Allianz Malaysia focuses on profitable growth and digital transformation

KUALA LUMPUR: Allianz Malaysia Bhd will need to continue to pursue profitable growth and improve operational efficiency with ongoing transformation to be more digital and scalable.

“The group’s financial strength, diversified distributions and product offerings as well as a strong focus on execution of its strategic initiatives will continue to position it to deliver sustainable growth in 2023,” Allianz said in a filing with Bursa Malaysia.

The insurer said the general insurance segment recorded premium growth of 7.7% for the period ended June 30, 2023, matching the industry growth of 8.0%.

Meanwhile, the life insurance segment annualised new business increased by 6.0% as compared to the industry growth of 6.9% for the period ended June 30.

“This is mainly from lower overall agency growth as the distribution channel continues to focus on the value segment, particularly in the growth of its investment-linked business which has posted above-market growth for the same period. The life insurance segment's bancassurance and employee benefit channels continue to deliver growth above market,” it said.

Allianz saw its net profit grow 11% to RM166.7mil, or earnings per share of 57.92 sen in the second quarter ended June 30 against RM150.1mil, or 66.22 sen a year prior.

Its revenue expanded 7.6% to RM1.16bil from RM1.08bil last year.

In the first half to June 30, it posted a net profit of RM339.4mil, up 12.9% from RM300.6mil while revenue rose 8.4% to RM2.3bil versus RM2.1bil last year.