Allianz Malaysia continues to provide results for customers in 2015
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Allianz Malaysia Berhad (“AMB”) Group announced its results for the first three months of 2015 as it continues to provide results for customers. A total of RM1.05 billion was recorded in Gross Written Premium (“GWP”) in the first three months of 2015 by the Group as compared to RM1.01 billion last year; recording an increase of 3.4 percent. The Group’s Total Assets also grew by 13.1 percent at RM12.72 billion this year as compared to RM11.25 billion last year while Profit Before Tax stood at RM112.4 million in the first three months of 2015 as compared to RM124.0 million in the first three months of last year.
AMB CEO, Zakri Khir said, “Allianz Malaysia displayed generally good results in the first quarter of this year despite challenging market and economic conditions. However, in everything we do, customers are always at the core of the business. Alongside with our strong presence as well as reliable service delivery, we are confident that we will continuously provide the best results for our customers.”
Allianz General maintains its position as the market leader
Allianz General Insurance Company (Malaysia) Berhad (“Allianz General”), the General insurance subsidiary of the Group recorded RM579.0 million in GWP in the first three months of 2015, which saw a marginal decrease of 0.3 percent as compared to RM580.5 million last year due to weaker market sentiments. Nevertheless, Total Assets went up by 9.0 percent, rising to RM5.53 billion in the first three months of this year from RM5.07 billion last year. Underwriting Profit was lowered at RM53.4 million in the first three months of 2015 as compared to RM75.3 million in 2014 while Profit Before Tax was at RM84.1 million in the first three months of this year as compared to RM102.6 million last year. This was mainly due to better underwriting results from unusually low claims in the first three months of last year. Combined ratio for the first three months of 2015 remained healthy at below 90.0 percent.
“Allianz General continues its journey as the leading general insurance entity in Malaysia. The underlying fundamentals of our general insurance business are on track and this reinforces the fact that our customers highly value our reliability and security that we can offer. Our strong supporting pillars are our five different distribution channels that provide and answer to the needs of what really matters to our customers,” said Zakri, who is also CEO of Allianz General.
Allianz Life records high profits
The Group’s Life insurance subsidiary; Allianz Life Insurance Malaysia Berhad (“Allianz Life”) showed a 8.3 percent increase in GWP to RM466.3 million in the first three months of 2015 from RM430.6 million last year. New Business Premiums (“ANP”) also grew to RM78.7 million in the first three months of this year as compared to RM76.9 million last year. The Company's Total Assets increased by 18.5 percent at RM6.83 billion in the first quarter of this year as compared to RM5.76 billion last year. Profit Before Tax saw a huge increase by 46.9 percent that stood at RM30.4 million in the first three months of 2015 as compared to RM20.7 million in 2014. Allianz Life is currently one of the top five players in the industry with a market share of 7.6 percent.
“Although we are impacted by the current market and economic conditions, our life insurance business is still growing and we want to continue this upward trend. We believe that we are providing innovative and right solutions to our customers and hope to make a positive difference through our product and service offerings to our customers,” said Rangam Bir, CEO of Allianz Life.
Prioritising customers through service excellence
Allianz Malaysia chooses to focus on comprehensive insurance solutions and service excellence as its mission while aiming to be the most reliable partner for all its customers, agents and business partners ; thus carving out a competitive edge.
“We at Allianz are committed to live by our tagline to be with our customers from A-Z. It is vital not only to find the right solution for our customers, but to also provide them with excellent service, “said Zakri.
The company leverages on its more than 16,000 strong agency force as well as other distribution channels such as franchise, bancassurrance, brokers and telemarketing to reach out to all communities in Malaysia in driving its activities, especially in providing results for customers.
- Listening to our customers is one of the key factors in providing the best service to them. We believe that through strong and varied distribution channels, we will be able to reach out many people. 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. We are very confident that we are able to weather through the downward cycle of the economy and provide continuous results for customers,” concluded Zakri.