KUALA LUMPUR, May 29 (Bernama) -- Allianz Malaysia Bhd's net profit rose to RM172.69 million in the first quarter ended March 31, 2023 (1Q 2023) from RM150.54 million in the corresponding quarter last year on higher contribution from the general insurance segment.
Revenue also improved to RM1.16 billion in 1Q 2023 from RM1.06 billion previously, mainly due to higher insurance revenue from both general and life insurance segments, it said in a filing to Bursa Malaysia today.
The group said the general insurance segment recorded an insurance revenue of RM661.5 million in the quarter under review, up 8.1 per cent or RM49.4 million year-on-year mainly due to an increase in gross earned premiums.
"The life insurance segment recorded an insurance revenue of RM499.9 million, mainly attributed to higher insurance revenue from investment-linked protection business," it said.
Allianz said as at March 31, 2023, the group's total assets increased by RM331.9 million to RM24.35 billion from RM24.01 billion as at Dec 31, 2022, attributable to an increase in financial assets for unit-linked contracts and investments for the financial period under review.
On prospects, the group said it will consistently seek to capture and create growth opportunities for its business.
"The group aims to continue to carry out outstanding delivery of products and services that address the needs of our customers and make it a trusted partner.
"Focus will also be restoring growth on the back of our strong distribution channels and innovative products," it added.
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