Allianz Malaysia 1Q net profit rises to RM189.83mil

KUALA LUMPUR: Allianz Malaysia Bhd posted a higher net profit of RM189.83 million during the first quarter (1Q) ended March 31, 2024, compared to RM172.69 million in the corresponding quarter last year on higher contribution from the life insurance segment.

Revenue also grew to RM1.34 billion against RM1.16 billion previously, attributable to higher insurance revenue from both general insurance and life insurance segments, the group said in a filing with Bursa Malaysia today.

Allianz said the life insurance segment recorded a higher profit before tax of RM122.3 million in 1Q, an increase of 26.7 per cent or RM25.8 million from RM96.5 million last year due to higher insurance service results and higher investment income.

The general insurance segment delivered a profit before tax of RM132.3 million in 1Q, a decrease of 5.4 per cent or RM7.5 million as compared to RM139.8 million last year, mainly due to lower claims experienced in the preceding financial period, it said.

Meanwhile, the investment holding segment registered a loss before tax of RM3.6 million compared to a loss before tax of RM4.0 million previously due to higher investment income.

On prospect, the group said strong financial performance during 1Q reaffirmed its position as a leading insurance and financial services provider in Malaysia.

“All key distribution channels in both the general and life business segments have posted strong growth in 1Q 2024 with major contributions from the motor business and investment-linked protection business, respectively.

“The group seeks to expand its distribution channels to accelerate growth through various strategic initiatives with the focus on operational scalability and efficiency to provide better services to our customers,” it said. – BK