Allianz Malaysia profits rise in Q1

The insurer posted RM172.69 million for the period ending March 31

Allianz Malaysia profits rise in Q1

Insurance News

By Kenneth Araullo

Allianz Malaysia has posted growth in the first quarter of fiscal year 2023, with the insurer recording RM172.69 million, up from the corresponding quarter last year, which recorded RM150.54 million.

Overall revenue also improved, with the insurer posting RM1.16 billion this quarter compared to RM1.06 billion last year. This growth was spurred by higher insurance revenue from both general and life insurance segments.

According to a report from The Star, Allianz Malaysia posted RM661.5 million for its general insurance segment revenue in the quarter under review, a figure 8.1% higher YoY and attributed to increased gross earned premiums. Life insurance recorded a revenue of RM499.9 million, attributed to higher revenue from the investment-linked protection (ILPs) business).

As of the first quarter, the insurer’s total assets increased by RM331.9 million, going from RM24.01 billion to RM24.35 billion. The growth has been pinned to increase in financial assets for unit-linked contracts and investments for the financial period under review.

A recent report by Allianz Trade revealed that the total global insurance premium income amounted to US$6.05 trillion last year.

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