KUALA LUMPUR, Aug 23 — Allianz Malaysia Bhd’s net profit rose by 11.1 per cent to RM166.67 million in the second quarter ended June 30, 2023 (2Q 2023) from RM150.08 million in the same quarter last year.
Revenue grew by 7.6 per cent to RM1.16 billion from RM1.08 billion previously due to higher insurance revenue from both insurance segments, it said in a filing with Bursa Malaysia today.
The group said for the quarter under review, the general insurance segment recorded an insurance revenue of RM665.9 million, up 6.7 per cent, compared to the preceding quarter owing to an increase in gross earned premiums from the motor business.
For the quarter, the life insurance segment posted an insurance revenue of RM498.8 million, a growth of 8.7 per cent compared to the preceding year’s quarter of RM458.7 million.
“This increase was mainly attributed to higher insurance revenue from investment-linked protection business and employee benefits business,” it said.
As at June 30, 2023, the group’s total assets grew to RM24.75 billion from RM23.89 billion as at Dec 31, 2022, mainly attributable to an increment in investments and financial assets for unit-linked contracts for the fiscal period under review.
Moving forward, Allianz said it would need to continue to pursue profitable growth and improve operational efficiency with ongoing transformation to be more digital and scalable.
“The group’s financial strength, diversified distributions and product offerings, as well as the strong focus on execution of its strategic initiatives, will continue to position it to deliver sustainable growth in 2023,” it added. — Bernama
