Allianz Malaysia shows promising first-half performance

Both its life and general insurance subsidiaries also saw increases in revenue.

Allianz Malaysia achieved RM1.16b in insurance revenue during the second quarter (Q2), contributing to a total business volume of RM2.33b for the first half of the year. 

This marks an increase of 8.4%, equivalent to RM180.2m, compared to the corresponding period in the previous year. 

Additionally, Allianz Malaysia reported a 4.5% rise in total gross written premiums (GWP) compared to the previous year, totalling RM3.22b. 

Moreover, profit after tax (PAT) saw a climb of 12.9%, reaching RM38.8m compared to the same period in 2022.

Its general insurance subsidiary, Allianz General Insurance (Malaysia) also saw a rise in its revenue of 6.7% to RM665.9m in the second quarter. This was attributed to the rise in gross earned premiums from its motor segment.

In the January to June period, revenue summed to RM1.33b, 7.4% higher than the previous year. Whilst profit before tax also jumped 17.9% to RM263.8m.

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Allianz Life Insurance Malaysia, the life subsidiary, reported an insurance revenue of RM498.8m for Q2, marking an 8.7% increase. 

The insurance revenue for the year-to-date period exhibited growth of 9.8% to RM998.7m. 

This growth can be attributed to robust performance in its investment-linked and employee benefits segments. 

Allianz Life also achieved a higher profit before tax of RM98.7m, reflecting a 14.4% increase compared to the previous year's Q2. 

For the first half of the year, profit before tax slightly declined by 10.4% from the previous year, totalling RM195.2m. This decrease is taken in the context of the strong post-pandemic recovery figures in 2022.