Highlights
KLSE: ALLIANZ (1163)       ALLIANZ MALAYSIA BHD MAIN : Finance
Last Price Today's Change   Day's Range   Trading Volume
13.18   -0.02 (0.15%)  13.16 - 13.20  29,000
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Overview

Market Cap: 2,335 Million
NOSH: 177 Million
Avg Volume (4 weeks):76,436
4 Weeks Range:13.16 - 13.54
4 Weeks Price Volatility (%):
5.26%
52 Weeks Range:13.02 - 15.50
52 Weeks Price Volatility (%):
6.45%
Average Price Target: 17.10
Price Target Upside/Downside: +3.92

Financial Highlight

Latest Quarter | Ann. Date 31-Dec-2020 [#4]  |  24-Feb-2021
Next QR | Est. Ann. Date: 31-Mar-2021  |  16-Jun-2021
T4Q P/E | EY: 4.49  |  22.28%
T4Q DY | Payout %: 4.39%  |  19.72%
T4Q NAPS | P/NAPS: 22.754  |  0.58
T4Q NP Margin | ROE: 8.75%  |  12.91%

Headlines

Date Subject
25-Feb-2021 Mplus Market Pulse - 25 Feb 2021
25-Feb-2021 Allianz Malaysia - Strong GWP growth with lower net claims
25-Feb-2021 Allianz Malaysia - Outperformed Expectations; Higher 4Q20 Net Profit
27-Nov-2020 Allianz Malaysia - Recovery in Premium Growth in 3Q20
26-Nov-2020 Allianz Malaysia - 3Q20 life insurance ANP improves on easing of MCO
09-Nov-2020 Protecting the rakyat, safeguarding the economy
01-Oct-2020 Allianz Malaysia - Attractive Valuation; Decent ROEs
28-Aug-2020 Allianz Malaysia - Reversal in Fair Value Gains Drives a Stronger 2Q20
26-Jun-2020 下跌股:Allianz RM13.86支撑
17-Jun-2020 【行家论股/视频】ALLIANZ 次季业绩料更佳
17-Jun-2020 Allianz Malaysia- Fair Value Losses Dampen Bottomline
17-Jun-2020 PublicInvest Research Headlines - 17 Jun 2020
19-May-2020 Allianz sees more payment defaults in October when moratorium ends

Business Background

Allianz Malaysia Bhd is a diversified insurance company that provides life and general insurance in Malaysia. The vast majority of the company’s revenue is generated through insurance premiums, with the remainder stemming from investment income as well as fee and commission income. The company’s general insurance includes automotive, home, and personal insurance. Allianz Malaysia’s business insurance includes fire, engineering, and liability insurance. The company also offers life insurance through a variety of its products.
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  6 people like this.
 
kywoo Attention Untong. I noticed you managed to get the minutes of the AGM of Allianz Malaysia for several years as per your posting on 9th of march. How do you go about getting them. Do you write to the secretary and the secretary is obliged to sent to you if you are a shareholder and has attended the meeting. hope you can advise.
22/03/2021 3:49 PM
limyuwei over here : https://www.allianz.com.my/investor-updates
22/03/2021 5:04 PM
limyuwei https://www.thestar.com.my/business/business-news/2021/03/22/allianz-life-launches-new-insurance-plan-primecover
22/03/2021 6:07 PM
limyuwei ^ Allianz launched a new high net worth (HNW) life insurance, big 3 in Malaysia also have similar products. This HNW and also high sum assured products are very profitable, and are actually are very good products for consumers as well.
22/03/2021 8:59 PM
limyuwei https://www.theedgemarkets.com/article/general-insurers-look-forward-working-bnm-anticipation-further-liberalisation
23/03/2021 5:54 PM
Papayashot hi yuwei, HNW life insurance? Is it for those wealthy peoples? What is the prospect of this kind of insurance in Malaysia?
24/03/2021 8:31 AM
Alfonso Allianz insurance agents all very lanci, once salary achieve above 10K sure want to buy mercedes or BMW to show wealth.
24/03/2021 8:33 AM
limyuwei Well, despite branded as HNW product, 500k sum assured is not really a lot. Rule of thumb is 10x annual income, and 50k annual income is definitely nowhere close to high income.

