KUALA LUMPUR (May 23): Allianz Malaysia Bhd reported a 13.4% increase in its first quarter net profit to RM98.92 million, from RM87.23 million a year earlier, on higher contribution from its life insurance segment. 

Earnings per share for the quarter ended March 31, 2019 (1QFY19) rose to 55.97 sen from 49.79 sen, the group said in a stock exchange filing. 

Revenue for the quarter grew 5.73% to RM1.34 billion versus RM1.27 billion a year ago (1QFY18), mainly due to higher gross earned premiums and investment income. 

This was largely driven by an increase in the operating revenue of its life insurance segment due to growth in agency, bancassurance and employee benefits channels, Allianz said.
 
However, the insurance provider recorded a 3.9% lower operating revenue from its general insurance segment, due to a decrease in premiums from its fire business. 

On its prospects, Allianz said the group would remain focused on delivering satisfactory results to shareholders this year. While the general insurance segment is anticipating a challenging year, the group said it would continue growth momentum in its life insurance segment. 

Shares of Allianz closed down 24 sen or 1.79% at RM13.18 today, giving the group a market capitalisation of RM2.33 billion.