Allianz sees 29.9% hike in Q1 profit

Allianz Malaysia Bhd’s net profit for the first quarter ended March 31, 2018 jumped 29.9 percent to MYR87.23 million from MYR67.17 million in 2017, due mainly to higher contribution from both general and life insurance segments.

Revenue grew 5.2 percent to MYR1.27 billion compared to MYR.21 billion in the previous year’s first quarter, thanks to higher gross earned premiums and investment income.

Allianz has said the general insurance industry will likely see some volatility in a fully liberalised environment, which can be expected to remain for up to two to three years, as seen in other markets where detariffication has taken place.

Competition is likely to intensify in the run up to the anticipated next phase of liberalisation in 2019, according to a Retail News Asia report. The general insurance segment aims to maintain its market leadership in 2018 and will continue to drive initiatives to ensure a profitable portfolio and create value for its customers and distribution partners. It will also leverage on digital assets to enhance its processes and service proposition to customers.