KUALA LUMPUR: Allianz Malaysia Berhad (AMB) Group announced its results for the first three months of 2017 as it continues to put customers first.
A total of RM1.12 billion was recorded in Group’s Gross Written Premiums (GWP) from January to March this year as compared to RM1.07 billion last year; a 4.1 per cent increase.
The Group’s Total Assets grew 8.9 per cent to RM15.38 billion in the first three months of 2017 as compared to RM14.12 billion last year while Profit Before Tax stood at RM108.7 million in the first three months of 2017 as compared to RM115.0 million in the first three months of 2016.
AMB Chief Executive Officer, Zakri Khir said: “Amidst tepid projections, the economy continues to recover and the overall growth momentum for the first quarter of the year looks promising.
“Allianz Malaysia achieved RM1.12 billion in GWP in the first three months of 2017, owing to our out-of the box products, strategic partnerships in new markets and superior customer service that has allowed us to continue to deliver simply the best value for customers.”
AMB’s general insurance subsidiary; Allianz General Insurance Company (Malaysia) Berhad’s (Allianz General) GWP took in RM561.0 million in the first quarter of 2017, a 2.6 per cent increase as from RM547.0 million in 2016.
Underwriting Profit was at RM33.2 million from January to March of 2017, a 33.7 per cent drop from RM50.1 million in 2016 while Profit Before Tax was at RM73.5 million in the first three months of 2017 as compared to RM90.0 million the previous year.
Total Assets rose a slight 0.3 per cent to RM5.77 billion in the first quarter of 2017 from RM5.75 billion the previous year. Combined Ratio stood at 92.6 per cent in 2017 as compared to 88.6 per cent in 2016.
“Positive customer experience is imperative in a liberalised environment, and Allianz General is all about refining and redefining our services to assist our customers better. In adding value to our service, we launched the Allianz Road Rangers in January this year,” said Zakri, who is also the Chief Executive Officer of Allianz General.
“The first of its kind in the industry, our motor transformation journey features seven new touch points including a 24-hours Accident Call Center, the all-new Allianz Road Rangers fleet featuring 20 bike brigades and 15 Allianz-branded tow trucks and quick claims process that that will ensure an easy, seamless journey when making an accident claim.”
The life insurance subsidiary of the Group; Allianz Life Insurance Malaysia Berhad (Allianz Life) continues to grow, recording a 5.6 per cent increase in GWP to RM555.0 million in the first three months of 2017 from RM525.5 million in 2016.
Its New Business Premiums (ANP) also improved by 27.4 per cent to a total of RM110.2 million in the first quarter of 2017 from RM86.5 million in 2016.
Profit Before Tax saw a 40.2 per cent increase to RM36.3 million in 2017 compared to RM25.9 million achieved in 2016 while Total Assets rose by 15.1 per cent to RM9.20 billion in 2017 as compared to RM7.99 billion in 2016.
Allianz Life holds the fifth position among the life insurance segment, registering a 7.9 per cent market share based on Life Insurance Association of Malaysia (LIAM) statistics for January to March 2017.
“When it comes to insurance, customers want smart products and great service. At Allianz Life, we strive to meet our customer’s needs for products with the best value through customisation and product comparison options, convenient ways to purchase and the best service. Our Allianz i-HospitalCash and Allianz i-EssentialCover are two new products that takes care of the “what-ifs”, said Joseph Gross, Chief Executive Officer of Allianz Life.
“Available for purchase exclusively on Allianz Online (quote.allianz.com.my), the Allianz i-HospitalCash provides daily income upon hospitalisation locally or overseas due to an accident or illness while the Allianz i-EssentialCover gives customers the power to customise an affordable life insurance plan that covers death or total and permanent disability.”
As an insurer, Allianz sells a promise to customers and strive to offer service with a meaningful difference. Going digital presents the Company with great opportunities to utilise smarter, tech-savvy ways to deliver customer-driven products that comes with great service in the most convenient way.
“In this day and age, you could buy anything with a click of a button. Insurance which used to be bought from a friend of a friend can now be purchased from a web browser on your phone,” said Zakri.
“As our customers’ needs change and so do their buying habits. Digital platforms such as Allianz Online have enabled us to diversify our business – in how we are able to package our products, how we sell our products and how we reach out to customers.”
“Saying that we can offer great products, service at our customer’s convenience is more than just is lip service. Take for instance our Allianz Flight Care that pays you RM50 at the 31st minute of a domestic flight delay,” added Zakri.
“And when you purchase this product on Allianz Online, you can purchase it for yourself and for five of your family members or friends with just one transaction. And this is just one of the ways that has allowed us to embody our goal of being an insurer that is digitally driven with a customer-first attitude.”
