Allianz Malaysia records RM1.16b in revenue for Q1

This was driven by higher sales generated from its general and life insurance segment.

Allianz Malaysia Berhad’s first quarter financial results showed insurance revenue up by 9.2% year-on-year (YoY) to RM1.16b ($250m).

This was pushed by higher sales generated from its general and life insurance offerings. Its profit before tax was pencilled at RM232.8m ($50.6m) in the January to March period of 2023. Compared with the previous year, this was a 7.8% climb.

Its general insurance segment, or Allianz General Insurance, saw its revenue grow 8.1% to RM49.4m ($10.7m).

Profits prior to tax were RM139.8m ($30.4m) in the first quarter.

“The increase was attributable to higher insurance service results and positive fair value movement from investments,” the insurer said in a statement.

Likewise, its Allianz Life Insurance businesses jumped 10.8% YoY to RM499.9m ($108.6m) in revenues.

Aggravated by normalised claims experience from investment-related coverage, profit before tax was at RM96.5m ($21m).

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“The Q1 results also resulted in Total Assets growing by 7.9% for the first three months of 2023 as compared to the corresponding period in 2022. Allianz Life also saw its market share increase to double digits at 10% while it maintained its overall market rank at 4th place,” Allianz said.

For the year, Allianz Life CEO Charles Ong said it plans to scale up its programmes to produce new agents as well as drive its C.E.O. programme which targets to upskill its C.E.O. agents.

“On the other hand, we also have the INSEAD programme, which makes us the first insurer to partner up with an esteemed business school in providing world-class training modules to our top-performing agents, which will further deepen their capabilities and professional standards in the agency force.” Ong said.

(RM1.00 = $0.22)