KUALA LUMPUR (Nov 22): Allianz Malaysia Bhd's net profit jumped 47.9% to RM99.88 million in the third quarter ended Sept 30, 2018 (3QFY18) from RM67.53 million a year ago, thanks to contributions from the general insurance and life insurance segments.

This resulted in a higher earnings per share of 56.54 sen for 3QFY18, compared with 38.73 sen for 3QFY17.

Quarterly operating revenue rose 9.5% to RM1.3 billion from RM1.19 billion in 3QFY17, on higher gross earned premiums and investment income.

“The fiscal third quarter of the year presented new challenges. We were in a post-general election high, with the newly-formed government chomping at the bits to deliver change," Allianz Malaysia chief executive officer Zakri Khir said in a statement today.

Underwriting profit rose 40.9% to RM107.5 million in 3QFY18 from RM76.3 million in 3QFY17, mainly due to normalisation of the impairment in reinsurance receivables last year, as well as strong technical fundamentals and prudent expense management to weather through a phased liberalisation environment.

For the cumulative nine months (9MFY18), the group's net profit increased 37.7% to RM276.98 million from RM201.18 million a year ago, while operating revenue grew 8% to RM3.88 billion from RM3.59 billion in 9MFY17.

From January to September this year, a total of RM3.41 billion was recorded in the group’s gross written premiums, up 5.2% from RM3.24 billion a year ago.

The group’s total assets grew 7.2% to RM17.5 billion, from RM16.33 billion in the same period.
 
On prospects, Allianz Malaysia said it remains confident to deliver satisfactory results for the remaining year.

"There will be good days and challenging days, but we will manage it. With renewed optimism, our goal as an insurer is to stay financially resilient and to continue to serve our customers with thoughtful and relevant products and services," Zakri said.

Allianz Malaysia shares closed unchanged at RM12 today, with 227,000 shares done, bringing a market capitalisation of RM2.12 billion.