Allianz records higher pre-tax profit : Allianz Malaysia Bhd's pre-tax profit rose 8.2 per cent to RM191.550 million for the financial year ended Dec 31, 2010, against RM176.969 million registered in 2009.
In a filing to Bursa Malaysia, Allianz said the better performance was due to increases in other operating income from the general insurance business and the transfer a RM15 million surplus from the Life Fund to Shareholders' Fund. Revenue chalked up to RM2.509 billion from RM2.222 billion previously.
The general and life insurance gross earned premiums grew by RM93.9 million or 7.8 per cent and RM160.7 million or 18.5 per cent respectively, it said.
For the fourth quarter ended Dec 31, 2010, it recorded a lower pre-tax profit of RM61.815 million, from RM82.922 million, in the same period in 2009. Company revenue, however, rose to RM663.795 million from RM618.147 million previously.
On prospects for the current year, Allianz said the insurance industry was expected to grow this year based on the current economic outlook.
The group was undertaking numerous initiatives to improve its distribution capabilities in order to strengthen growth and sustain profitability. Its performance was expected to be satisfactory and grow in tandem with the economy and the insurance industry. -- Bernama
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