Latest news with #RM1.34
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.
New Straits Times
15-05-2025
- Business
- New Straits Times
Malaysia, Japan seal RM1.34bil deals at Expo 2025 Osaka
KUALA LUMPUR: Malaysia and Japan have signed three strategic agreements valued at RM1.34 billion during Expo 2025 Osaka. A standout deal involves a joint venture between reNIKOLA Holdings Sdn Bhd and Japan's Sumitomo Corporation to develop renewable fuels. The collaboration will utilise palm oil production residues to produce biomethane and low-carbon derivatives such as liquefied biomethane and biomethanol. The second deal involved MTC Orec Sdn Bhd, a bioenergy firm under the Bio-based Accelerator (BBA) programme, partnering with Japan's IHI Plant Services Corporation to advance biogas technology development in Southeast Asia. In the third agreement, Glyken Bio Products Sdn Bhd, a BioNexus Status company, signed a Memorandum of Agreement and supply contract with Japan's Respect Co., Ltd. to distribute its bird's nest glycopeptide-based products in the Japanese market. Held on 12 May at the Malaysia Pavilion during the launch of MOSTI Week, the event marked a key milestone in strengthening Malaysia-Japan collaboration to promote a low-carbon and bio-based economy, in line with global sustainability goals. The initiative was led by the Malaysian Bioeconomy Development Corporation, an agency under the Ministry of Science, Technology and Innovation (MOSTI). Bioeconomy Corporation said the collaborations involve the development of renewable energy and the commercialisation of sustainable biotechnology products, aligning with the aspirations of the National Biotechnology Policy 2.0 and global sustainability goals. Its chief executive officer, Mohd Khairul Fidzal Abdul Razak, stated that choosing Japan as Malaysia's strategic partner in innovation and technology highlights the importance of international collaboration in driving green economic growth and tackling global climate issues. "Malaysia is proud to showcase the nation's bioeconomy potential to the global market through strategic collaborations such as this. "While leveraging Japan's expertise in green innovation, BioNexus Status companies and those under the Bio-based Accelerator (BBA) programme are well positioned to drive transformation in renewable energy, sustainable agriculture, and bio-based products," he said. Mohd Khairul said this collaboration not only creates economic benefits but also plays a significant role in promoting a more sustainable, low-carbon future on both regional and global scales.
The Star
15-05-2025
- Business
- The Star
Malaysia, Japan ink RM1.34bil green bioeconomy deals at Expo 2025 Osaka
Bioeconomy Corp chief executive officer Mohd Khairul Fidzal Abdul Razak KUALA LUMPUR: Malaysia and Japan reached a new milestone in their green bioeconomy partnership with the signing of three strategic agreements worth RM1.34 billion on May 12 at Expo 2025 Osaka in Japan. In a statement today, Malaysian Bioeconomy Development Corporation (Bioeconomy Corp) an agency of the Ministry of Science, Technology and Innovation (MOSTI) said the signing is in conjunction with launch of the MOSTI Week which is a step forward by both nations to drive the low-carbon and bio-based economy agenda, in line with global sustainability commitments. "The collaborations involve the development of renewable energy and the commercialisation of sustainable biotechnology products, aligning with the aspirations of the National Biotechnology Policy 2.0 and global sustainability goals," it said. Bioeconomy Corp chief executive officer Mohd Khairul Fidzal Abdul Razak said Japan's selection as Malaysia's strategic partner in innovation and technology reflects the strength of global cooperation to advance green economic growth and address global climate challenges. "Malaysia is proud to showcase the nation's bioeconomy potential to the global market through strategic collaborations such as this. "While leveraging Japan's expertise in green innovation, BioNexus status companies and those under the Bio-based Accelerator (BBA) programme are well positioned to drive transformation in renewable energy, sustainable agriculture, and biobased products," he said. The first agreement involved renewable energy company reNIKOLA Holdings Sdn Bhd and Japan's Sumitomo Corporation to explore a joint venture in developing renewable fuels. In the second agreement, Malaysia's bioenergy company MTC Orec Sdn Bhd and IHI Plant Services Corporation entered into a collaboration for the development of biogas technology in Southeast Asia. In the third case, BioNexus status company Glyken Bio Products Sdn Bhd signed a memorandum of agreement and supply contract with Japan's Respect Co Ltd for the distribution of its bird's nest glycopeptide-based products in the Japanese market. Mohd Khairul Fidzal said the collaborations also reflect the alignment between Malaysia's commitment to sustainable innovation and the theme of the expo, 'Designing Future Society for Our Lives'. "It's not just about accelerating market access and technology transfer, but also about creating opportunities for the joint development of solutions to address climate change, energy security and economic resilience," he said. - Bernama
