KUALA LUMPUR: Allianz Malaysia Bhd posted a net profit of RM167 million in the second quarter ended June 30 2024 (2Q 2024), marginally higher by 0.2 per cent from RM166.7 million last year.
Its insurance revenue, however, saw a robust growth as it jumped 17.7 per cent to RM1.37 billion from RM1.16 billion a year ago.
In the first half of financial year 2024, Allianz Malaysia's net profit increased 5.0 per cent to RM356.8 million versus RM339 million previously.
Its insurance revenue stood at RM2.7 billion during the period, representing an increase of 16.4 per cent from RM2.3 billion last year.
The general insurance segment recorded an insurance revenue of RM779.9 million in 2Q, an increase of 17.1 per cent from RM665.9 million, mainly due to increase in gross earned premiums from motor business.
As for the life insurance, Allianz Malaysia said the revenue increased 18.5 per cent to RM591.2 million in 2Q, thanks to higher insurance revenue from investment-linked protection business.
"As a result of astute planning over the years, we once again show a steady trajectory upwards for the second financial quarter," said chief executive officer Sean Wang in a statement today.
"We expect to continue this growth momentum in the second half amid positive development in the nation's economic environment," he added.