KUALA LUMPUR (Nov 23): Allianz Malaysia Bhd's net profit grew 42% year-on-year for the third quarter ended Sept 30, 2023 (3QFY2023) as revenue from both general and life insurance improved, coupled with lower expenses.

Net profit rose to RM197.86 million or RM1.11 per share from RM139.59 million or 78.47 sen per share in 3QFY2022, the insurance provider’s stock exchange filing on Thursday showed.

Revenue grew 17% to RM1.31 billion from RM1.12 billion previously, thanks to increased gross earned premiums from the motor business while the life insurance segment saw higher revenue from investment-linked protection business.

For the first nine months of FY2023, net profit increased 22% to RM537.22 million from RM440.21 million in the previous corresponding period, while revenue grew 11% to RM3.63 billion from RM3.26 billion.

Allianz said its general insurance segment recorded premium growth of 11.2% during the nine months, higher than the industry growth of 7.7%.

Meanwhile, the life insurance segment's annualised new business increased 8.5%, outperforming the industry growth of 10.8%, with the market share of 10.3% mainly contributed from agency and bancassurance business.

“The group continued to gain growth momentum since the opening of all sectors of the economy in the beginning of the year and expects both general and life insurance business segments to grow in tandem with the economy,” the group said.

Allianz group is confident that with its financial strength and strong focus on execution of strategic initiatives, it will continue its growth momentum in the last quarter of the year and finish the year strongly.

Shares of Allianz closed 28 sen or 1.6% higher at RM17.88, giving the group a market capitalisation of RM3.18 billion. Year to date, the counter has gained 35%.