Allianz Malaysia Berhad (ALLIANZ) Q3 2024 earnings summary

Executive summary

• Insurance revenue for the nine months ended 30 September 2024 rose 14.2% year-over-year to RM4.15 billion, driven by growth in both general and life insurance segments.

• Profit before tax for the period was RM720.9 million, up 0.5% from the prior year, with net profit attributable to owners at RM540.0 million.

• Total assets increased 7.8% to RM27.93 billion, and total equity rose 9.2% to RM5.62 billion compared to 31 December 2023.

Financial highlights

• General insurance revenue grew 16.1% year-over-year to RM2.36 billion; life insurance revenue increased 11.8% to RM1.79 billion.

• Combined ratio for general insurance was 89.3% for Q3 2024, up 3.1 pts year-over-year.

• Annualised new premium for life insurance rose 16.4% to RM643.0 million for the nine months.

• Net investment income for the period was RM1.25 billion, a significant increase from RM774.7 million in the prior year.

• Basic EPS for the nine months was 272.78 sen; diluted EPS was 156.53 sen.

Outlook and guidance

• The group expects continued growth, focusing on distribution expansion, product innovation, and digital transformation.

• General insurance premium growth outpaced industry at 14.3% vs. 7.2%; life insurance annualised new business growth of 16.4% exceeded industry growth of 10.9%.

• Strategic initiatives aim to maintain profitable product mix and strict underwriting discipline.