Allianz quarterly top line climbs 10%

PETALING JAYA: Allianz Malaysia Bhd remains optimistic that its product mix and disciplined approach in areas of underwriting and claims management will continue to drive top-line growth.

The insurer added distribution growth and product innovation will be key factors as well.

“The group remains focused on executing its strategic initiatives and delivering on financial targets to bring a strong closing for 2024 and generate value to all stakeholders,” it stated in a filing with Bursa Malaysia.

For its third quarter ended Sept 30, 2024 (3Q24), Allianz posted a lower net profit of RM183.18mil or an earnings per share (EPS) of 102.86 sen in comparison to a RM197.86mil profit or an EPS of 111.17 sen in the same period last year.

Revenue managed to increase by 10% year-on-year (y-o-y) to RM1.44bil due to higher insurance revenue from both its insurance segments, a 17% rise in general insurance to RM826.9mil driven by higher gross earned premiums from the motor business and a 2.4% rise in the life insurance business to RM613.6mil, which was attributed to higher revenue from investment-linked protection and employee benefit business.

For the nine-month period (9M24), Allianz made a net profit of RM540.02mil or an EPS of 272.78 sen, while revenue amounted to RM4.15bil.

The rise in the 9M24 revenue versus 9M23 was attributed to the rise in revenue for both its insurance segments.