Allianz Malaysia sees 15.1% revenue jump in Q124

It saw its revenue total $281.4m.

Allianz Malaysia’s first quarter (Q124) revenue saw a 15.1% year-on-year (YoY) surge, totalling RM1.34b ($281.40m). This growth was attributed to its life insurance subsidiary, said the CEO.

The Malaysian unit also recorded an 11.7% growth in its gross written premiums (GWP), which saw RM1.90b ($399.00m). Similarly, profit after tax (PAT) surged 9.9% to RM189.8 million ($39.89m). Total assets also grew by 10.1% to RM26.79b ($5.63b).

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Allianz Life Insurance Malaysia achieved RM1.02b ($214.20m), a 9.7% increase YoY. Annualised New Premiums grew by 43.8% to RM234.8m ($49.34m), and PAT increased by 30.9% to RM94.1m ($19.81m). Allianz Life's market share rose to 11.8%, up 2.0 percentage points from Q423.

Likewise, Allianz General Insurance Company (Malaysia) saw a 14.0% YoY increase in GWP to RM884.6m ($185.67m), with a market share of 13.7%. Profit before tax for Allianz General in Q124 was RM132.3m ($27.77m). Total assets for Allianz General grew by 7.3% to RM7.71b ($1.62b) compared to RM7.18 billion as of 31 December 2023.

($1.00 = RM4.71)