Allianz Malaysia delivers growth in 2015 to exceed RM4 billion in Gross Written Premiums
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Allianz Malaysia Berhad (AMB) Group concluded 2015 with a 4.1 percent growth in Group’s Gross Written Premium (GWP). The Group’s GWP for 2015 stood at a solid RM4.13 billion as compared to RM3.97 billion from the year before. Profit Before Tax registered at an increase of 3.5 percent in 2015 with RM438.2 million from RM423.5 million the year before. The Group’s Total Assets grew to RM13.62 billion in 2015 as compared to RM12.18 billion in 2014, recording a robust rise of 11.8 percent.
AMB CEO, Zakri Khir said, “The implementation of the Goods and Service Tax (GST) in April coupled with the volatile economy in the second half of the year and changing consumer sentiments has made 2015 a challenging year. We however weathered the storm well, managed to stay relevant to our customers and that spurred the difference. Our employees, agents and business partners are contributing factors towards our positive finish in 2015. They delivered on our promises, allowing our customers to continue to believe and place their trust in us."
Allianz General continues to put customers first
AMB’s general insurance subsidiary; Allianz General Insurance Company (Malaysia) Berhad (Allianz General)’s GWP took in RM2.18 billion in 2015 as compared to RM2.13 billion in 2014, a 2.2 percent increase. Underwriting Profit dipped 7.1 percent to RM188.2 million in 2015 from RM202.6 million in 2014 while Profit Before Tax saw a slim 0.9 percent growth at RM322.3 million in 2015 as compared to RM319.4 million the previous year. Total Assets rose 7.9 percent to RM5.71 billion in 2015 from RM5.29 billion in 2014 while the Combined Ratio stood at 89.0 percent in 2015 as compared to 87.0 percent in 2014.
“Our multi distribution channels comprising Agents, Franchise, Bancassurance, Brokers and Telemarketeers continue to provide for our customers at their preferred touch points offering innovative products and excellent service. The opening of branches in smaller cities like Langkawi, Labuan and Raub extends our reach to customers. It is an opportunity for us to get closer to our customers by having a physical presence nearby instead of having them travel to major cities to make an enquiry or submit a claim. It is these kind of initiatives that allow us to continue to stay relevant to our 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) continues to grow recording a 6.5 percent increase in GWP to RM1.95 billion in 2015 from RM1.83 billion in 2014. Its New Business Premiums (ANP) also improved by 4.9 percent to a total of RM370.7 million in 2015 as compared to RM353.3 million in 2014. Profit Before Tax stood at RM116.6 million in 2015 compared to RM105.9 million achieved in 2014 while Total Assets rose by 15.8 percent to RM7.53 billion in 2015 as compared to RM6.50 billion in 2014. Allianz Life holds the fifth position among the life insurance segment, registering a 7.3 percent market share.
“Allianz Life has managed to stay strong despite these difficult times because customers continue to believe in us. Our valued agents and partners have remained committed in helping to promote awareness on the importance of insurance in all phases of life. In 2015, we saw a digital shift in healthcare and protection with customers preferring digital channels and platforms in obtaining information and services. Allianz Life is ready to embark on initiatives that tackle that shift in customers’ needs and in strengthening our commitment to provide the best support and services to our customers,” said Rangam Bir, CEO of Allianz Life.
Focusing on customers
Allianz Malaysia is focused in driving superior customer experience by connecting business value and customer value through various initiatives including True Customer Centricity.
“In this digital age, where everyone is connected and increasingly digitally dependent, it is imperative that we provide exceptional experience – doing ordinary things, in an extraordinary way; consistently. Service is the deal maker in this industry. Being relevant to our customers is about being customer centric and possessing the ability to truly understand the needs and meeting the demands of our customers will set us apart from our competitors,” said Zakri.
“In 2015, Allianz embarked in various initiatives from the introduction of new products to strategising ways to improve our customer journey. We will continue to drive forward these initiatives, working from top to bottom to ensure every Allianz employee is truly customer centric. With increased customer engagement, Allianz can continue to be a present partner through our customer’s journeys,” added Zakri.