Allianz General surpasses RM3b GWP target, group revenue surges

Both its life and general businesses saw robust earnings growth.

Allianz Malaysia Berhad saw its insurance revenue and net earnings for 2023 surge 11.8% and 19.1% year-on-year to $2.1b (RM4.94b) and $152.9m (RM730.9m), accordingly.

Gross Written Premiums (GWP) rose by 8.7% to $1.37b (RM6.55b) whilst total assets grew by 8.1% to $5.42b (RM25.92b).

Allianz General Insurance Company (Malaysia) Berhad (Allianz General) achieved significant milestones, surpassing $630m (RM3.00b) in GWP for the first time and extending its market lead to 14.0%. 

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Profit after tax for Allianz General increased by 21.7% YoY to $88.0m (RM420.6m), with a combined ratio of 85.7 percentage points.

Allianz Life Insurance Malaysia Berhad (Allianz Life) also reported remarkable results, with insurance revenue reaching $450m (RM2.17b), a 17.1% YoY. 

Annualised new premiums (ANP) rose by 14.6% to $450m (RM757.6m), and profit after tax surged to $73.7m (RM353.0m).

(RM1.00 = $0.21)