The group said it will continue to focus on accelerating digital capabilities with the aim of simplifying and scaling up processes and to create timely customer-focused solutions.
PETALING JAYA: Allianz Malaysia Bhd
(AMB) expects to maintain its growth momentum by enhancing efficiency and competitiveness.
The group said it will continue to focus on accelerating digital capabilities with the aim of simplifying and scaling up processes and to create timely customer-focused solutions.
“The group will also continue to execute its strategic initiatives of expanding its distribution capabilities while also maintaining focus on product profitability,” it said in a filing with Bursa Malaysia yesterday.
For its fourth quarter ended Dec 31, 2022, Allianz’s net profit rose to RM166.34mil from RM154.67mil in the previous corresponding period, while revenue rose to RM1.7bil from RM1.67bil a year earlier.
Basic earnings per share stood at 15.23 sen, versus 15.37 sen previously.
Allianz said its general insurance segment recorded a pre-tax profit of RM131mil, an increase of 14.4% or RM16.5mil.
“The improved pre-tax profit was mainly contributed by higher underwriting profit from the business growth and better investment income.”
Additionally, Allianz said its life insurance segment recorded a pre-tax profit of RM144.8mil, an increase of 64.4% or RM56.7mil, mainly due to fair value gains on investments during the quarter.
For its financial year ended Dec 31, 2022, Allianz’s net profit dipped to RM472.83mil from RM478.50mil previously, while revenue grew to RM6.77bil from RM6.43bil.
Allianz said the general insurance segment delivered a pre-tax profit of RM462.6mil during the year, an increase of 5.8% or RM25.4mil.
“The improved pre-tax profit was mainly driven by higher underwriting profit and lower management expenses.
“The combined ratio improved by 0.5 percentage points compared to the preceding year corresponding quarter.”
Meanwhile, the life insurance segment recorded a pre-tax profit of RM287.2mil, an increase of 30.2% or RM66.7mil, due to better results from the protection business.
The group’s investment holding segment registered a pre-tax loss of RM45.4mil, mainly to higher expenses.
On its prospects, Allianz said economic headwinds arising from the ongoing supply chain disruptions, higher prices and lower real disposable income are expected to persist in 2023.
It said the outlook for both general insurance and life insurance industries are expected to continue to be challenging.
