Allianz Malaysia announces second quarter results, crosses RM2 billion in GWP
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Allianz Malaysia Berhad (AMB) Group announced its results for the first six months of 2018. The Group recorded a total of RM2.28 billion in Gross Written Premiums (GWP) in the first six months of 2018, a 3.6 percent increase as compared to RM2.20 billion it achieved in the same corresponding period in 2017. The Group’s Total Assets saw a 5.8 percent increase to RM16.78 billion from January to June this year as compared to RM15.86 billion last year. Profit Before Tax rose 13.9 percent to RM243.5 million in the first half of the 2018, as compared to RM213.7 million it achieved in the same corresponding period last year.
AMB Chief Executive Officer, Zakri Khir said: “At Allianz Malaysia our focus has and always will be our customers. Our aim in providing customers with the complete package - diverse and attractive insurance solutions, coupled with thoughtful service and an expansive distribution channel – remains a core focus this year as we look to continously comprehensive protection for our customers from A to Z.”
Allianz General sees increase in profit
AMB’s general insurance subsidiary; Allianz General Insurance Company (Malaysia) Berhad’s (Allianz General) GWP registered in RM1.10 billion in the second quarter of 2018, easing by 1.5 percent from RM1.11 billion in 2017. Underwriting Profit rose 12.6 percent to RM78.5 million from January to June this year from RM69.7 million last year while Profit Before Tax improved by 11.2 percent to RM165.4 million in the first six months of 2018 from RM148.8 million in the previous year. Total Assets rose 2.9 percent to RM6.06 billion in the second quarter of 2018 from RM5.89 billion in the previous year. The Company’s Combined Ratio stood at 91.8 percent in 2018 as compared to 92.3 percent in 2017.
“As insurers we are here to make a difference in our customer’s lives. We have to change our mindset, rethink how we provide insurance and be more flexible in the way we offer our products and services if we want to attract more customers. In recognising their changing appetite for products and services, we also continually try to diversify our distribution channels through strategic partnerships that will afford Malaysians easy access to essentials such as motor and home insurance. By offering Allianz Enhanced Road Warrior and Smart Home Cover on online marketplaces such as PolicyStreet, we are increasing accessibility and affordability of insurance and that will work towards reducing the protection gap amongst Malaysians and allow us to remain competitive in the general insurance industry,” said Zakri Khir, who is also the Chief Executive Officer of Allianz General.
Allianz Life continues positive growth
The life insurance subsidiary of the Group; Allianz Life Insurance Malaysia Berhad (Allianz Life) continues to grow, recording a 8.8 percent increase in GWP to RM1.18 billion in the first six months of 2018 from RM1.08 billion in 2017. Its New Business Premiums (ANP) also improved by 11.8 percent to a total of RM248.7 million in the second quarter of 2018 from RM222.5 million in 2017. Profit Before Tax saw a 22.6 percent increase to RM82.0 million from January to June this year as compared to RM66.9 million achieved in 2017 while Total Assets rose by 7.9 percent to RM10.31 billion in the first six months of 2018 as compared to RM9.56 billion in 2017. Allianz Life holds the fifth position among the life insurance segment, and saw a strong uplift, registering an 8.7 percent market share based on Life Insurance Association of Malaysia (LIAM) statistics for January to June 2018, a 1.1 percent point increase from the year before.
“Malaysians are always looking to secure better retirement income and maximise their saving potential. Zeroing on that, we introduced the Allianz SaverPlus, a short-term saving plan with long-term benefits for a limited period in June this year. For us, it is always important to be clued into the needs of Malaysians and this product ticked a few boxes for those who are in their 40s or are self-employed and shopping for a plan to shore up their retirement nest egg, or boost their saving option,” said Joseph Gross, Chief Executive Officer of Allianz Life.
Meeting customers’ needs with value added service
In today's competitive insurance market, being one step ahead in anticipating your customer’s not yet apparent needs and meeting them is crucial. In the span of two years, Allianz Malaysia’s Allianz Road Rangers, a motor accident service offered complimentary to all Allianz Motor Comprehensive policyholders, and has served over 10,000 customers nationwide.
“Introducing the Allianz Road Rangers in 2017 was seen as a bold move in the industry. It was an important milestone for us as insurers, to make bold moves to show our customers that we are not afraid to deliver on our promise to be there in good times and bad times,” said Zakri.
“Bringing the service nationwide this year cemented that promise and emphasised our desire to provide customers a service with a meaningful difference and the most ideal claims journey when faced with an unfavourable situation. So in an event of an accident, all that they need to do is call 1800-22-5542 and we’ll be there with you every step of the way,” added Zakri.
The Allianz Road Rangers is currently on a eight-state nationwide tour. After visits to Kota Bahru, Seremban, Johor Bahru, Temerloh, Kuala Terengganu and Kuantan, the Allianz Road Rangers is set to visit Kota Kinabalu (8 September) and Penang (18 October).