Allianz Malaysia net profit up nearly 30%

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With contributions from both general and life insurance segments finishing strong, Allianz Malaysia saw its net profit jump 29.9% to M$87.23 million (US$21.9 million) in the first quarter ending March 31, 2018.

During the same period last year, the figure was M$67.17. With the stronger performance, the company posted a higher earnings per share of 49.79 sen for the period, compared with 38.67 sen for the first quarter.

Meanwhile, Allianz Malaysia also witnessed its revenue rise 5.2% to M$1.27 billion from M$1.21 billion a year ago.

This was primarily attributed to increases in gross earned premiums and investment income, which rose by M$43.9 million and M$18.6 million, respectively.

Based on a filing with Bursa Malaysia today, the insurance firm attributed the increase in gross-earned premiums of the general insurance segment to higher premiums from the motor business.

The filing said the rise in investment income was due to a higher invest asset base.

This post was syndicated from InsuranceAsia News. Click here to read the full text on the original website.

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