KUALA LUMPUR (Feb 28): Allianz Malaysia Bhd (KL:ALLIANZ) reported a 19.1% year-on-year (y-o-y) increase in net profit for the final quarter of 2024, driven by higher net insurance and investment results from its investment-linked protection business, partially offset by lower contributions from its employee benefits business.

Net profit for the three months ended Dec 31, 2024 (4QFY2024) stood at RM230.71 million, up from RM193.69 million a year earlier, the insurer said in a filing. No dividend was declared for the quarter.

Quarterly revenue rose 14.8% to RM1.50 billion from RM1.31 billion previously, primarily due to higher insurance revenue across both its life and general insurance segments.

The general insurance segment recorded RM857.4 million in revenue, a 16.1% increase from RM738.5 million in 4QFY2023, driven by higher gross earned premiums from motor and commercial businesses.

The life insurance segment saw revenue grow 13.1% y-o-y to RM645.6 million from RM571.0 million, mainly due to increased contributions from the investment-linked protection business.

For the full year, Allianz's net profit rose 5.4% to RM770.74 million from RM730.91 million in FY2023, while revenue increased 14.4% to RM5.65 billion from RM4.94 billion.

The group said its general insurance segment grew 13.9% in FY2024, outpacing the industry’s 7.5% growth. Its life insurance segment's annualised new business increased 15.1%, surpassing the industry’s 8.6% growth, with a 10.4% market share.

Looking ahead, Allianz said it aims to expand its market reach, leveraging demographic shifts, economic recovery and evolving customer needs.

The group plans to grow its distribution network, improve claims management and invest in digital technologies to enhance underwriting, customer experience, productivity and operational efficiency.

"The group will continue to navigate challenges and adapt its strategies to address evolving market changes to ensure sustainable growth for its stakeholders," Allianz said.

At market close on Friday, Allianz’s shares were down 14 sen or 0.7% at RM18.70, giving the insurer a market capitalisation of RM3.36 billion.