KUALA LUMPUR: Allianz Malaysia Bhd recorded 13.1% growth in general insurance gross written premium in 2023, outpacing the overall local market’s 7.8% increase, according to CEO Sean Wang Wee Keong.
Within the general segment, auto insurance is the driving force behind the growth and Allianz Malaysia is one of the largest players in the local market.
“In 2023, new car sales hit a historic high, with nearly 800,000 units sold and Allianz benefited from that,” he said at a press conference after Allianz Malaysia’s annual general meeting recently.
In addition, there was high demand for used cars, and this helped Allianz Malaysia post strong growth, he added.
Wang said Allianz Malaysia is vigilant in controlling expenses, and the insurer is doing this better now than it did last year.
“Controlling the expenses of the company has given Allianz space to invest in a strong cybersecurity system and in strategic initiatives, and it turns out that Allianz is good in controlling all non-essential expenses,” he remarked.
Meanwhile, Allianz Life Insurance Malaysia (ALIM) CEO Charles Ong Eng Chow said ALIM has recorded a 14.6% growth in its annualised new business, outperforming the industry.
“ALIM saw that the industry has started to grow after the pandemic and is proud to announce that it has outperformed the industry, where ALIM has gained market share from 9.5% to 9.8% and ALIM currently holds the fourth ranking in the market.”
Ong said ALIM’s renewal of its partnership with HSBC Bank has been expanded to 15 years as the partnership plays an important role in the life and general business segments of Allianz Malaysia.
“With this partnership, ALIM is able to reach out to all segments of customers, as this section focuses more on long-term saving for retirement and legacy, while ALIM is particularly active and strong in premium and advanced markets,” said Ong.
CFO Giulio Slavich said 2023 is the first year for Allianz Malaysia to do an integrated annual report, where the financial results and non-financial activities are fully embedded with sustainability.
“Internally, Allianz has set the company on the serious aim of sustainability, where the company has set up an environmental, sustainability and governance board to embed sustainability in the company’s product solutions,” he said.
He added that Allianz Malaysia is moving towards a 50% reduction of emissions in the business by 2025 and the company is proud to announce that it is on track to achieve that goal.
