Allianz General expects good results


  • Business
  • Saturday, 28 Jun 2003

ALLIANZ General Insurance Malaysia Bhd (formerly Malaysia British Assurance Bhd) expects its results for the current financial year ending Dec 31, 2003, to be encouraging, especially with the current good performance of the equity market. 

Its chief executive officer William Mei said the KLSE Composite Index was currently hovering at around 680 points and there appeared to be further room for the stock market to improve in the coming months. 

“If the stock market improves further, then we expect our performance for the current year to also improve.  

“Currently, 20% of our funds are invested in equities,'' he said after the company's AGM in Kuala Lumpur yesterday. 

On the company's overall investment portfolio, Mei pointed out that the bulk - about 30% or more - of the funds are kept in fixed deposits, 20% in equities, 20% in corporate bonds, 15% in government bonds and the balance in properties.  

He said the company would probably increase its investment in corporate bonds by 5% by the year-end, depending on the how the equity market performs.  

For the 18 months ended Dec 31, 2002, the group recorded a pre-tax profit of RM30mil and gross premiums of RM727mil. 

In the full year ended June 30, 2001, it posted a pre tax loss of RM18.3mil on gross premiums of RM503mil.  

Allianz Life Insurance (M) Bhd chief executive officer Vincent S.K. Kwo said the company was looking to introduce more investment-linked products this year in view of the improving stock market and the low interest rate environment.  

Allianz Life - a wholly-owned subsidiary of Allianz General - currently has two investment-linked products.  

Kwo said plans were in the pipeline to launch a syariah-linked fund in the near future, judging from the demand for such funds. 

Allianz General currently has more than 4,500 agents and Allianz Life, 1,700 agents. Allianz Life is targeting for a total of2,500 agents by the year-end.  


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