Latest news with #AllianzMalaysiaBhd
The Sun
25-05-2025
- Automotive
- The Sun
Allianz Malaysia starts FY25 on strong note as insurance revenue, gross written premiums and assets grow
PETALING JAYA: Allianz Malaysia Bhd recorded insurance revenue of RM1.53 billion for the first quarter ended March 31, 2025, an increase of 14.3% over the RM1.34 billion recorded in the same quarter a year ago. Gross written premiums (GWP) for the first three months of the year rose to RM2.01 billion from RM1.90 billion the year before. The group's total assets as at March 31, 2025 stood at RM28.59 billion compared to RM28.49 billion as at Dec 31, 2024. 'We started the year strong, sustaining the momentum from the previous year with both our life and general subsidiaries growing strongly. Going into the second quarter and beyond, we remain focused on driving key initiatives to fulfil the needs of our customers and agents, while staying agile and adaptable in growing the business. We are also constantly striving to be the trusted partner for protecting and growing our customers' most valuable assets,' said Allianz Malaysia CEO Sean Wang. The general insurance subsidiary of the group, Allianz General Insurance Company (Malaysia) Bhd, recorded RM978 million in GWP for the quarter in focus, reflecting a 10.6% increase from RM884.6 million a year earlier. The general insurance segment posted insurance revenue of RM862.5 million in the first three months of 2025, an increase of 14.3% from RM754.8 million the year before. Profit before tax (PBT) stood at RM159.7 million, up 20.7% from RM132.3 million recorded the year prior. Allianz General maintained its pole position in the industry with a market share of 14.9%, mainly driven by strong motor and commercial growth. Combined ratio for the first quarter of 2025 improved to 85.8%, compared to 87% in the same quarter last year. 'We saw robust growth in our motor and commercial business over the January to March 2025 period, which strengthened our market leadership and deepened our commitment towards providing the best services to our customers,' said Wang, who is also CEO of Allianz General. The group's life insurance subsidiary, Allianz Life Insurance Malaysia Bhd, saw GWP grow to RM1.03 billion in the first quarter of 2025, from RM1.02 billion a year ago. Annualised new premiums came in at RM213.5 million for the quarter in review, following the RM234.8 million posted in the previous year. PBT rose to RM126.9 million, up 3.8% from RM122.3 million recorded in the corresponding quarter of 2024. Allianz Life's market share as at March 31, 2025 stood at 11.8%, with the company retaining its number four rank in the industry. 'We put our best foot forward and came out strong in the first three months of the year amid industry challenges. We delivered resilient results as a result of our continuous efforts to provide the best-in-class products and services to our customers,' stated Allianz Life CEO Charles Ong.
The Star
23-05-2025
- Business
- The Star
Allianz Malaysia 1Q net profit rises to RM211.69mil
KUALA LUMPUR: Allianz Malaysia Bhd 's net profit rose by 11.5 per cent to RM211.69 million during the first quarter ended March 31, 2025 (1Q 2025), compared to RM189.83 million in the corresponding quarter last year, mainly due to higher profit contribution from both insurance segments. Revenue also grew by 14.3 per cent to RM1.53 billion against RM1.34 billion previously, attributable to higher insurance revenue from both general and life insurance segments. In a filing with Bursa Malaysia today, Allianz said the general insurance segment delivered a profit before tax of RM159.7 million, mainly driven by higher net insurance and investment results for the current quarter under review. It said the life insurance segment recorded a higher profit before tax of RM126.9 million, mainly due to higher net insurance and investment results, offset by lower other operating income from investment-linked protection and employee benefits business. "However, the investment holding segment registered a loss before tax of RM2.9 million for the three months ended March 31, 2025, due mainly to lower expenses,' it said. On prospects, Allianz said it is focused on expanding its distribution channels by driving agency transformation, emphasising high-quality recruitment, agent productivity and retention, and actively steering its portfolio towards a more profitable product mix to accelerate sustainable growth and enhance return on equity. "We will continue to adapt our strategy in response to market changes, strengthen claims management, and enforce disciplined expense management as the key levers of our profitability strategy,' it added. - Bernama
New Straits Times
23-05-2025
- Business
- New Straits Times
Allianz Malaysia 1Q net profit rises to RM211.69mil
KUALA LUMPUR: Allianz Malaysia Bhd's net profit rose by 11.5 per cent to RM211.69 million during the first quarter ended March 31, 2025 (1Q 2025), compared to RM189.83 million in the corresponding quarter last year, mainly due to higher profit contribution from both insurance segments. Revenue also grew by 14.3 per cent to RM1.53 billion against RM1.34 billion previously, attributable to higher insurance revenue from both general and life insurance segments. In a filing with Bursa Malaysia today, Allianz said the general insurance segment delivered a profit before tax of RM159.7 million, mainly driven by higher net insurance and investment results for the current quarter under review. It said the insurance segment recorded a higher profit before tax of RM126.9 million, mainly due to higher net insurance and investment results, offset by lower other operating income from investment-linked protection and employee benefits business. "However, the investment holding segment registered a loss before tax of RM2.9 million for the three months ended March 31, 2025, due mainly to lower expenses," it said. On prospects, Allianz said it is focused on expanding its distribution channels by driving agency transformation, emphasising high-quality recruitment, agent productivity and retention, and actively steering its portfolio towards a more profitable product mix to accelerate sustainable growth and enhance return on equity. "We will continue to adapt our strategy in response to market changes, strengthen claims management, and enforce disciplined expense management as the key levers of our profitability strategy," it added.
