Allianz Malaysia Berhad (Allianz Malaysia) Group announced its results for the first nine months of 2021. The Group recorded a total of RM4.16 billion in Gross Written Premiums (GWP) in the first nine months of 2021, a 4.3 percent increase as compared to RM3.99 billion it achieved in the same corresponding period in 2020. The Group’s Total Assets grew by 7.4 percent to RM22.91 billion as at September 2021 as compared to RM21.33 billion gained last year while Profit Before Tax eased by 20.3 percent to RM432.6 million in the first nine months of this year, as compared to RM542.8 million that was achieved in the same corresponding period last year.
Allianz Malaysia Chief Executive Officer, Zakri Khir, said: “Despite the various curveballs presented by the pandemic and the ensuing government measures as well as the tough market conditions, our general and life insurance business rallied back to deliver growth where it mattered which led to resilient results for Allianz in the third quarter of 2021. As a Group, we remain humbled and thankful that we are able to remain profitable, especially in times like these. The implementation of the National Recovery Plan (NRP) coupled with the decline fluidity of the COVID-19 situation, we will continue to be on our toes, employing strategies that will not only drive business and profitability, but also serve our communities better.”
Allianz General posts improved results in underwriting result and profit before tax
Allianz Malaysia’s general insurance subsidiary; Allianz General Insurance Company (Malaysia) Berhad (Allianz General) GWP eased by a slim 0.6 percent to RM1.79 billion in the first nine months of 2021 from RM1.80 billion in 2020. However, the Allianz General’s Underwriting Result rose by 22.3 percent to RM188.5 million in the first nine months of this year from RM154.1million earned last year while Profit Before Tax improved by 7.0 percent to RM322.7 million in the first nine months of this year, as compared to RM301.6 million achieved in the same corresponding period in 2020. Total Assets as at September 2021 stood at RM7.22 billion, a slight 1.1 percent increase from RM7.14 billion in 2020. Allianz General’s Combined Ratio stood at 88.2 percent in the third quarter of 2021, compared to 89.7 percent in the same corresponding period in 2020.