Allianz Malaysia Berhad (ALLIANZ) Q2 2024 earnings summary

Executive summary

• Insurance revenue for the six months ended 30 June 2024 rose 16.4% year-over-year to RM2.71 billion, driven by growth in both general and life insurance segments.

• Profit before tax increased 4.5% year-over-year to RM475.8 million, mainly due to higher contributions from the life insurance segment.

• Net profit attributable to owners for the period was RM356.8 million, up 5.1% from the prior year.

Financial highlights

• Total assets grew 5.4% to RM27.31 billion as at 30 June 2024, mainly from increased investments.

• Total equity rose 5.1% to RM5.40 billion, reflecting net profit generation.

• Net investment income for the period was RM950.9 million, a significant increase from RM470.7 million in the prior year.

• Basic EPS for the six months was 170.44 sen, up from 154.95 sen year-over-year.

Outlook and guidance

• The group expects continued growth, supported by strong economic conditions and outperforming industry growth in both general and life insurance segments.

• Focus remains on distribution transformation, product innovation, and digitalization to drive sustainable profitable growth.