Allianz Malaysia GWP soars to $990m in 2021

The life insurance subsidiary grew by 8.2% in the first nine months of 2021.

Allianz Malaysia Berhad Group saw a 4.3% growth to RM4.16b ($990m) in gross written premiums (GWP) for the first nine months of 2021 this is despite ‘the various curveballs presented by the pandemic’, according to Allianz Malaysia CEO Zakri Khir.

The Group’s total assets grew by 7.4%t to RM22.91b ($5.44b) as at September 2021 as compared to RM21.33b gained last year whilst profit before tax eased by 20.3% to RM432.6m in the first nine months of this year, as compared to RM542.8m that was achieved in the same corresponding period last year.

Allianz Malaysia’s general insurance subsidiary; Allianz General Insurance Company (Malaysia) Berhad (Allianz General) GWP eased by a slim 0.6% to RM1.79b in the first nine months of 2021 from RM1.80b in 2020. However, the Allianz General’s underwriting result rose by 22.3% to RM188.5m in the first nine months of this year from RM154.1m earned last year whilst profit before tax improved by 7% to RM322.7m in the first nine months of this year, as compared to RM301.6m achieved in the same corresponding period in 2020. Total assets as of
September 2021 stood at RM7.22b, a slight 1.1% increase from RM7.14bn in 2020. Allianz General’s combined ratio stood at 88.2% in the third quarter of 2021, compared to 89.7%in the same corresponding period in 2020.

Meanwhile, the life insurance subsidiary of the Group; Allianz Life Insurance Malaysia Berhad (Allianz Life) continues to stay resilient, recording an 8.2% increase in GWP of RM2.38b from January to September this year as compared to RM2.20b earned in 2020. Allianz Life’s annualised new premiums (ANP) rose by 32.6% to RM482.7m in the first nine months of 2021, compared to RM364.1m earned in the same corresponding period of 2020. 

Khir said that despite tough market conditions, their general and life insurance rallied which led to resilient results for the Q3.

“As a Group, we remain humbled and thankful that we are able to remain profitable, especially in times like these. The implementation of the National Recovery Plan (NRP) coupled with the decline fluidity of the COVID-19 situation, we will continue to be on our toes, employing strategies that will not only drive business and profitability, but also serve our communities better,” Khir said.