Allianz Malaysia stays resilient to deliver RM4 billion in GWP in 2017
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Allianz Malaysia Berhad (AMB) Group concluded 2017 with a 2.5 percent growth in Group’s Gross Written Premium (GWP) which stood at a solid RM4.29 billion as compared to RM4.18 billion from the year before. Profit Before Tax stood at RM437.3 million in 2017 as compared to RM454.6 million in 2016. The Group’s Total Assets grew 11.3 percent to RM16.59 billion in 2017 as compared to RM14.91 billion in 2016.
AMB Chief Executive Officer, Zakri Khir said, “Despite the challenges of the year, Allianz Malaysia has showed strong resolve to remain resilient with RM4.29 billion in GWP for the financial year of 2017. This year, it is business as usual as we continue to grow and drive innovation through new products and leveraging on the expanding marketplace, superior service and customer satisfaction. In 2018, we are shifting gears towards making Allianz to be a household brand that is synonymous with protection for everything you need, literally from A to Z.”
Allianz General continues to put customers first
AMB’s general insurance subsidiary; Allianz General Insurance Company (Malaysia) Berhad (Allianz General)’s GWP took in RM2.14 billion in 2017 as compared to RM2.08 billion in 2016, an increase of 2.5 percent . Underwriting Profit was at RM101.6 million in 2017 from RM166.9 million in 2016 while Profit Before Tax dropped by 16.7 percent in 2017 to RM266.9 million from RM320.5 million in the previous year. Total Assets rose 2.9 percent to RM 5.96 billion in 2017 from RM5.79 billion in 2016 while the Combined Ratio in 2017 stood at 94.5 percent as compared to 90.4 percent in 2016.
“The year 2017 was a year of significant changes and challenges in the general insurance industry with the phased liberalisation of the motor and fire insurance sectors. The drop in profits was mainly due to impairment of insurance receivables. However, in exercising our adaptability, Allianz came up with our own game changer, offering a new range of incomparable products and value-added services at better prices. Our Allianz Road Rangers service and our modular home insurance - Smart Home Cover has made all the difference in 2017 in allowing us to continuously maintain the highest of standards in serving our customers,” said Zakri Khir, who is also the Chief Executive Officer of Allianz General.
Allianz Life continues strong growth with RM2.15 billion GWP in 2017
The life insurance subsidiary of the Group; Allianz Life Insurance Malaysia Berhad (Allianz Life) continues to grow, recording a 2.4 percent increase in GWP to RM2.15 billion in 2017 from RM2.10 billion in 2016. Its New Business Premiums (ANP) rose by 15.3 percent in 2017 to RM452.5 million from RM392.5 million in 2016. Profit Before Tax also grew an impressive 24.9 percent in 2017 to RM 172.9 million compared to RM138.4 million the previous year. Total Assets also rose by 16.8 percent to RM10.14 billion in 2017 from RM8.68 billion in 2016. Allianz Life holds the fifth position among the life insurance segment, registering an improved 7.4 percent market share in 2017 from 6.6 percent in 2016.
“Allianz Life delivered a strong profit growth in 2017and contributed significantly to the Allianz Group’s total earning. This was achieved through multi distribution channels while our bancassurance business also grew significantly. Besides that, in the fourth quarter of last year we launched two innovative products - Allianz 3H Cover and Allianz Diabetes Essential - that serve the untapped needs of many Malaysians out there. Allianz 3H Cover and Allianz Diabetes Essential offers Malaysians living with the “3 Highs” – high cholesterol, high blood pressure or a high Body Mass Index (BMI) – and diabetes much needed and deserved medical protection. And in 2018, we will continue to do right by our customers in driving products that are meaningful to the needs of our customers, because we want Malaysians to keep improving their health,” said Joseph Gross, Chief Executive Officer of Allianz Life.
Refining and redefining our service
In continuing to put customers first, Allianz Malaysia is focused on driving superior business value through consummate insurance solutions.
“In our current business climate, customer experience is key. As an insurer, being able to deliver superior customer experience is akin to being able to achieve the bliss point, the right balance between delivering smart products and meaningful service both on the general and life insurance that Protects you from A-Z,” said Zakri Khir, Chief Executive Officer of Allianz Malaysia Berhad.
“We have had a couple of standout products in 2017 that has allowed us to capitalise on the demand for the best value increased satisfaction. We zeroed in on what Malaysians truly need, carefully putting together purposeful products and service that addresses every point of contact to improve our customer’s journey with us. In building on this momentum, we hope to continue to grow our business, and continue to excite and serve our customers through our products and services and at the same time drive purposeful change in the insurance industry in 2018,” added Zakri.