Allianz Malaysia records 9.4% GWP growth in first nine months

The group’s total assets grew by 4% as of September 2022.

Allianz Malaysia Berhad (Allianz Malaysia) Group announced that it recorded a gross written premiums (GWP) growth of 9.4% to $1.02b in the first nine months of 2022 compared to $930m in the same last year.

The Group’s Total Assets grew by 4% to $5.35b as of September 2022 as compared to $5.14b gained last year whilst the Group saw a 1% increase in Profit Before Tax to $97.96m in the first nine months of this year, as compared to $97m achieved in the same corresponding period last year.

Meanwhile, the Core Profit of the Group, which is before the inclusion of short-term volatility in the life segment due to interest rates, grew at 11.1% at $118.77m, as compared to $106.88m.

“Allianz Malaysia Group continued to deliver resilient financial results in the third quarter of 2022. While there were low base effects from the negative growth in the third quarter of 2021, stronger economic growth driven by increased domestic demand saw our general and life insurance businesses perform remarkably well to deliver a combined RM4.56 billion in GWP,” Sean Wang, CEO of Allianz Malaysia said.