Resilient Allianz Malaysia posts RM3.24 billion in GWP in third quarter results
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Allianz Malaysia Berhad (AMB) Group announced its results for the first nine months of 2017. A total of RM3.24 billion was recorded in the Group’s Gross Written Premiums (GWP) from January to September this year as compared to RM3.15 billion last year; a 2.9 percent increase. The Group’s Total Assets grew 9.7 percent to RM16.33 billion in the first nine months of 2017 as compared to RM14.88 billion last year while Profit Before Tax stood at RM310.9 million from January to September this year as compared to RM333.6 million in the same corresponding period of 2016.
AMB Chief Executive Officer, Zakri Khir said: “The Malaysian economy’s resilient growth in the third quarter of 2017 has continued to strengthen business and consumer sentiments. With that said, Allianz Malaysia achieved RM3.24 billion in GWP in the first nine months of 2017 backed by our ability to come together and be quick to deploy simple and targeted solutions that answers the needs of our customers. Thus we continue to keep a concious effort in focusing on our customers, making sure that every idea we develop ticks the following boxes – simple, quick, relevant and value for money.”
Allianz General continues to put customers first
In a difficult market, AMB’s general insurance subsidiary; Allianz General Insurance Company (Malaysia) Berhad’s (Allianz General) was resilient and recorded a 12.1 percent market share to register a GWP of RM1.64 billion in the third quarter of 2017, compared to the 11.9 percent market share and RM1.62 billion GWP registered in the same corresponding period of 2016. Profit Before Tax was at RM199.5 million in the first nine months of 2017 as compared to RM246.6 million in the previous year. Total Assets rose 2.7 percent to RM6.04 billion in the third quarter of 2017 from RM5.88 billion in the previous year. Combined Ratio stood at 94.4 percent in the first nine months of 2017 as compared to 89.9 percent in the same corresponding period of 2016. Allianz General holds the first position among the general insurance segment’s market share based on Persatuan Insurans Am Malaysia (PIAM) statistics for January to September 2017 and is still outpacing the market growth in Fire and Motor even with the ongoing liberalisation.
“As we become an increasingly digitally dependent society, it is easy to lose focus on the essence of good service, prioritising human touch and just going the extra mile for customers. In saying Allianz protects you from A-Z, our efforts in expediting claims during the recent flood situation up around the country, especially in Penang was our way of reaffirming our promise to our customers and to always be there in their time of need. Doing what we can to help them get back on their feet and to rebuild their lives was our utmost priority. This is what first-rate service is all about – proactive, pin-point, real-life solutions that can make a difference in people’s lives,” said Zakri, who is also the Chief Executive Officer of Allianz General.
Allianz Life maintains positive growth
The life insurance subsidiary of the Group; Allianz Life Insurance Malaysia Berhad (Allianz Life) continues to grow, recording a 4.6 percent increase in GWP to RM1.60 billion in the first nine months of 2017 from RM1.53 billion in 2016. Its New Business Premiums (ANP) also improved by 21.0 percent to a total of RM324.8 million in the third quarter of 2017 from RM286.4 million in 2016. Profit Before Tax saw a 26.0 percent increase to RM113.4 million from January to September this year as compared to RM90.0 million achieved in 2016 while Total Assets rose by 14.6 percent to RM9.88 billion in the first nine months of 2017 as compared to RM8.63 billion in 2016. Allianz Life holds the fifth position among the life insurance segment, registering a 7.4 percent market share based on Life Insurance Association of Malaysia (LIAM) statistics for January to September 2017, as compared to 6.6 percent market share in 2016.
“Allianz protects you from A-Z is not just a mantra but a promise we live by. As insurers, we are in a position to improve societal gaps and derive positive change through our products and services. In recognising the need for a trigger point to improve the lives of Malaysians, we launched Allianz 3H Cover and Allianz Diabetes Essential; two products we believe that serves untapped customer needs. Both products offer Malaysians out there who are experiencing these “3 Highs” - high cholesterol, high blood pressure or a high Body Mass Index (BMI) – and diabetes a second lease of life and, more importantly, much deserved medical protection. Besides that, we are also committed towards building a health network that will see these positive health changes through and get Malaysians to focus on improving their health,” said Joseph Gross, Chief Executive Officer of Allianz Life.
Serving digital-dependent customers
Digitally reliant customers come to expect their needs to be met through quick, and super simple solutions.
Allianz too has embraced this in various ways. Some of them by enabling customers to obtain insurance quotes online (Allianz Online) to implementing a faster motor claims process (Motor ODX Claims) as well as equipping Allianz Life agents with a fuss-free platform to obtain insurance quotes for customers in real-time (Imagine).
In recent months, the Company has stepped out into the brave new world of financial technology (fintech) in a big way through partnerships with fintech accelerator SuperCharger and KATSANA to drive innovation that will create entirely new markets to meet untapped customer needs.
“It is important for us to continue to evolve with the times to meet the needs of our customers. We are always looking for ways to invigorate our business to sustain continue the innovation of super simple solutions that serves our customers best,” said Zakri.