Allianz General Malaysia Q3 revenue rises, motor segment expands

Total assets grew 7.8% YTD to $6.15b.

Allianz Malaysia Berhad saw its third quarter (Q3 2024) insurance revenue jump 10.3% year-on-year (YoY) increase to $320m (RM1.44b).  

Year-to-date (YTD), insurance revenue rose 14.2% to $910m (RM4.15b), driven by growth across both general and life insurance segments.  

The general insurance arm, Allianz General Insurance Company (Malaysia) Berhad, achieved $180m (RM826.9m) in Q3 2024 insurance revenue, up 17% from the same period last year.  

YTD revenue grew 16.1% to $0.52b (RM2.36b). Gross Written Premiums (GWP) for Allianz General reached $570m (RM2.57b), a 14.2% increase, exceeding the market average growth of 7.2%.  

Growth was fueled by an 18% expansion in the motor insurance segment through agency and franchise channels. Allianz General now has a 14.6% share in Malaysia’s general insurance sector.  

Allianz Life Insurance Malaysia Berhad recorded $130m (RM613.6m) in Q3 2024 insurance revenue, a 2.4% increase YoY.  

YTD revenue rose 11.8% to $390m (RM1.79b). The subsidiary saw a 16.4% increase in Annualised New Premiums (ANP), outperforming the market, with Bancassurance leading growth at 57.2%. Allianz Life maintains a 10.8% market share.  

Allianz Malaysia’s total assets grew 7.8% YTD to $6.15b (RM27.93b).  

($1.00 = RM4.46)