Allianz Malaysia Bhd’s net profit slipped to RM115.16 million in the third quarter (Q3) ended September 30, 2021 from RM129.07 million in the same period last year.
Allianz Malaysia Bhd’s net profit slipped to RM115.16 million in the third quarter (Q3) ended September 30, 2021 from RM129.07 million in the same period last year.

KUALA LUMPUR: Allianz Malaysia Bhd's net profit slipped to RM115.16 million in the third quarter (Q3) ended September 30, 2021 from RM129.07 million in the same period last year.

Group revenue, however, rose 3.5 per cent to RM1.58 billion from RM1.53 billion previously, Allianz Malaysia said in a filing with Bursa Malaysia today.

"This is due mainly to higher gross earned premiums and investment income by RM35.0 million and RM18.7 million respectively," it said.

For the quarter under review, the general insurance segment recorded an operating revenue of RM650.2 million, an increase of 3.0 per cent as compared to RM631.4 million in 2020 due to increase in gross earned premiums by RM20.2 million.

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

For Q3, the life insurance's revenue increased 3.9 per cent to RM931.3 million compared to RM896.5 million in 2020 due to increase in gross earned premiums and investment income by RM14.8 million and RM20.0 million respectively.

The increase in gross earned premiums of the life insurance segment was mainly contributed by higher premiums from the agency channel.

For the nine-month period, the company's net profit decreased to RM323.82 million from RM376.30 million last year, while its revenue rose to RM4.76 billion from RM4.42 billion previously.

Allianz Malaysia recorded a total of RM4.16 billion in gross written premiums (GWP) in 9MFY21, a 4.3 per cent increase from RM3.99 billion in 2020.

Its total assets grew 7.4 per cent to RM22.91 billion in 9MFY21 from RM21.33 billion gained last year.

Allianz Malaysia chief executive officer Zakri Khir said despite the various curveballs presented by the pandemic and the ensuing government measures as well as the tough market conditions, the company's general and life insurance business rallied back to deliver growth.

"As a group, we remain humbled and thankful that we are able to remain profitable, especially in times like these.  The implementation of the National Recovery Plan coupled with the declining fluidity of the Covid-19 situation, we will continue to be on our toes, employing strategies that will not only drive business and profitability, but also serve our communities better," said Zakri.