Allianz Malaysia sustains 11.3% YoY growth in Q3 revenue

Year-to-date (YTD), its total business volume amounted to RM3.63b.

Allianz Malaysia Group recorded a third quarter (Q3) of RM1.31b in insurance revenue, bringing the year-to-date (YTD) total business volume to RM3.63b. 

The YTD insurance revenue growth was 11.3%, amounting to an increase of RM367.7m compared to the same period last year. 

The total gross written premiums (GWP) increased by 8.3% to RM4.95b, and profit after tax (PAT) grew by 22.0% to RM537.2m YTD.

Allianz General, the general insurance subsidiary, recorded an insurance revenue of RM706.9m for Q3, representing an 8.3% increase over the previous year. 

YTD, the general insurance segment reported an insurance revenue of RM2.03b, reflecting a 7.7% increase compared to the same period last year. The profit before tax (PBT) for Q3 grew by 20.6% to reach RM141.2m, and the combined ratio improved by 0.6 percentage points to 85.7%.

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Allianz Life, the life subsidiary, posted a Q3 insurance revenue of RM599.1m, an increase of 28.6% compared to the previous year's quarter. YTD, the insurance revenue grew by 16.2% to a total of RM1.60b. The life subsidiary also reported a YTD GWP of RM2.70b, an increase of 5.8% over the previous year.

Allianz Life's total annualised new premiums (ANP) recorded a growth rate of 18.5%, resulting in a 10.3% market share. 

Allianz General maintains its number one rank in the general insurance industry, with a market share of 13.7%, while Allianz Life maintains its number four position in the life insurance industry, recording a market share of 10.3%. 

The group announced a total increase of 5.3% in its total assets, reaching RM25.15b for the year so far.