KUALA LUMPUR, Feb 22 — Allianz Malaysia Bhd’s (AMB) net profit increased to RM377.02 million in the financial year ended Dec 31, 2018 (FY2018) against RM287.96 million in FY2017, it said in a filing with Bursa Malaysia today.
The company recorded operating revenue of RM5.18 billion, an increase of 7.9 per cent compared with RM4.80 billion previously, mainly due to higher gross earned premiums and investment income by RM313.3 million and RM67.6 million respectively.
The company’s general insurance segment increased 4.1 per cent in operating revenue to RM2.35 billion for FY2018 from RM2.25 billion in FY2017. It attributed the increase to the higher gross earned premiums and investment income by RM79.4 million and RM12.4 million respectively.
The life insurance segment recorded operating revenue of RM2.82 billion, an increase of 11.4 per cent from RM2.53 billion previously, mainly contributed by growth in agency, bancassurance and employee benefits channels.
Meanwhile, for the fourth quarter (Q4) ended Dec 31, 2018, AMB’s net profit rose to RM100.04 million from RM86.78 million a year ago.
Operating revenue improved 7.6 per cent to RM1.30 billion from RM1.2 billion previously, mainly due to higher gross earned premiums and investment income by RM83.6 million and RM8.7 million respectively.
On the current year’s prospects, the company said it will continue to focus on optimising the performance of its insurance businesses and expect to maintain satisfactory results in 2019.
AMB is part of Allianz Group of Germany. — Bernama
