KUALA LUMPUR (Feb 21): Allianz Malaysia Bhd reported its net profit rose 15% to RM100.04 million for the fourth quarter ended Dec 31, 2018 (4QFY18) against RM86.78 million in the previous year's quarter, mainly owing to an increase in general insurance profit before tax.
Earnings per share amounted to 10.69 sen against 35.77 sen in 4QFY17. Operating revenue rose 8% to RM1.3 billion from RM1.21 billion a year ago on higher gross earned premiums and investment income.
The group declared an interim dividend of 40 sen per share, compared with 12 sen in the same period last year.
It had also declared an interim dividend of 48 sen per irredeemable convertible preference share (ICPS) for the financial year ended Dec 31, 2018.
In a filing today, the group said the higher profit before tax of 15.7% in its general insurance segment was mainly contributed by higher underwriting profit from the motor business, the result of lower claims and management expenses.
However, its life insurance segment recorded a lower profit before tax of 15% on higher group claims.
For the full year, net profit rose 31% to RM377.02 million from RM287.96 million previously, while full-year operating revenue was 8% higher at RM5.18 billion compared to RM4.8 billion a year ago.
The group said it will continue to focus on optimising the performance of its insurance businesses and expects to maintain satisfactory results in 2019.
Allianz closed 20 sen or 1.5% higher at RM14, for a market capitalisation of RM2.48 billion.