27/02/2024 12:03 PM

KUALA LUMPUR, Feb 27 (Bernama) -- Allianz Malaysia Bhd's shares were up at midmorning after the company reported higher net profit of RM730.91 million for the financial year 2023 (FY2023) against RM613.67 million in FY2022. 

At 11.42 am, Allianz's shares surged 44 sen or 2.37 per cent to RM19.00 with 56,400 shares traded. 

In a filing with Bursa Malaysia yesterday, it said the group's revenue improved by 11.8 per cent to RM4.94 billion versus RM4.42 billion previously, mainly due to higher insurance revenue from both general and life segments.  

The general insurance segment recorded an insurance revenue of RM2.77 billion in FY2023, an increase of 8.0 per cent compared with FY2022’s RM2.57 billion, mainly due to the increase in gross earned premiums from motor business.

The life insurance segment recorded an insurance revenue of RM2.17 billion in FY2023, up 17.1 per cent versus RM1.85 billion in FY2022, mainly attributed to higher insurance revenue resulting from the investment-linked protection business and employee benefits business.

For the fourth quarter ended Dec 31, 2023 (4Q FY2023), net profit rose to RM193.69 million from RM173.46 million in the same quarter a year ago while revenue improved to RM1.31 billion against RM1.15 billion previously. 

Today, RHB Investment Bank Bhd raises Allianz Malaysia‘s FY2024 and FY2025 earnings by 4-5 per cent after imputing the latest full year financials and adjusting contractual service margin estimates.

"This is partly offset by softer growth assumptions for Allianz General as we do not expect the strong car sales in FY2023 to continue.

"All in, our target price is raised to RM21.70 per share," it added.


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