Allianz Malaysia posts lower net profit of RM96.62m in Q2

Allianz Malaysia posts lower net profit of RM96.62m in Q2

The logo of Allianz is seen on a building in Paris, France, April 30, 2020. — Reuters pic

Wednesday, 24 Aug 2022 7:48 PM MYT

KUALA LUMPUR, Aug 24 — Allianz Malaysia Bhd’s net profit sank to RM96.62 million in the second quarter (Q2) ended June 30, 2022, from RM145.41 million in the same period last year.

Revenue, however, increased by 5.5 per cent to RM1.65 billion from RM1.57 billion mainly due to higher gross earned premiums and investment income by RM73.3 million and RM12.5 million, respectively.

In a filing with Bursa Malaysia today, the company said the general insurance segment recorded operating revenue of RM675.4 million, an increase of 1.3 per cent or RM8.5 million, as compared to the preceding year’s quarter of RM666.9 million.

The improved operating revenue in the general insurance segment was due to an increase in gross earned premiums and investment income by RM6.2 million and RM2.3 million, respectively.

“The increase in gross earned premiums of the general insurance segment was attributable to higher premiums from the motor and personal accident business,” it said.

Meanwhile, the life insurance segment registered an operating revenue of RM975.8 million, an increase of 8.6 per cent or RM77.1 million, as compared to the preceding year’s quarter of RM898.7 million.

This was due to an increase in gross earned premiums and investment income by RM67.1 million and RM10.0 million, respectively.

“The increase in gross earned premiums of the life insurance segment was mainly contributed by higher premiums from all key distribution channels,” it added.

On prospects, Allianz Malaysia said the group will continue to execute its strategic initiatives of expanding its distribution channel.

“The bank will distribute Allianz insurance products in areas of protection, education, retirement, wealth, and legacy needs.

“The group continues to make an investment in talent, digital and distribution channels and execute its strategic initiatives,” it said. — Bernama