Allianz Malaysia Berhad (ALLIANZ) Q4 2024 earnings summary

Executive summary

• Insurance revenue grew 14.4% year-over-year to RM5.65 billion, driven by both general and life insurance segments.

• Profit before tax increased 5.1% year-over-year to RM1,005.4 million, mainly from higher life insurance contributions.

• Net profit attributable to owners rose 5.4% year-over-year to RM770.7 million.

• Total assets increased 9.9% to RM28.49 billion, and total equity rose 13.4% to RM5.83 billion.

Financial highlights

• General insurance revenue up 16.1% year-over-year to RM3.22 billion; life insurance revenue up 12.2% to RM2.43 billion.

• General insurance profit before tax declined 3.3% to RM537.9 million due to higher claims, while life insurance profit before tax rose 17.2% to RM482.0 million.

• Combined ratio for general insurance increased to 88.8% from 85.7% year-over-year.

• Annualised new premium for life insurance grew 15.1% to RM871.7 million.

• Net investment income for the year was RM1,576.5 million, up from RM1,141.9 million.

Outlook and guidance

• The group aims to expand distribution channels, invest in digital transformation, and focus on operational efficiency in 2025.

• General insurance and life insurance segments outperformed industry growth rates in 2024.

• The group will continue to adapt strategies to address evolving market conditions and deliver sustainable growth.