KUALA LUMPUR: Allianz Malaysia Bhd’s profit increased to RM87.23 million in the first quarter (Q1) ended March 31, 2018 from RM67.17 million in the same period a year ago.
The company’s revenue improved 5.2 per cent to RM1.27 billion from RM1.21 billion.
“This is due mainly to higher gross earned premiums and investment income by RM43.9 million and RM18.6 million respectively,” Allianz said in a filing to Bursa Malaysia today.
The general insurance segment recorded an operating revenue of RM594.8 million for the period under review, an increase of 5.2 per cent or RM29.5 million attributed to the increase in gross earned premiums and investment income by RM26.8 million and RM2.7 million, respectively.
The increase in gross earned premiums of the general insurance segment was attributable to higher premiums from motor business.
The increase in investment income was due mainly to higher investment asset base and the life insurance segment recorded an operating revenue of RM673.1 million for Q1.
Going forward, the life insurance segment will continue to strengthen its agency force with a focus on increasing productivity.
It will also aim to ride on its growth momentum with a focus on further developing its distribution through continued agency professionalisation and enhancing the value proposition of its products and services.