Allianz Malaysia’s Q3 profit eases, revenue edges up

KUALA LUMPUR: Allianz Malaysia Bhd Group’s net profit fell 10.63 per cent to RM129. 07 million in the third quarter (Q3) ended September 30, 2020 to RM142.8 million a year ago.

Group revenue increased 7.9 per cent to RM1.53 billion from RM1.42 billion a year ago, mainly due to increase in gross earned premiums by RM117.2 million offset by a decrease in investment income by RM5.0 million.

Allianz Malaysia said its general insurance segment had recorded an operating revenue of RM631.4 million in Q3.

This was an increase of 10.0 per cent or RM57.4 million from RM574.0 million previously due to higher gross earned premiums by RM57.9 million, which was offset by a decrease in investment income by RM0.5 million.

“The increase in gross earned premiums of the general insurance segment was attributable to higher premiums from motor business.

“Meanwhile, life insurance segment registered an operating revenue of RM896.5 million, an increase of 6.7 per cent or RM56.1 million in Q3 from RM840.4 million due to increase in gross earned premiums by RM59.3 million offset by a decrease in investment income by RM3.2 million,” it said.

Allianz Malaysia chief executive officer Zakri Khir said since the Covid-19 pandemic hit, the group’s general insurance arm as well as its life business had focused on prioritising resiliency as the group did the best for its customers and shareholders.

“That said, we remain mindful that it has been a rough year for our fellow Malaysians, and that we are not out of the woods yet with the recent surge of Covid-19 cases in the country.

“While we hold onto cautious optimism, Covid-19 has brought on such vast uncertainty, that we must also be prepared for things to get a lot tougher next year,” Zakri said.

Source: NST