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Update Allianz 3Q profit rises 40% to RM74m

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Update Allianz 3Q profit rises 40% to RM74m Empty Update Allianz 3Q profit rises 40% to RM74m

Post by Cals Fri 22 Nov 2013, 22:44

Update Allianz 3Q profit rises 40% to RM74m
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com   
Friday, 22 November 2013 17:54
KUALA LUMPUR (Nov 22): Allianz Malaysia Bhd reported a 40% rise in third quarter net profit from a year earlier. Growth came on higher general and life insurance premiums, and investment income.

In a statement to the exchange, Allianz said net profit rose to RM74.15 million in the third quarter ended September 30, 2013 from RM53.12 million. Revenue climbed to RM962.32 million from RM786.59 million.

"The group has delivered its third consecutive quarter of growth in sales and is expected to continue its sales momentum.

"The growth is driven by higher sales from both the general and life businesses," Allianz said.

Cumulative nine-month net profit increased to RM190.05 million from RM163.55 million a year earlier. Revenue was however lower at RM2.17 billion compared to RM2.3 billion. 

Looking ahead, Allianz said its general insurance unit will focus on distribution network expansion and having a balance product portfolio.

Meanwhile, the life unit will focus on building a "multi-distribution platform, and sales of profitable investment-linked products."
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