Allianz Malaysia Stays Resilient in 2017 with RM4 Billion in GWP

Allianz Malaysia Berhad (AMB) Group concluded 2017 with a 2.5% growth in Group’s Gross Written Premium (GWP) which stood at a solid RM4.29 billion as compared to RM4.18 billion from the year before. Profit Before Tax stood at RM437.3 million in 2017 as compared to RM454.6 million in 2016. The Group’s Total Assets grew 11.3% to RM16.59 billion in 2017 as compared to RM14.91 billion in 2016.

AMB Chief Executive Officer, Zakri Khir said, “Despite the challenges of the year, Allianz Malaysia has showed strong resolve to remain resilient with RM4.29 billion in GWP for the financial year of 2017. This year, it is business as usual as we continue to grow and drive innovation through new products and leveraging on the expanding marketplace, superior service and customer satisfaction. In 2018, we are shifting gears towards making Allianz to be a household brand that is synonymous with protection for everything you need, literally from A to Z.”

In continuing to put customers first, Allianz Malaysia is focused on driving superior business value through consummate insurance solutions.

“In our current business climate, customer experience is key.  As an insurer, being able to deliver superior customer experience is akin to being able to achieve the bliss point, the right balance between delivering smart products and meaningful service both on the general and life insurance that Protects you from A-Z,” said Zakri Khir, Chief Executive Officer of Allianz Malaysia Berhad.

Allianz General‘s GWP took in RM2.14 billion in 2017 as compared to RM2.08 billion in 2016, an increase of 2.5% . Underwriting Profit was at RM101.6 million in 2017 from RM166.9 million in 2016 while Profit Before Tax dropped by 16.7% in 2017 to RM266.9 million from RM320.5 million in the previous year. Total Assets rose 2.9% to RM 5.96 billion in 2017 from RM5.79 billion in 2016 while the Combined Ratio in 2017 stood at 94.5 percent as compared to 90.4 percent in 2016.

Allianz Life continues strong growth with RM2.15 billion GWP in 2017 from RM2.10 billion in 2016. Its New Business Premiums (ANP) rose by 15.3% in 2017 to RM452.5 million from RM392.5 million in 2016. Profit Before Tax also grew an impressive 24.9% in 2017 to RM 172.9 million compared to RM138.4 million the previous year. Total Assets also rose by 16.8 percent to RM10.14 billion in 2017 from RM8.68 billion in 2016.

Allianz Life holds the fifth position among the life insurance segment, registering an improved 7.4 percent market share in 2017 from 6.6 percent in 2016.