But it does fill a particular protection gap that gone unnoticed for years.
Mass market ILP typically focus on rider attachment, and don't usually allow high sum assured.
This product is hot selling for big 3 players.
It is not anyhow expensive, you can get ILP with 50k SA + medical, or ILP with 500k SA, with almost the same price. Life expectancy is more predictable and hence the high margin.
24/03/2021 9:07 AM
Pinky @Alfonso u mean NPG, that Norman Pang Group agents? XD
24/03/2021 9:08 AM
limyuwei Sadly, insurance agents acting atas behavior is not unique to Malaysia.
24/03/2021 9:17 AM
Pinky Agencies not only sell policies to potential clients

They also sell "lifestyle" and career to potential agents

Insurance agencies are in a way a pyramid scheme, downline agents earn for upline

That's how they work anyway
24/03/2021 9:19 AM
TakeProfits Hi ALFONSO, how are you man !? You buy Allianz..Haha..This very good investment compared to Talam. Conned by Calvin... BAT also good...
What other stocks you have been.accimulatiing, brother?'
Cheers...
26/03/2021 1:21 PM
Pinky Totally no volume hahahahaha

Really sleeper stock
01/04/2021 10:11 AM
limyuwei Volume is on par with LPI and Takaful thou
01/04/2021 12:07 PM
Papayashot hi all, any idea on the following announcement made by Allianz?

We refer to the various announcements in respect of the Decision by Malaysia Competition Commission (“MyCC”) against the Company’s general insurance subsidiary, Allianz General Insurance Company (Malaysia) Berhad (“AGIC”) dated 28 September 2020, 19 October 2020 and 28 October 2020, and the latest update in respect thereof via the Quarterly Report of the Company on 24 February 2021.



The Board of Directors of the Company wishes to announce that on 23 March 2021, Competition Appeal Tribunal (“CAT”) had granted a stay of MyCC’s Decision pending the disposal of AGIC’s appeal filed on 13 October 2020 with CAT.
01/04/2021 5:24 PM
Zackmeiser Ya id love to know as well.
02/04/2021 5:01 PM
Pinky Soooooooo difficult to make money with this stock haiz
06/04/2021 9:28 AM
limyuwei wait 2023
06/04/2021 10:36 AM
Pinky limyuwei why 2023? U foresee life insurance to take 2 years post-MCO to recover?
06/04/2021 10:45 AM
limyuwei ifrs17
06/04/2021 11:20 AM
observatory AmBank may dispose AmGeneral & AmMetLife to shore up its capital following the RM2.83 billion settlement on IMDB.

https://www.thestar.com.my/business/business-news/2020/04/16/ammb-insu...

Reports also mention Affin Bank may dispose Axa Affin General and Axa Affin Life. But this was not news as it was reported back in 2019.

https://www.theedgemarkets.com/article/possible-insurance-jv-disposal-...

Allianz was mentioned as a potential suitor. I hope it won’t overpay. Any view on the opportunity and the realignment of insurance business landscape?

One brokerage report has quoted an average PB of 1.9X and 3.0X PB for local general and life insurer M&A. Another report uses a different set of multiples at 1.6X and 1.9X. Does anyone has past M&A PB multiples that we can use to value Allianz?

As of 2020Q4, Allianz has a book value of RM4,032 million Any idea what’s the split between general and life? I note that during FY2020 life has contributed higher gross written premium, but general has contributed higher PBT.
07/04/2021 8:52 PM
limyuwei even the lowest PB of 1.6x for GI alone > current Allianz market cap.
https://klse.i3investor.com/servlets/staticfile/416102.jsp
08/04/2021 11:40 AM
observatory Hi Yu Wei, thanks for your input. The Am Invest report quoted PB of 0.6x, which has ignore the full convertibility of ICPS.

Including ICPS, the diluted net asset per share is RM11.64. PB on diluted basis = RM13.50/ RM11.64 = 1.16x.

But I agree it's still lower than all the M&A figures reported.

Any view on the AmBank and Affin Bank disposal?
08/04/2021 8:13 PM
limyuwei Q3 2020, Allianz GI book value 2400mil, OS share including ICPS = 346 mil.
Assume lowest of 1.6x PB for GI, Allianz GI is worth 11 per share.
Assume 1.9x PB for GI, Allianz GI is worth 13 per share.

So yea, current valuation for Allianz completely ignore the Allianz life business, which should worth much more than Allianz GI.
08/04/2021 9:47 PM
observatory I agree with you.

However, an acquirer normally pay a premium for controlling stake during M&A. The acquirer either believe they can turn around the acquisition target or there is synergy to be unlocked. Retail investors may not adopt this M&A mentality in valuation. Typical retail investors have shorter investment horizon. They want to see fast result and make quick bucks.

Fortunately, Allianz has increased the dividend payout since 2019 which makes long-term holding bearable. But on the flip side, does it mean the management returns excess capital to shareholders because they see less room for growth?
08/04/2021 11:18 PM
observatory BTW did you get the 2020 Q3 GI book value by subtracting segment assets from segment liabilities? I refer to Note A14. The result is 7,141.964 - 4.498,799 = RM2,643 million.

