Allianz sees lower growth amid challenging economic climate


Zakri says Allianz Malaysia revised its growth target due to the challenging economic climate.

KUALA LUMPUR: Allianz Malaysia Bhd has revised its growth target for gross written premiums (GWP) to a high single digit from the double, set earlier for 2015.

This is amid the current challenging economic climate, said chief executive officer Zakri Khir.

In 2014, Allianz Malaysia’s two insurance subsidiaries, Allianz General Insurance Co (M) Bhd and Allianz Life, registered GWPs of RM2.13bil and RM1.83bil respectively.

Speaking to reporters at the launch of the Allianz Pacer Run 2015 here on Thursday, Zakri said the group however, still expected satisfactory growth for the year.

“In the current scenario, the retail segment is most affected. Growth in this segment has been forecast to be around 4.0% from 5.0% to 6.0% in 2014.

“The segment contributed about 70% of our total business, as a majority of our clients are individuals.

“Consumers are hesitant to spend at present, not because they do not have money, but rather lack confidence in the economic situation following an overflow of negative sentiments,” he added.

On the ringgit’s depreciation, Zakri said for now, the direct impact was minimal.

“But, if prolonged, it will impact the economy and eventually the insurance industry as well,” he added.

Meanwhile, Zakri said the Allianz Pacer Run, to be held on Dec 6 in Putrajaya, was the company’s move to encourage a healthier lifestyle among Malaysians.

He said Allianz Malaysia believed the best assurance to a healthy life was to exercise and being active physically. - Bernama
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3
   

Next In Business News

Mesiniaga sees turnaround in 2021 after dismal 2020
HLT Global reports robust growth in profit margins�
Hong Kong arrests 12, seizes US$116mil after stock scam
Axis REIT buys industrial property in Shah Alam
Teladan Setia’s public offer of 40.8m new shares oversubscribed 17.47 times
Beware of frothy SPACs, London Stock Exchange warns investors
Crude oil price surge pushes FBM KLCI above 1,600
Bank Negara forex reserves higher at US$109bil
Oil soars to near 14-month high as Opec+ extends output cuts into April
China blue-chip index ends lower after Beijing sets conservative growth target

Stories You'll Enjoy


Vouchers