Allianz Malaysia business volume rises 6.7% to $408m

Bancassurance and employee benefits also contributed to premium increase.

Allianz Malaysia Berhad reported a 6.7% year-on-year (YoY) increase in total business volume to $407.5m (RM1.63b) for the first quarter of 2026.

The group said in a statement that growth was supported by both its general and life insurance businesses. 

Gross written premiums rose 13.7% YoY to $572.5m (RM2.29b), driven by the motor, bancassurance and employee benefits businesses.

Operating profit was broadly stable at $71.1m (RM284.2m), compared with $71.2m (RM284.9m) in the first quarter of 2025, despite what the company described as a challenging operating environment.

Allianz General Insurance Company (Malaysia) Berhad recorded total business volume of $229.6m (RM918.3m), up 6.5% YoY. The increase was mainly supported by its motor business.

However, Allianz General’s operating profit fell 4.2% YoY to $38.6m (RM154.2m), due to higher insurance service expenses during the quarter.

Its combined ratio stood at 87.2%, compared with 85.8% a year earlier. The claims ratio improved to 62.2% from 63.0%, whilst the expense ratio rose to 25.0% from 22.8%.

Allianz Life Insurance Malaysia Berhad reported annualised new premiums of $65.8m (RM263.1m), up 23.2% YoY. The increase was mainly driven by its agency and employee benefits businesses.

The value of new business rose 28.9% to $31.0m (RM124.1m) from $24.1m (RM96.3m).

Operating profit increased 0.9% YoY to $32.0m (RM128.0m). Contractual service margin stood at $942.5m (RM3.77b), up 1.3% YoY from $932.5m (RM3.73b) at the end of 2025.

($1.00 = RM3.97)