KUALA LUMPUR, Nov 23 — Allianz Malaysia Bhd’s net profit fell to RM108.56 million in the third quarter ended Sept 30, 2022 (Q3FY2022) from RM115.16 million in the same quarter last year.
Revenue, however, rose 7.7 per cent to RM1.71 billion from RM1.58 billion previously, mainly due to higher gross earned premiums and investment income by RM95.5 million and RM26.9 million respectively, it said in a filing with Bursa Malaysia today.
It said both the general insurance and life insurance segments recorded higher operating revenue of 9.1 per cent and 6.8 per cent, respectively, in the quarter under review due to an increase in gross earned premiums and investment income.
“The increase in gross earned premiums of the general insurance segment was attributable to higher premiums from motor and personal accident business. The increase in gross earned premiums of the life insurance segment was mainly contributed by higher premiums from agency and employee benefits channels,” it said.
Allianz said as at Sept 30, 2022, its total assets increased by RM193.9 million to RM23.84 billion from RM23.64 billion as at Dec 31, 2021, mainly attributable to the increase in insurance receivables and intangible assets for the financial period under review.
On prospects, it said the company would continue to execute its strategic initiatives of expanding its distribution capabilities while also maintaining focus on product profitability to remain competitive.
It said the company continued to make investments in talent and technology in order to execute its strategic initiatives.
“It will also focus on accelerating digital capabilities to ensure scalability as the business grows and to create timely customer-focused solutions,” it added. — Bernama