KUALA LUMPUR, May 19 — Allianz Malaysia Bhd’s net profit for the first quarter ended March 31, 2021 (Q1 2021) fell to RM63.26 million from RM79.50 million registered in the same quarter last year.
However, revenue rose to RM1.61 billion in the quarter under review compared with RM1.48 billion previously, Allianz said in a filing to Bursa Malaysia today.
In a separate statement, its chief executive officer, Zakri Khir, said notwithstanding the business challenges and tepid economic environment following the reinstatement of the movement control order (MCO) restriction between January and February this year, the company still managed to deliver resilient results.
“In observing the government’s Covid-19 strategy, there just seems to be no end game in sight, and as such, the future is looking bleak for Malaysia.
“That said, Allianz Malaysia will continue to take things in its stride, employing short-term strategies and its continued push for improved business agility as we gear up for yet another challenging year,” he added.
The group recorded a total Gross Written Premiums (GWP) of RM1.48 billion in Q1 2021, an 8.8 per cent increase from RM1.36 billion in Q1 2020.
The group’s total assets grew 12.3 per cent to RM21.71 billion as at March 31, 2021 from RM19.33 billion last year.
Meanwhile, its general insurance subsidiary, Allianz General Insurance Company (Malaysia) Bhd, recorded RM656.4 million GWP in Q1 2021, up seven per cent from RM613.6 million in 2020.
“Underwriting profit improved by 84 per cent to RM48.4 million in the first quarter of 2021 compared to RM26.3 million in the first quarter of 2020,” he added. — Bernama
