Allianz Malaysia posts 7.3% hike in H1 2020 gross written premiums

Both its life and general insurance arms also recorded GWP growths.

Allianz Malaysia recorded a 7.3% hike in gross written premiums (GWP) to $613.6m (MYR2.56b) in H1 2020, with total assets growing 8.9% to $4.9b (MYR20.51b), according to an announcement.

Profit before tax improved 3.5% to $81.6m (MYR350.4m) compared to $78.8m (MYR329m) posted in H1 2019.

Its general insurance arm Allianz General registered a 6.3% growth in GWP to $273m (MYR1.14b) from $256m (MYR1.07b) a year ago. Underwriting results rose 17% to $23.5 (MYR98.3m) on the back of lower motor claims during the movement control order (MCO) period, whilst profit before tax inched up 9.4 percent to $46.5m (MYR193.9m).

Allianz General’s combined ratio stood at 90.1%. It captured a 12.9% market share in Q1 this year, the insurer claimed, citing the ISM Insurance Services Malaysia Berhad (ISM) market performance study.

Allianz Life also saw an 8.2% jump in GWP to $340m (MYR1.42b) in the first half of 2020, but annualised new premiums (ANP) shrank 25.2% to $51.1m (MYR213.4m). Profit before tax also contracted 1.6% dip to $37.1m (MYR155.1m) from $37.8m (MYR157.6m) a year ago.

Based on Life Insurance Association of Malaysia (LIAM) statistics for January to June, Allianz Life captured an 8% market share, the insurer said.