KUALA LUMPUR: Allianz Malaysia Bhd saw a 19.1 per cent rise in net profit to RM730.9 million for the financial year 2023 (FY23), up from RM613.7 million in the previous year.
Its revenue increased 11.8 per cent to RM4.9 billion, up from RM4.4 billion in the previous year, due mainly to higher insurance revenue from both insurance segments.
The general insurance segment reported insurance revenue of RM2.77 billion, marking an 8.0 per cent increase or RM206.3 million compared to the previous year, primarily driven by a rise in gross earned premiums from motor business.
Similarly, the life insurance segment saw insurance revenue of RM2.17 billion for the same period, indicating a 17.1 per cent increase or RM316.5 million from the previous year, largely due to higher revenue from investment-linked protection business and employee benefit business.
Allianz Malaysia and Allianz General chief executive officer Sean Wang remarked that surpassing the RM3 billion mark in gross written premiums (GWP) is a significant achievement and solidifies our position as the top player in the motor insurance sector.
"The company's solid financial performance is owing to both insurance subsidiaries outperforming the market.
"A big validation comes with both Allianz General and Allianz Life having ranked in the top 5 on the Customer Satisfaction Index (CSI) in the Malaysia Insurance & Takaful Customer Satisfaction Survey 2022 (CSS).
"This accomplishment is a result of our continued efforts to adapt to customers' needs and to keep them at the heart of what we are doing," he added.
In the fourth quarter, Allianz Malaysia witnessed a growth in net profit by 11.7 per cent to RM193.7 million, up from RM173.5 million in the previous year, while its revenue surged by 13.4 per cent to RM1.31 billion from RM1.2 billion.
Allianz Malaysia recently declared its highest-ever dividend payout for a complete financial year, with 100.5 sen per ordinary share and 120.6 per Irredeemable convertible preference share.