to customise, convenience, and of course a great after-sale service. So when it comes to insurance, being able to meet our customer's perception of benefits versus value is the key,” said Joseph Gross, Chief Executive Officer of Allianz Life.
Providing the best choice of products and services
Having a strong digital footprint matters more now than it ever did before. Yet, having a diverse customer base with varying purchasing power and habits means having to delicately balance diversifying the business and providing customers with the best choice of products and services.
“At Allianz, our philosophy is simply to provide quick, easy and reliable products and services at every touchpoint. Choice is king and loyalty is earned. So as insurers, we are constantly exploring opportunities to innovate our business, as well as our products and services with the right people, partner and technology, to provide the choices that best serve our customers,” said Zakri Khir, Chief Executive Officer of AMB .
“Some of our recent partnerships with the Fintech Association of Malaysia and PolicyStreet have allowed us to tap into new, exciting market places and customer segments. These partnerships have also given us room to improve how we package and sell our products and also how we reach out to our customers, allowing us to re-imagine and simplify those choices and at the same time help customers feel confident about it, “said Zakri.