Allianz Malaysia ends 2021 with a 7.2% growth in premiums

Its general insurance business also grew by 3.2%.

Allianz Malaysia Berhad released its 2021 full-year results and reported a 7.2% growth in gross written premiums to $1.36b in year-end 2021 as compared to $1.27b from the year before.

Profit Before Tax (PBT) dipped 14.3% to $149.33m in 2021 as compared to $174.01m in 2020. The group’s Total Assets increased 8% percent to $5.64b in 2021 as compared to $5.23b in 2020.

Meanwhile, Allianz General Insurance Company (Malaysia) Berhad, a subsidiary of Allianz Malaysia, saw an increase of 3.2% of its GWP to $580m in 2021. Underwriting profit grew by 9.1% to $61.37m in 2021 from $56.24m in 2020. PBT saw an uptick of 1.2% in 2021 to $104.36m. Total assets increased by 7.1% to $1.76b in 2021.

Allianz Malaysia CEO Sean Wang said 2020 was a rollercoaster year for them, as they experienced highs with the reopening of the economy and the implementation of Malaysia’s National Recovery Plan as well as lows as they were continually impacted by further lockdowns and hit by devastating floods in December.

“Facing these challenges, our general and life insurance business remained adaptable and rallied to deliver resilient overall results, with higher gross GWP and investment income, notwithstanding lower profit contribution from life insurance segment. Resilience will continue to be key for the business moving forward as we remain focused on our collective goals to outperform the market and continue to build profitable businesses in 2022,” Wang said.