Strong performance from life and general business buoyed quarterly earnings.
Allianz Malaysia beat tough operating conditions plaguing the insurance industry after net profit rose 18% YoY to $21.85m (MYR87m) in Q1, according to Maybank Kim Eng, on the back of lower than expected expenses.
The company’s life business witnessed 14% YoY growth in pretax surplus whilst the general division saw pretax profit inched up 4%.
Net earned premiums also rose 7% with market share of premiums clocking in at 11.6% in Q1. Product mix also improved as recurring premiums edged up 5.4% YoY to buck a 4.9% decline in single premiums. However, annualised new premiums dipped 2% YoY amidst slower consumer demand.
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