Allianz Malaysia displays resilience, posts higher insurance revenue
PETALING JAYA: Allianz Malaysia Bhd recorded insurance revenue of RM1.44 billion for third quarter ended Sept 30, 2024 (Q3’24), an increase of 10.3% or RM134.5 million compared to the preceding year’s quarter ended Sept 30, mainly due to higher contribution from general and life segments.
For the year to date, the group recorded insurance revenue of RM4.15 billion, representing a 14.2% or RM516.4 million increase compared to the same period in the year before.
“We have continued to record positive results in the third quarter amidst a challenging landscape. Our resilience and core strengths are reflected in our performance, and we will continue to push on as we enter the last quarter of the financial year,” said CEO Sean Wang.
The group’s general insurance subsidiary, Allianz General Insurance Co (Malaysia) Bhd, recorded insurance revenue of RM826.9 million, an increase of 17% or RM120 million compared to the preceding year’s quarter ended Sept 30.
Year-to-date insurance revenue grew by 16.1% to RM2.36 billion for the financial period ended Sept 30, 2024 against the same period of the preceding year.
The growth momentum from the topline continued for the general business subsidiary. Allianz General recorded RM2.57 billion in gross written premiums representing a 14.2% increase compared to the same period of the previous year. This surpasses the market average of 7.2%. The growth was mainly contributed by strong growth in the motor business across both agency and franchise channels.
The life insurance subsidiary, Allianz Life Insurance Malaysia Bhd, registered insurance revenue of RM613.6 million, an increase of 2.4% or RM14.5 million compared to the preceding year’s quarter ended Sept 30. Year-to-date, it recorded insurance revenue of RM1.79 billion for the financial period ended Sept 30, 2024, an increase of 11.8% or RM189.1 million compared to RM1.6 billion in the financial period ended Sept 30, 2023.
Allianz Life outperformed the market with 16.4% year-to-date growth in annualised new premiums compared to the same period in the preceding year. Year-to-date, the bancassurance channel continued to have strong growth at 57.2%, outperforming the market’s growth of 23.1%.
Recently, Allianz Life embarked on an agency transformation project, Kingmaker, with a target to double its business performance over the next five years. Kingmaker focuses on increasing agency manpower and improving agency professionalism while leveraging on digitalisation to automate processes for increased efficiency.
“Kingmaker represents our commitment to the future we envision for Allianz Life, which is to be the best-in-class insurer in the country. We are focusing on providing our agents with the tools and resources needed to uplift their productivity. After one year, we are already seeing some promising results from the project and we will endeavour to meet our targets in the coming years,” said Allianz Life CEO Charles Ong.
Allianz General has a 14.6% market share and is the leading general insurer in the country. Allianz Life has a 10.8% market share and is the number four life insurer in the country. Allianz Malaysia’s total assets grew by 7.8% to RM27.93 billion compared to the preceding financial year ended Dec 31 2023.
