Allianz Malaysia’s Q2 2024 earnings show modest growth

The H1 2024 performance of its general segment was offset by its life business.

The second quarter (Q2 2024) profit before tax of Allianz Malaysia amounted to $51.70m (RM224.8m), a modest increase of 0.9% year-on-year (YoY).  

However, the company bagged an insurance revenue of $315.10m (RM1.37b) for Q2 2024, reflecting a significant 17.7% YoY increase.  

Year-to-date, the group's insurance revenue reached $623.30m (RM2.71b), marking a 16.4% rise over the corresponding period in 2023.  

The group's total assets grew by 5.4% to $6.28b (RM27.31b) as of 30 June, up from $5.96b (RM25.92b) at the end of December 2023.  

Allianz General Insurance (Malaysia), the general insurance arm of the group, saw its six months to June (H1 2024) net income dip 10.7% YoY to $43.17m (RM187.7m). This was offset by the 16.8% YoY growth seen in Allianz Life Insurance Malaysia’s net earnings, which totalled $38.66m (RM168.1m).

($1.00 = RM4.36)