Allianz Malaysia Berhad (AMB) Group profit before tax has also rose by 17.4 per cent to RM 127.6 million in the first three months of 2018 as compared to RM 108.7 million in the first three months last year.
AMB total assets grew 9.3 per cent to RM 16.81 billion the first quarter (Q1) of 2018 as compared to RM 15.38 billion in its preceding year.
They have also recorded a total of RM1.16 billion Group’s Gross Written Premiums (GWP) for Q1 2018 a 3.7 per cent increase from RM1.12 billion in 2017.
“Amidst slower growth for Malaysian economy in the first quarter of 2018, Allianz Malaysia managed to deliver RM1.16 billion in GWP in the first three months of the year.
“Our focus for the next nine months will be to continuously put customers first and deliver the
highest of standards in products and services as we want the Allianz brand to be top of mind when it comes to protection for all needs, from A to Z,” said its chief executive officer, Zakri Khir.
Allianz General continues to put customers first AMB’s general insurance subsidiary; Allianz General Insurance Company Malaysia Bhd’s (Allianz General) GWP took in RM585.7 million in Q1 2018, a 4.4 per cent increase from RM561.0 million in 2017.
Underwriting Profit was at RM44.8 million in Q1 2018, a 34.9 per cent increase from RM33.2 million in 2017 while Profit Before Tax increased by 20.1 per cent to RM88.3 million in the Q1 2018 as compared to RM73.5 million the previous year.
Total Assets also rose 4.5 per cent to RM6.03 billion in the first quarter of 2018 from RM5.77 billion the previous year.
“When you buy an Allianz policy, it comes with a service. Since its launch in the Klang Valley last year, the Allianz Road Rangers has been our flagship for added value service.
“A year on, the service now reaches customers nationwide and includes both accidents and roadside assistance, providing our customers with access to the 24-hours Accident Call Center, the Allianz Road Rangers fleet and speedy Allianz Motor ODX Claims process anywhere in Malaysia.
“Besides that, in continuing to be service-oriented and digital-centric, we have also been
investing in various digital initiatives through our partnerships with the Fintech Association of Malaysia to offer Group Personal Accident coverage to FinTech start-ups as well as PolicyStreet, an online curated platform offering affordable insurance solutions in expanding our digital footprint in the evolving marketplace,” said Zakri, who is also the chief executive officer of Allianz General.
The life insurance subsidiary of the Group; Allianz Life Insurance Malaysia Berhad (Allianz Life) registered a GWP of RM572.0 million in Q1 2018, a 3.1 per cent increase from RM 555.0 million it achieved in Q1 2017.
Its Annualised New Business Premiums eased a slight 1.6 per cent to a total of RM108.4 million in the first quarter of 2018 from RM110.2 million in 2017.
Profit Before Tax saw a 14.3 percent increase to RM41.5 million in 2018 as compared to RM36.3 million achieved in 2017 while Total Assets rose by 12.9 percent to RM10.39 billion in 2018 as compared to RM9.20 billion in 2017.
Allianz Life holds the fifth position among the life insurance segment, registering a 7.8 per cent market share based on Life Insurance Association of Malaysia statistics for January to March 2018.
“Customers demand for the complete package – value-for-money products, option to customise, convenience, and of course a great after-sale service. So when it comes to insurance, being able to meet our customer’s perception of benefits versus value is the key,” said Joseph Gross, chief executive officer of Allianz Life.