Allianz Malaysia posts 7.4% lower earnings of RM183.17mil in 3Q


KUALA LUMPUR: Allianz Malaysia Bhd recorded a net profit of RM183.18 million in the third quarter (3Q) ended Sept 30, 2024, down 7.4 per cent from the RM197.86 million achieved in the same period last year.

Revenue, however, rose 10.3 per cent to RM1.44 billion from RM1.31 billion previously on higher insurance revenue from both the general and life insurance segments.

In a filing with Bursa Malaysia, Allianz Malaysia said the general insurance segment recorded an insurance revenue of RM826.9 million in the quarter under review, a 17 per cent jump from RM706.9 million a year earlier mainly due to the higher gross earned premiums from the motor business.

As for the life insurance segment, it registered insurance revenue of RM613.6 million, up 2.4 per cent compared to the RM599.1 million recorded in the year-ago quarter.

"This increase was mainly attributed to higher insurance revenue from the investment-linked protection and employee benefits business,” it said.

However, the profit before tax of the general and life insurance segments fell 1.1 per cent and 10 per cent year-on-year, respectively.

Meanwhile, for the cumulative nine-month period, its net profit edged up to RM540.02 million from RM537.22 million in the preceding year’s corresponding period while revenue rose to RM4.15 billion from RM3.63 billion.

On prospects, Allianz Malaysia said the group will continue to steer towards driving a profitable product mix and maintaining strict discipline in the areas of underwriting and claims management.

"Additionally, the group will continue to seek to improve customer experience and operational efficiency by investing in digital capabilities and transformation,” it said. - Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Allianz Malaysia , Insurance ,

   

Next In Business News

Oil gains as cooling US inflation points to possible easing
CIMB and Gentari ink MoU to drive green mobility and value chain decarbonisation
AmInvest declares income distribution of RM142.8mil
S P Setia's commercial offerings in Semenyih see strong demand and full take-ups.
Honda, Nissan aim to close merger talks in June 2025, source says
Asia shares, risk assets cheer US inflation relief
Singapore Nov core inflation at 1.9% y/y, lowest in almost 3 years
KLCC Holdings takes over Bandar Malaysia
Creating more changes for foreign investors
No impact on TNB from ICPT implementation

Others Also Read