KUALA LUMPUR: Allianz Malaysia Bhd recorded a slightly lower net profit of RM472.83 million for the financial year ended Dec 31, 2022 (FY2022) compared to RM478.50 million recorded in the financial year of 2021.
Revenue, however, rose to RM6.77 billion from RM6.43 billion previously.
In a filing with Bursa Malaysia, Allianz said the higher revenue was due mainly to higher gross earned premiums and investment income by RM259 million and RM83 million, respectively.
"The general insurance segment recorded operating revenue of RM2.76 billion for FY2022, an increase of 6.3 per cent as compared to the preceding financial year due mainly to an increase in gross earned premiums and investment income by RM151.3 million and RM12.1 million, respectively.
"The increase in gross earned premiums of the general insurance segment was attributable to higher premiums from motor and personal accident business," it said.
For the fourth quarter (4Q) ended Dec 31, 2022, Allianz recorded a higher net profit of RM166.34 million as compared to RM154.67 million recorded in the previous corresponding quarter, while revenue widened to RM1.70 billion from RM1.67 billion previously.
It attributed the increase in revenue mainly to higher gross earned premiums and investment income of RM2.3 million and RM30.3 million, respectively.
"For the quarter under review, the general insurance segment recorded operating revenue of RM717.4 million, an increase of 10.9 per cent as compared to 4QFY2021 due to an increase in gross earned premiums and investment income by RM65.6 million and RM5.0 million, respectively.
"The increase in gross earned premiums of the general insurance segment was attributable to higher premiums from motor and personal accident business," it said.
– BERNAMA
