Allianz Malaysia concludes 2014 with profitable growth results
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Allianz Malaysia Berhad (“AMB”) Group concluded 2014 with profitable growth results; maintaining a sustainable value for all its stakeholders. The Group’s Gross Written Premium (“GWP”) for 2014 stood at a solid RM3.97 billion as compared to RM3.58 billion in 2013, an increase of 10.9 percent. Profit Before Tax registered a significant increase of 24.9 percent in 2014 to RM423.5 million from RM339.2 million the year before. The Group’s Total Assets grew to RM12.17 billion in 2014 as compared to RM10.76 billion in 2013, recording a jump of 13.1 percent.
AMB CEO, Zakri Khir said, “2014 has been an eventful and a remarkable year for us as we achieved strong growth results and created many milestones. Our employees, agents and business partners, have been great contributing factors towards these strong results; adding value to all our customers who believe and trust in us.”
Allianz General continues to lead the way The Group’s general insurance subsidiary; Allianz General Insurance Company (Malaysia) Berhad (“Allianz General”), continues to lead the way as the number one general insurer in Malaysia with a market share of 12.4 percent. Allianz General also grew by 7.9 percent in GWP which is above the industry growth rate of 5.9 percent.
Allianz General hit the RM2 billion mark in GWP, recording RM2.13 billion in GWP last year as compared to RM1.98 billion in 2013. Coupled with good underwriting and strong risk management, Allianz General’s Underwriting Profit rose to RM202.6 million in 2014, representing a high 27.1 percent jump from 2013 which was at RM159.4 million. Profit Before Tax recorded 23.7 percent increase at RM319.4 million in 2014 as compared to RM258.2 million the previous year while Total Assets went up by 9.7 percent to RM5.29 billion in 2014 from RM4.82 billion in 2013. As for the Combined Ratio, it also improved at 87.0 percent in 2014 as compared to 88.3 percent in 2013.
“We are happy to have surpassed the RM2 billion mark in GWP. Our positive results reinforce the fact that we are on the right track. Apart from our employees, our varied distribution channels comprising Agents, Franchise, Bancassurance, Brokers and Telemarketing have contributed towards this growth; with the main driver of growth coming from our agency channel. We continue to support our customers together with best service and exciting products such as the Bike Warrior and ‘KampungKu’. We hope that through innovative products and excellent service, we provide results for customers,” said Zakri Khir, who is also the CEO of Allianz General.
Allianz Life sees high profits The life insurance subsidiary of the Group; Allianz Life Insurance Malaysia Berhad (“Allianz Life”) has continued to grow on a fast track a with a 14.6 percent increase in GWP to RM1.83 billion last year from RM1.60 billion in 2013. Its New Business Premiums (ANP) recorded a total of RM353.3 million in 2014 as compared to RM337.7 million in 2013, representing a 4.6 percent growth. Profit Before Tax stood at RM105.8 million, seeing a soaring 28.9 percent increase as compared to RM82.1 million in 2013. Total Assets rose by 17.6 percent which is RM6.50 billion last year as compared to RM5.52 billion in 2013. Allianz Life holds the fifth position among the life insurance segment, registering a 7.4 percent market share.
“Allianz Life stands strong today because of customers who believe in us and our valued agents and partners who help in promoting awareness on the importance of insurance. This accomplishment translates the fact that Allianz Life is moving towards the right direction, especially in being committed to provide the best support and services to our customers,” said Rangam Bir, CEO of Allianz Life.
Being a responsible corporate citizen Allianz Malaysia has been organising and facilitating community related initiatives. Other than its usual efforts in road safety, financial literacy and community initiatives, Allianz Malaysia recently undertook a humanitarian aid effort extended to victims of the devastating flood, besides creating claims awareness and expediting the claims process for affected customers and employees.
“Aside from providing results for customers, we at Allianz Malaysia also strongly believe that as a responsible corporate citizen, we need to give back to society. Our priorities have always been the same, to not only work towards reaching our financial goals, but to share these achievements through giving back to society” said Zakri Khir.
The Company carried out two collection drives for necessities amongst employees and agents for the flood victims and supplemented by making cash contributions to the Malaysian Volunteer Fire and Rescue Association (“MVFRA”) for the purchase of urgently requested flood relief items. These items were distributed by MVFRA to affected communities in Kemaman, Pengkalan Chepa, Manek Urai, Ipoh, Gua Musang, Kuala Betis, Temerloh , Maran and Beaufort.
Allianz Malaysia also collaborated with Cypark Resources Berhad (“Cypark”) to transport solar powered lighting systems as well as solar-powered water desalination and purification systems to districts in the Kuala Krai area, specifically Manek Urai Lama and Kuala Nal that were affected by floods.
Another community-related initiative by Allianz Malaysia was the deployment of volunteers comprising of employees, agents, their friends and family members from different parts of the country to clean up a flood-affected school; SK Tebing Tinggi, in Tanah Merah, Kelantan. The Company also provided stationery sets, new school uniforms and socks to all students of the said school. In addition, new school uniforms and socks will also be provided to two schools in Temerloh which were affected by the recent floods.
Besides these, Allianz Malaysia also supported two operations to provide food items and medical aid to Orang Asli communities in the interior of Gua Musang, who were cut off from assistance during the recent floods.
“We are happy to deliver the best to all our stakeholders and the community at large. We also appreciate the support given to us by our customers and want them to have the best experience with Allianz in their moments of need,” concluded Zakri.