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Allianz sees lower growth on challenging economy
Posted on July 10, 2015 by admin in Corporate NewsAllianz Malaysia Bhd has revised its growth target for gross written premiums (GWP) to a high single digit from the double as set earlier for 2015.
This is amid the current challenging economic climate, said chief executive officer Zakri Khir.
In 2014, Allianz Malaysia’s two insurance subsidiaries, Allianz General Insurance Co (M) Bhd and Allianz Life, registered GWPs of RM2.13bil and RM1.83bil respectively.
Speaking to reporters at the launch of Allianz Pacer Run 2015 here yesterday, Zakri said the group, however, still expected satisfactory growth for the year.
“In the current scenario, the retail segment is most affected. Growth in this segment has been forecast to be around 4% from 5% to 6% in 2014.
“The segment contributed about 70% of our total business, as a majority of our clients are individuals.
“Consumers are hesitant to spend at present, not because they do not have money but rather lack of confidence in the economic situation following an overflow of negative sentiments,” he added.
On the ringgit’s depreciation, Zakri said that for now, the direct impact was minimal.
“But if prolonged, it will impact the economy and eventually the insurance industry as well,” he added.
Meanwhile, Zakri said the Allianz Pacer Run, to be held on Dec 6 in Putrajaya, is the company’s move to encourage a healthier lifestyle among Malaysians.
He said Allianz Malaysia believed the best assurance to a healthy life is to exercise and being active physically. — Bernama
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