KUALA LUMPUR, Aug 20 — Allianz Malaysia Bhd’s net profit rose to RM89.87 million in the second quarter ended June 30, 2018 (Q2) from RM66.48 million a year ago, due mainly to higher contribution from general insurance and life insurance segments.

Revenue also increased 9.5 per cent to RM1.31 billion from RM1.19 billion previously, on higher gross earned premiums and investment income by RM95.4 million and RM17.6 million respectively, said Allianz in a filing with Bursa Malaysia today.

The general insurance segment recorded an operating revenue of RM583.8 million as compared with last year’s RM564.0 million, due to the increase in gross earned premiums and investment income by RM16.7 million and RM3.1 million respectively.

The group attributed the increase in gross earned premiums of the general insurance segment to higher premiums from motor business.

The life insurance segment registered an operating revenue of RM719.7 million against RM626.3 million in the preceding year, due to an increase in gross earned premiums and investment income by RM78.7 million and RM14.7 million respectively.

"The increase in gross earned premiums of the life insurance segment was attributable to higher premiums from all key distribution channels,” said Allianz.

In a separate statement, the group said it recorded a total of RM2.28 billion in gross written premiums in the first six months of 2018, up 3.6 per cent as compared with RM2.20 billion in the corresponding period in 2017.

The group’s total assets saw a 5.8 per cent increase to RM16.78 billion from January to June this year as compared with RM15.86 billion in the same period last year.

"At Allianz Malaysia, our focus has and always will be our customers. Our aim in providing customers with the complete package — diverse and attractive insurance solutions, coupled with thoughtful service and an expansive distribution channel – remains a core focus this year as we look to continuously offer comprehensive protection for our customers from A to Z,” said Chief Executive Officer Zakri Khir. — Bernama