Allianz Malaysia Bhd’s net profit grew 31 per cent to RM117.67 million in the second quarter ended June 30 2019 from RM89.87 million a year earlier. PIx courtesy of Allianz Malaysia

KUALA LUMPUR: Allianz Malaysia Bhd’s net profit grew 31 per cent to RM117.67 million in the second quarter ended June 30 2019 from RM89.87 million a year earlier.

THis was contributed by higher gross earned premiums and investment income, Allianz Malaysia said in a Bursa Malaysia filing today.

Its revenue grew only five per cent to RM1.37 billion from RM1.31 billion a year ago.

The insurer’s gross earned premiums rose by RM47.6 million, while investment income increased RM11.6 million during the quarter.

This was largely due to its life insurance segment which saw an 8.5 per cent growth in operating revenue to RM780.7 million, as gross earned premiums and investment income grew by RM51 million and RM10 million respectively.

For the first half, Allianz Malaysia’s net profit grew 22 per cent to RM216.58 million, from RM177.1 million a year earlier. Group revenue edged up five per cent to RM2.71 billion from RM2.58 billion.

Allianz Malaysia chief executive officer Zakri Khir said amid a challenging economic environment, it had relied on its strong pillar of business to deliver RM2.38 billion in gross written premium in the first six months of 2019.

“The results we achieved were driven by the positive performance of our life insurance business and satisfactory numbers from the general insurance business,” he said in a separate statement.

“Overall, the results remain satisfactory and up to our expectations. Our focus now is on the second half of 2019 and controlling our expense ratio while continuing to deliver on our promise to offer customers protection that really matters, when it is needed the most,” he added.