Allianz Malaysia Berhad (ALLIANZ) Q1 2024 earnings summary

Executive summary

• Insurance revenue rose 15.1% year-over-year to RM1.34 billion for Q1 2024, driven by growth in both general and life insurance segments.

• Profit before tax increased 8.0% year-over-year to RM251.0 million, mainly due to higher contributions from the life insurance segment.

• Net profit attributable to owners grew 9.9% year-over-year to RM189.8 million.

• Total assets increased 3.4% from the previous quarter to RM26.79 billion, with total equity up 3.8% to RM5.34 billion.

Financial highlights

• General insurance revenue grew 14.1% year-over-year to RM754.8 million; life insurance revenue rose 16.4% to RM582.1 million.

• Annualised new premium for life insurance surged 43.8% year-over-year to RM234.8 million.

• Combined ratio for general insurance increased to 87.0% from 84.2% year-over-year.

• Net investment income more than doubled year-over-year to RM524.3 million.

• Basic EPS was 106.66 sen, up from 97.03 sen year-over-year; diluted EPS was 54.83 sen, up from 49.88 sen.

Outlook and guidance

• The group expects to maintain profitability in 2024, leveraging strong financial strength, diversified distribution, and ongoing digital innovation.

• Plans to expand distribution channels and focus on operational scalability and efficiency.