Allianz Malaysia stays resilient to deliver RM4 billion in GWP in 2016
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Allianz Malaysia Berhad (AMB) Group concluded 2016 with a 1.2 percent growth in Group’s Gross Written Premium (GWP) which stood at a solid RM4.18 billion as compared to RM4.13 billion from the year before. Profit Before Tax registered an increase of 3.7 percent in 2016 with RM454.6 million from RM438.2 million the year before. The Group’s Total Assets grew to RM14.91 billion in 2016 as compared to RM13.62 billion in 2015, recording an increase of 9.5 percent.
AMB Chief Executive Officer, Zakri Khir said, “It was a challenging year, yet Allianz Malaysia remained resilient to post RM4.18 billion in GWP in the fourth quarter of 2016. This year, we expect to continue growing and to do that, we need to expand out of our traditional markets. We recognise the opportunities out there and we have formed new partnerships that will give us access to new markets and continue to deliver simply the best value for customers through smart, customer-savvy products and superior service.”
Allianz General continues to put customers first
AMB’s general insurance subsidiary; Allianz General Insurance Company (Malaysia) Berhad (Allianz General)’s GWP took in RM2.08 billion in 2016 as compared to RM2.18 billion in 2015, a 4.5 percent decrease. Underwriting Profit dipped 11.3 percent to RM166.9 million in 2016 from RM188.2 million in 2015 while Profit Before Tax was at RM320.5 million in 2016 as compared to RM322.3 million the previous year. Total Assets rose 1.4 percent to RM5.79 billion in 2016 from RM5.71 billion in 2015 while the Combined Ratio stood at 90.4 percent in 2016 as compared to 89.0 percent in 2015.
“In adding value to the service we already provide, Allianz General embarked on a motor transformation journey at the tail end of the third quarter of 2016 with the upgraded Allianz Motor ODX Claims. A first in the industry, the straight-through process confirms a claim amount using a series of rules integrated into the backend system with no human intervention. So, a claim which previously took about three to five days to be approved can now be completed within 60 minutes. And the 1,819 claims processed so far (as at December 2016) has really improved the turn-around time for the OD (own-damage) claims approval, end-to-end motor OD claims process and overall customer satisfaction,” said Zakri Khir, who is also the Chief Executive Officer of Allianz General.
Allianz Life achieves milestone GWP of RM2.10 billion
The life insurance subsidiary of the Group; Allianz Life Insurance Malaysia Berhad (Allianz Life) continues to grow, recording a 7.6 percent increase in GWP to RM2.10 billion in 2016 from RM1.95 billion in 2015. Its New Business Premiums (ANP) also improved by 5.9 percent to a total of RM392.5 million in 2016 as compared to RM370.7 million in 2015. Profit Before Tax increased to RM138.4 million in 2016 compared to RM116.6 million achieved in 2015 while Total Assets rose by 15.2 percent to RM8.68 billion in 2016 as compared to RM7.54 billion in 2015. Allianz Life holds the fifth position among the life insurance segment, registering a 6.6 percent market share.
“I am immensely proud of the achievement of Allianz Life in hitting the monumental mark of RM2.10 billion in GWP. It was a tough year, and being able to garner this significant accomplishment is really down to our distribution partners, brokers, banks, importantly agents and of course, our customers who continue to place their trust in us to be there for them through all phases of life. We hope to ride this momentum and continue to do right by our customers and provide them with the best products, the best value and the best service in Malaysia. Our Imagine platform is a testament to that, as it allows our life insurance agents customisation and product comparison options, ensuring that our customers purchase products that best-suit their needs,” said Joseph Gross, Chief Executive Officer of Allianz Life.
Service in the digital age
Allianz Malaysia is focused in driving superior customer experience by connecting business value and customer value through products and service.
“Being business-savvy in a digital era presents us with a plethora of opportunities to enhance our business and discover new, smarter and better ways to serve our customers. And with it, we are better equipped to capitalise on opportunities that present themselves; refining and redefining our service to our customers better,” said Zakri.
“Our partnerships with ParkEasy (parking application) and RecomN.com (services provider) is just the beginning as we look towards service on digital platforms. These partnerships allow us to not only diversify our business, but also to reach out and offer protection to new and existing customers at a great value. Being able to complement these digital initiatives with a personal touch means we can offer the best of both worlds and truly remain customer-first,” added Zakri.