Allianz Malaysia GWP surges to $662m for H1 2021

However, profits before tax is 19.6% lower compared to last year.

The Allianz Malaysia Berhad (Allianz Malaysia) Group reported an increase of 8.6% to RM2.78b ($662m) in gross written premiums (GWP) in the first half (H1) of 2021 compared to RM2.56b ($610m) last year.

The group also saw its total assets grow by 8.7% to $5.31b as of June 2021 compared to $4.89b last year. Profits before tax however were lower by 19.6% to $65.20m in the first half of the year compared to $81.11m last year.

Their general insurance segment, Allianz General saw its GWP increase by 4.7% to $280m (RM1.19b) for H1 2021. Underwriting result rose 21.9% to $28.54m in the first half of this year whilst profit before tax improved by 7.1% to $49.45m in the first six months of 2021.

Meanwhile, the group’s life insurance subsidiary, Allianz Life, showed positive growth recording an 11.6% increase in GWP to $380m in H1 2021 whilst annualised new premiums rose by 51.5% to $77.01m. However, profit before tax took a huge hit, falling by 50.5% to $18.27m from $36.95m last year.

Based on statistics by the Life Insurance Association of Malaysia, Allianz Life holds the fifth position amongst the life insurance industry and has 9% of the market share.

According to Allianz Malaysia’s CEO Zakri Khir, whilst the continued restrictions in the country and the alarming resurgence of COVID-19 cases continue to occupy the thoughts and lives of Malaysians, he stressed that it is vital that insurers continue to play its role in providing thoughtful protection that their customers desire and deserve.

“Despite the challenging market conditions, Allianz Malaysia has managed to deliver resilient results for the first half of 2021. Surviving the pandemic is at the forefront of everyone’s thoughts. So while the group continues to deliver resilient results, we remain conscious of the fluidity of the current business environment and will continue to employ short-term strategies to move in tandem with uncertainties and challenges that may come our way,” he added.