Allianz General leads the way and achieves high profits

Allianz General Insurance Company (Malaysia) Berhad (“Allianz General”), the General insurance subsidy of the Group continues to lead the way as the leading conventional general insurer in the country with a market share of more than 12.5 percent.

Allianz General recorded RM1.68 billion in GWP in the first nine months of 2014 while last year it recorded RM1.55 billion. Total Assets went up by 14.2 percent, rising to RM5.36 billion in the first nine months of this year from RM4.70 billion last year. The Underwriting Profit increased by 18.6 percent; to RM159.1 million in the first nine months of 2014 from RM134.1 million in 2013; recording a Profit Before Tax of RM247.8 million this year as compared to RM209.4 million last year.

This witnessed a tremendous 18.3 percent increase. The combined ratio stood at 86.3 percent.

“Allianz General has been growing profitably in a consistent manner. Our growth rate stands at 8.4 percent as compared to the industry’s growth rate of 5.1percent. As we continuously focus on our customers to provide them best support and services, we have been developing new products to suit their needs. One of these is the Allianz Booster Care, a medical top-up plan designed to extend treatment coverage to Singapore while offering high annual and lifetime limit for our customers,” said Zakri, who is also the CEO of Allianz General.