The Star Malaysia Tuesday March 2, 2010
KUALA LUMPUR: Allianz Malaysia Bhd (AMB) group continued to grow profitably in its 2009 results, the company said in a statement yesterday.
The group clocked a gross written premium (GWP) of RM2.07bil in 2009 as compared with RM1.77bil in 2008, translating to a significant growth of 17%.
The general insurance business of AMB, Allianz General Insurance Co (Malaysia) Bhd, recorded RM1.2bil in GWP last year, a 12% growth from 2008. "The group also posted a commendable underwriting profit of RM102.4mil, a 29% jump from 2008, through its underwriting and strong risk management," the company stated.
Allianz General also secured 10.35% of market share as at Sept 30, 2009, making it the top general insurance provider in Malaysia. Other than the general insurance business, Allianz Life Insurance Malaysia Bhd also recorded profitable growth in 2009 with RM868.7mil generated in GWP, for a 26% increase over the RM692mil in the previous year.
"Moving forward, in 2010, we will continue to focus on profitable growth while further enhancing various productive distribution channels, especially our core agency force in the life insurance business," chief executive officer of Allianz Malaysia Bhd Alexander Ankel said. — Bernama
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