Kuala Lumpur, 23 May 2024 – Allianz Malaysia Berhad (“Allianz Malaysia” or “the Group”) announced its financial results for the first quarter of the financial year ended 31 March 2024 (Q1). The Group posted an insurance revenue of RM1.34 billion, representing an increase of 15.1% from the RM1.16 billion posted in the same period of last year. Gross Written Premiums (GWP) increased 11.7% to RM1.90 billion compared to the same period last year while Profit After Tax (PAT) surged 9.9% to RM189.8 million. Total Assets grew 10.1% to stand at RM26.79 billion from RM25.92 billion in 31 December 2023.
“The Group continued its growth momentum in 2024 for both subsidiaries, thanks, particularly, to our Life insurance subsidiary, which has significantly outperformed the market.” said Sean Wang, CEO of Allianz Malaysia.
Allianz Life records 43.8% growth in ANP over Q1 2023, nearly double the industry average of 22.4%
Allianz Life Insurance Malaysia Berhad (“Allianz Life”) for the first time posted more than 1 billion GWP for a financial quarter. The Life insurance subsidiary recorded RM1.02 billion in GWP for Q1, marking a 9.7% increase over the same period last year. Annualised New Premiums for the first quarter of the year jumped 43.8% to RM234.8 million. Profit After Tax increased by 30.9% or RM94.1 million over the same period of the year before. Market share for Allianz Life rose to 11.8%, a 2.0 percentage point increase over Q4 2023.
Allianz Life CEO Charles Ong said, “The focus of our efforts remains strongly centred on prioritising our customers’ needs. Allianz Life was ranked in the Top 5 in the Customer Satisfaction Index for the Malaysia Insurance & Takaful Customer Satisfaction Survey 2022 (CSS 2022). We are happy that consumers are recognising our value proposition and that they see Allianz Life as their long-term insurance partner amidst challenges posed in the industry.”
Management team drives Life Agency transformation
“I am also pleased that our efforts at agency transformation are translating into insurance revenue. We are focusing on providing the necessary tools and resources to empower our agents. One example of this is the Allianz 360 application, which streamlines the customer journey and allows our agents to drive their business by making data-driven decisions, which in turn has led to an increase in overall agent productivity. Moving forward, our Agents will also continue to focus on protection business that provides comprehensive coverage to our customers. In Q1, we have also launched a couple of customer and product campaigns with the aim to reward our customers with additional benefits. We will strive to introduce new, comprehensive products that will continue to address customer needs.” continued Charles.
Allianz General extends Road Rangers coverage to include Electric Vehicles
Allianz General Insurance Company (Malaysia) Berhad (“Allianz General”), the general insurance subsidiary of the Group, recorded a 14.0% increase in GWP to reach RM884.6 million for the first quarter of the year as compared to the same period last year. The market share stood at 13.7% with a recorded Profit Before Tax of RM132.3 million for Q1. Allianz General’s Total Assets went up 7.3% to reach RM7.71 billion compared to RM7.18 billion in 31 December 2023.
“We are glad to have launched the Allianz EV Shield for Electric Vehicles (EV) in February this year. With the inclusion of EV vehicles, our flagship Allianz Road Rangers now covers Motorcycles, Private Cars, Goods Carrying Vehicles and Electric Vehicles. For Allianz EV Shield, our EV Rangers provides on-the-spot charging while various touchpoints involved in charging the car is also covered.” said Sean, who is also CEO of Allianz General.
“This is an important factor because, for us, we define roadside assistance, we set the benchmark and so we will continue to chart the course. What keeps us ahead of the curve is the fact that more and more of our policyholders have adopted the attitude that “Allianz will handle it”. Moving forward, we will continue to find more ways to enhance our service offerings to our customers.” continued Sean.
Based on the latest statistics by the Insurance Services Malaysia (ISM), Allianz General maintains its number one rank in the general insurance industry and Allianz Life maintains its number four position in the life insurance industry.
This content is provided by Allianz Malaysia Berhad.
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