Allianz General maintains its position as the market leader

Allianz Malaysia Berhad (AMB) Group announced its results for the first three months of 2016 as it continues to provide simply the best value for customers. A total of RM1.07 billion was recorded in Group’s Gross Written Premiums (GWP) from January to March this year as compared to RM1.05 billion last year; a 2.6 percent increase. The Group’s Total Assets grew 11.0 percent to RM14.12 billion in the first three months of 2016 as compared to RM12.72 billion last year while Profit Before Tax stood at RM115.0 million in the first three months of 2016 as compared to RM112.4 million in the first three months of 2015.

AMB CEO, Zakri Khir said, “Allianz Malaysia displayed generally good results the first quarter of 2016 despite the challenging market and economic conditions. While 2016 warns of similar volatility and slower growth as the year before, we are prepared to better serve our customers who are at the very core of our business. That means offering products that are best in value and being problem solvers for our customers.”

AMB’s general insurance subsidiary; Allianz General Insurance Company (Malaysia) Berhad (Allianz General) recorded RM547.0 million in GWP in the first three months of 2016, a 5.5 percent drop from RM579.0 million last year due to weaker market sentiments. Total Assets grew by 4.0 percent, rising to RM5.75 billion in the first three months of 2016 from RM5.53 billion in last year’s corresponding period. Underwriting Profit dipped 6.2 percent to RM50.1 million in 2016 from RM53.4 million in 2015 while Profit Before Tax grew 7.0 percent to RM90.0 million in the first three months of 2016 as compared to RM84.1 million in the first three months of the previous year. Combined Ratio remained below 90.0 percent, standing at a healthy 88.6 percent in 2016.

“We are happy to reaffirm our position as one of the leading general insurers in Malaysia with a market share of 12.4 percent. We stand strong because our customers believe in us and the service we provide. It is a fact that service and added value is and will be the differentiator for customers.

Recently, Allianz General became the first insurers in Malaysia to initiate a Claims Notification. Upon submitting a claim, customers will now receive a phone call from the claims personnel in charge of processing their claims. This helps them establish direct contact with the claims personnel in seeing their claims process through. This value added service is a differentiator,” added Zakri, who is also the CEO of Allianz General.

Source: Allianz Press Release