KUALA LUMPUR: Allianz Malaysia Bhd recorded an 8.8 per cent increase in gross written premiums (GWP) to RM1.48 billion in the first quarter (Q1) ended March 31, 2021 from RM1.36 billion a year ago.
Of the RM1.48 billion, its general insurance subsidiary Allianz General Insurance Company (Malaysia) Bhd accounted for RM656.40 million GWP.
Its life insurance subsidiary Allianz Life Insurance Malaysia Bhd registered a GWP of RM825.60 million.
Allianz Malaysia said its total assets grew 12.3 per cent to RM21.71 billion in Q1 from RM19.33 billion last year.
The company's net profit fell 20.4 per cent to RM63.26 million in Q1 from RM79.50 million last year, while revenue increased 8.2 per cent to RM1.60 billion from RM1.48 billion.
Allianz Malaysia chief executive officer Zakri Khir said 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, it still managed to deliver resilient results.
Zakri said, observing the government's Covid-19 strategy, there just seems to be no end game in sight, and as such, the future's looking bleak for Malaysia.
"That said, Allianz Malaysia will continue to take things in its stride, employing short-term strategies and its continued push for improved business agility, as we gear up for yet another challenging year," he said.
On the performance of Allianz General, it said the GWP of RM656.40 million was a seven per cent increase from RM613.6 million in 2020.
Its underwriting profit improved by 84.0 per cent to RM48.4 million in Q1 compared to RM26.3 million last year.
Allianz General's total assets grew 5.2 per cent to RM7.01 billion in Q1 from RM6.66 billion in previous year.
Allianz Life, meanwhile, saw its annualised new business premiums (ANP) growing 39.7 per cent to a total of RM171.3 million in Q1 from RM122.6 million a year ago, mainly contributed by higher premiums from its agency and employee benefits channels.
Allianz Life's total assets improved 16.1 per cent to RM14.25 billion from RM12.28 billion in 2020.
Based on Life Insurance Association of Malaysia (LIAM) statistics for January to March 2021, Allianz Life holds the sixth position among the life insurance industry, capturing an increased 8.8 per cent market share compared to 7.7 per cent in 2020.