Thursday 28 Mar 2024
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KUALA LUMPUR (May 20): Allianz Malaysia Bhd posted a higher net profit of RM101.31 million or 56.99 sen per share for the first quarter ended March 31, 2022 (1QFY22), climbing by 60.16% from RM63.26 million or 35.74 sen per share in the previous year contributed by profit from both of its insurance segments. 

The insurer saw its revenue in 1QFY22 increase 6.29% to RM1.71 billion from RM1.61 billion a year ago mainly due to higher gross earned premiums and investment income. 

In a bourse filing, Allianz Malaysian said its general insurance segment delivered a profit before tax of RM102.2 million, an increase of 10.4% or RM9.6 million compared with RM92.6 million in the same quarter last year, driven by higher underwriting profit. 

Meanwhile, the life insurance segment recorded a profit before tax of RM67.7 million versus a loss before tax of RM20.2 million due mainly to lower fair value losses on investment and higher contribution from protection business.

Looking ahead, the company said it will continue to strengthen its agency force and invest in building scalable distribution capabilities.

“Products and services are continuously enhanced to meet the evolving needs of customers. The strong and diversified distribution and product mix have provided a solid base to deliver profitable business growth. The group will also focus on accelerating digital capabilities to ensure scalability as the business grows and to enhance customer experience. 

“The group remains cautious that by pursuing its strategic initiatives, the group will strive to maintain profitability to its shareholders in 2022,” it added. 

Allianz Malaysia settled at RM12.60 on Friday, up four sen or 0.32%, with a market capitalisation of RM2.24 billion. 

Edited ByEsther Lee
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