KUALA LUMPUR: Allianz Malaysia Bhd group recorded gross written premiums (GWP) of RM1.48bil in the first quarter ended March 31,2021, boosted by its life insurance segment.
It said in a statement on Wednesday this was an 8.8% increase from RM1.36bil a year ago.
Of the RM1.48bil in GWP, its general insurance subsidiary; Allianz General Insurance Company (Malaysia) Bhd accounted for RM656.40mil GWP.
Its life insurance subsidiary Allianz Life Insurance Malaysia Bhd registered a GWP of RM825.60mil.
Allianz Malaysia said in 1Q FY21, the group’s total assets grew by 12.3% to RM21.71bil versus RM19.33bil last year. Its revenue increased by 8.2% to RM1.60bil from RM1.48bil.
However, profit before tax fell by 26.7% to RM67.40mil in 1Q21 from RM91.90mil a year ago, mainly from changes in fair value in the life business segment.
This resulted in its net profit falling by 20.4% to RM63.26mil from RM79.50mil. Earnings per share were 35.74 sen compared with 44.94 sen.
Allianz Malaysia chief executive officer Zakri Khir said: “We knew that the after-effects of the COVID-19 pandemic would be slow to dissipate, and one year on, many countries, including Malaysia, still find themselves shackled by the relentless effects of Covid-19 as it continues to experience a stop-start recovery.
“Notwithstanding the business challenges and tepid economic environment following the reinstatement of the Movement Control Order (MCO) restriction between January to February of this year, Allianz Malaysia still managed to deliver resilient results, ” he said.
He expressed concern about the outlook due to the surge in Covid-19 infection.
However, he said Allianz Malaysia will continue to take things in its stride, employing short-term strategies and its continued push for improved business agility, as it gears up for yet another challenging year.
On the performance of Allianz General, the GWP of RM656.40mil was a 7% increase from RM613.60mil in 2020.
Underwriting profit improved by 84% to RM48.40mil in 1Q21 from RM26.30mil a year ago. Its profit before tax rose by 24.3% to RM92.60mil from RM74.50mil a year ago..
Allianz Life’s GWP of RM825.60mil was a 10.3% increase from RM748.50mil a year ago. It said annualised new business premiums (ANP) grew by 39.7% to a total of RM171.3mil in 1Q21 mainly contributed by higher premiums from its agency and employee benefits channels.
However, Allianz Life recorded a negative growth in profit before tax in 1Q21.
Total assets improved by 16.1% to RM14.25bil as at March 31,2021 compared to RM12.28bill in 2020.