Allianz Malaysia records 10.4% increase in GWP for H1 2022
Both its life and non-life businesses also reported GWP increases in H1.
Allianz Malaysia Berhad Group announced an increase of 10.4% in its gross written premiums (GWP) to $690m in the first half (H1) of the year compared to $620m in the same period last year.
The group’s total assets grew by 6.5% to $5.30b as of June 2022 compared to $4.98b last year. Profits before tax also increased slightly by 1.2%.
In the first half of 2022, Allianz Malaysia’s general insurance subsidiary, Allianz General Malaysia registered a 13.2% increase in GWP. Underwriting results also rose by 21% to $32.37m in the first half of this year from $26.76m in the first half of 2021.
Allianz General Malaysia also saw profits before tax increase by 5.4% in H1. Allianz General Malaysia has a market share of 13.4% in the general insurance market in the country.
Meanwhile, the life insurance subsidiary of the group, Allianz Life Malaysia recorded an 8.2% increase in GWP to $380m in H1 2022 from $360m a year before.
The insurer's Annualised New Premiums (ANP) dipped by 3.2% to a total of $67.68m in the first half of 2022. Profit before tax was at RM76.0 million in the first six months of this year, substantially in line with the $16.98m achieved in 2021, thanks to a higher Core Profit that offset the impact of higher interest rates on the Fair Value of the group’s investments.
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Total assets grew by 6.4% in the first half of June. Based on the Life Insurance Association of Malaysia’s statistics, Allianz Life Malaysia holds 9.4% of the market share in Malaysia.
“The Group’s general and life insurance arm continued to outperform the market, recording steady growth in GWP despite the difficult market conditions. Whilst the Malaysian economy is set to continue an upward trajectory, external headwinds could spell a challenging business environment for the next six months. Nevertheless, the Group remains focused on ensuring sufficient social protection for lower-income groups through its product offerings under the government’s Perlindungan Tenang Programme as well as employing strategies that will allow us to anticipate trends and capitalise on opportunities to capture growth and continue to outperform the market,” Allianz Malaysia CEO Sean Wang, said.