Allianz Malaysia’s quarterly net profit up

El-Erian, the chief economic adviser to Allianz: "Think of sterling as facing a double whammy with no strong anchor."

KUALA LUMPUR: Allianz Malaysia Bhd’s net profit for the third quarter ended Sept 30 increased to RM99.87mil from RM67.52mil registered in the corresponding period last year.

Revenue in Q3 rose to RM1.30bil from RM1.18bil chalked up previously.

Allianz Malaysia Bhd chief executive officer Zakri Khir said despite market challenges, the company remained resilient for the first nine months of the year with a profit of RM276.98mil and a revenue of RM3.87bil.

“For Allianz General, we are buoyed by the growth and profitability of our non-motor business and the outlook of the business will largely depend on consumer behaviour in the coming months,” he said.

As for Allianz Life insurance, it continued its strong growth and ranked fifth among the life insurance segment, registering an 8.7% market share, based on Life Insurance Association of Malaysia statistics for January to September 2018.

“This is an increase of 1.3% from the year before, as it looks towards establishing a stronger foothold in the industry,” he added. — Bernama