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Allianz Malaysia Sees Lower PAT For Q3 Slipping 6.6%

Business Today ·  Nov 22 17:27
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For the third quarter ended 30 September 2024, Allianz Malaysia recorded an insurance revenue of RM1.44 billion, an increase of 10.3% or RM134.5 million as compared to the preceding year quarter ended 30 September 2023 of RM1.31 billion which the group said was due mainly to higher insurance revenue from both insurance segments.

For the quarter under review, the general insurance segment recorded an insurance revenue of RM826.9 million, an increase of 17.0% or RM120.0 million as compared to the preceding year quarter ended 30 September 2023 of RM706.9 million due mainly to increase in gross earned premiums from motor business. The life insurance segment registered an insurance revenue of RM613.6 million, an increase of 2.4% or RM14.5 million as compared to the preceding year quarter ended 30 September 2023 of RM599.1 million. This increase it noted was mainly attributed to higher insurance revenue from investment-linked
protection and employee benefit business.

Profit before tax for the quarter was RM245.1 million, which decreased 6.6% or RM17.2 million as compared to the preceding year quarter ended 30 September 2023 of RM262.3 million. The general insurance segment recorded a lower profit before tax of RM139.6 million, a decrease of 1.1% or RM1.6 million as compared to a profit before tax of the preceding year quarter
ended 30 September 2023 of RM141.2 million. The lower profit before tax was mainly contributed by lower investment result for the current quarter under review.

The life insurance segment recorded a lower profit before tax of RM112.3 million, a decrease of 10.0% or RM12.5 million as compared to a profit before tax of the preceding year quarter ended 30 September 2023 of RM124.8 million due mainly to higher claim experience from investment-linked protection business. Preceding year quarter higher profit before tax was contributed by higher contractual service margin ("CSM") release due to non-financial assumption updates.

For the quarter under review, the investment holding segment registered a loss before tax of RM6.8 million as compared to a loss before tax of the preceding year quarter ended 30 September 2023 of RM3.7 million due mainly to higher expenses in the current quarter.

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