Working in this way, the value of life insurance = 13,817.214 - 12,674.509 = RM1,143 million is actually smaller (though life insurance is valued at higher multiples in M&A)
08/04/2021 11:31 PM
limyuwei Bigpay launched insurance, partner with Allianz. https://www.bigpayme.com/post/bigpay-all-in-one-lifestyle-insurance
13/04/2021 5:40 PM
limyuwei https://www.theedgemarkets.com/article/generali-talks-buy-axa-assets-malaysia-sources-say
14/04/2021 9:02 AM
Zackmeiser Anything related to allianz? @limyuwei
15/04/2021 9:45 PM
Pinky So damn hard to see this stock go up haiz
19/04/2021 5:55 PM
Papayashot wondering y no buyers for allianz although the profit is good? Insurance sector seems lagging behind le...
19/04/2021 6:10 PM
Flybythenite Apasal insuran turun?
19/04/2021 6:11 PM
Pinky Revenue and profits growing

Dividends also growing

But Mr Market just doesn't appreciate this stock huhuhu
19/04/2021 6:49 PM
Papayashot Mr Market now focus on "goreng"-related/theme-like stocks.. As long as got good story/theme surrounding the stock, Mr Market will go for it. And most of the Mr market are retailers who might know nothing about investment.
19/04/2021 7:57 PM
StockisntFun Epf is accumulating everyday, they will communicate with allianz company and get a “discount” price then buy in huge amount of share. Like MYEG, epf kill buying like mad but stock price dropping. So, this half year is a best chance to slowly accumulate this stock, as no one will care about it ;)
19/04/2021 8:07 PM
limyuwei Well, not many people know insurance, and many that do, are not those that invest in stock market.

The current IFRS4 alone, almost no analysts can truly understand it, let alone the upcoming IFRS17. Insurance in Malaysia (e.g. Allianz) is rather unique, as it is heavily on ILP, whereas other listed life insurance in HK or SG are not.
19/04/2021 8:30 PM
Papayashot yuwei, from your experience, what would be the best way to do valuation for an insurance company?
19/04/2021 10:38 PM
Pinky Though I'm an accountant, I'm not too familiar with that IFRS either.

I only see growing revenue, growing profits, and growing dividends.

Maybe this is a chance for long-term investors, like EPF to collect on the cheap. Easily 5% forward dividend yield...
20/04/2021 9:33 AM
Pinky See? Price keep falling, yet EPF keep accumulating...
21/04/2021 5:30 PM
StockisntFun Reverse the sentences : “ because EPF/ BOSS is accumulating, the price is falling” Big boss always have advantages to accumulating in long period.
21/04/2021 11:40 PM
limyuwei https://www.sinchew.com.my/content/content_2465440.html

http://www.hlfg.com.my/data/analyst-briefing/FY2020.pdf
24/04/2021 12:16 PM
Pinky @limyuwei why are u posting HLFG stuff here?
24/04/2021 12:42 PM
observatory @limyuwei, thanks for sharing HLA business performance.

Slide #16 shows the EV, which is an information not provided by Allianz. Do you have any comment on the EV and NBEV by HLA? In your view how does HLA perform vis-à-vis other insurers?

Slide #17 mentions HLA focuses on no-par and investment-linked products as they have higher NBEV margin. Can you explain why such products have higher margin? What is the situation at Allianz?
26/04/2021 10:12 PM
limyuwei Allianz EV is not available publicly, but I doubt it will lower than HLA.
*There are multiple type of EV, Allianz is using MCEV, for HLA I think should be TEV.

Product type NBEV margin is generally consistent across every insurers, of which protection products will have higher margin, while saving products will have lower margin. As far as I know, Allianz's protection portion is much higher than HLA's protection portion.
*Allianz has been heavily focusing on ILP since early 2010, while HLA previously heavily focusing on selling par products.
26/04/2021 10:57 PM
limyuwei btw sharing HLFG just because surprisingly this local holding company disclosure more information vs Allianz.
26/04/2021 10:59 PM
limyuwei https://www.sinchew.com.my/content/content_2468433.html
29/04/2021 2:25 PM
Redsea I added some at 13.20 today.
30/04/2021 7:28 PM
Papayashot allianz is only for those institutional players and serious investors like us. If no normal retailers come in, allianz hardly move. Normal retailers would rather chase those steel, glove and hot counters. My 2 cents..
30/04/2021 11:02 PM
Pinky Keep on creeping lower and lower and lower...

Really testing patience.
03/05/2021 11:31 AM
observatory Just an side note.

Ping An Insurance (HKEX stock code 2318) diluted EPS for past 4 quarters is CNY 8.11, or HKD 9.73. The closing price today is HKD82.1, translating into a TTM PE of only 8.4 times. This is commonly viewed as the best managed insurance company in China -- impressive growth (although growth has flattened during pandemic; ROE ~20%.

The situation of Malaysia and China may not be comparable. However I wonder for an international investor would Ping An be relatively more attractive?

Any comment yuwei?
05/05/2021 7:46 PM


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