KUALA LUMPUR: Allianz Malaysia Bhd recorded a net profit of RM183.18 million in the third quarter (3Q) ended Sept 30, 2024, down 7.4 per cent from the RM197.86 million achieved in the same period last year.

Revenue, however, rose 10.3 per cent to RM1.44 billion from RM1.31 billion previously on higher insurance revenue from both the general and life insurance segments.

In a filing with Bursa Malaysia, Allianz Malaysia said the general insurance segment recorded an insurance revenue of RM826.9 million in the quarter under review, a 17 per cent jump from RM706.9 million a year earlier mainly due to the higher gross earned premiums from the motor business.

As for the life insurance segment, it registered insurance revenue of RM613.6 million, up 2.4 per cent compared to the RM599.1 million recorded in the year-ago quarter.

"This increase was mainly attributed to higher insurance revenue from the investment-linked protection and employee benefit business," it said.

However, the profit before tax of the general and life insurance segments fell 1.1 per cent and 10 per cent year-on-year, respectively.

Meanwhile, for the cumulative nine-month period, its net profit edged up to RM540.02 million from RM537.22 million in the preceding year's corresponding period while revenue rose to RM4.15 billion from RM3.63 billion.

On prospects, Allianz Malaysia said the group will continue to steer towards driving a profitable product mix and maintaining strict discipline in the areas of underwriting and claims management.

"Additionally, the group will continue to seek to improve customer experience and operational efficiency by investing in digital capabilities and transformation," it said.

– BERNAMA