Allianz Malaysia Bhd. · MYX:ALLIANZ

Allianz Malaysia Bhd — Q4 2024 Earnings Presentation

29 slides from Allianz Malaysia Bhd's earnings presentation, Mar 3, 2025

  1. Slide 1: Q4 2024 Financial Results Analyst Briefing

    ALLIANZ MALAYSIA BERHAD (197201000819) Q4 2024 FINANCIAL RESULTS MFRS 9/17 Analyst Briefing 3 March 2025 © Copyright Allianz Malaysia Berhad

  2. Slide 2: AMB Group Financial Results

    01 AMB GROUP FINANCIAL RESULTS © Copyright Allianz Malaysia Berhad 2

  3. Slide 3: Financial Highlights 12M 2024

    FINANCIAL HIGHLIGHTS 12M 2024 Group General Insurance Life Insurance Investment Holding Investment Holding Gross Written Premium (RM’mil) 7,244.8 (+10.7%) 3,419.4 (+13.8%) 3,825.4 (+8.0%) Insurance Revenue (RM’mil) 5,651.5 (+14.4%) 3,219.0 (+16.1%) 2,432.5 (+12.2%) Profit Before Tax (RM’mil) 1,005.4

  4. Slide 4: Strong Performance with Robust Top Line Growth and Resilient Earnings

    STRONG PERFORMANCE WITH ROBUST TOP LINE GROWTH AND RESILIENT EARNINGS Comments Insurance revenue Profitability • Group insurance revenue of RM5.65 billion, an increase of 14.4% • Group profit before tax of RM1,005.4 million, increased by 5.1% from RM4.94 billion in 2023 due to strong insurance reven

  5. Slide 5: Financial Highlights 12M 2024: Gross Written Premium

    FINANCIAL HIGHLIGHTS 12M 2024 Group General Insurance Gross Written Premium (“GWP”) (RM’mil) +13.8% +10.7% 3,419.4 3,003.5 7,244.8 6,546.5 6,546.5 6,023.0 1,904.3 1,908.7 1,705.3 1,730.7 1,701.5 1,730.3 1,598.6 1,511.9 12M 23 12M 24 884.6 885.2 776.1 789.0 Life Insurance 800.4 849.2 686.0 752.4 +8.0

  6. Slide 6: Financial Highlights 12M 2024: Insurance Revenue

    FINANCIAL HIGHLIGHTS 12M 2024 Group General Insurance Insurance Revenue (RM’mil) +16.1% +14.4% 3,219.0 2,772.8 5,651.5 4,941.6 4,418.8 4,941.6 1,503.0 1,440.5 1,306.0 1,309.5 1,336.9 1,371.1 1,161.4 1,164.7 12M 23 12M 24 857.4 779.9 826.9 Life Insurance 706.9 738.5 754.8 661.5 665.9 +12.2% 2,432.5 2

  7. Slide 7: Financial Highlights 12M 2024: PBT and PAT Drivers

    FINANCIAL HIGHLIGHTS 12M 2024 Profit Before Tax drivers (RM’mil) Profit After Tax drivers (RM’mil) +5.1% +5.4% 76.3 770.7 70.8 1,005.4 730.9 956.9 (21.9) (4.0) (14.6) (18.3) 12M 23 General… General Life Investment… Investment 12M 24 12M 23 General… General Life Investment… Investment 12M 24 PBT 12M

  8. Slide 8: Life Business: CSM Growth Good at 8.9%

    LIFE BUSINESS: CSM GROWTH GOOD AT 8.9% Contractual Service Margin (RM’mil) +8.9% 1 CSM (net) 2,306.7 51.2 238.4 Reinsurance 153.6 Non-attributable cost 350.1 488.1 Tax 728.4 CSM (gross) 3,538.8 3,538.8 (487.1) 3,248.2 VNB (12M 24) 365.4 + Non-attr. Cost 121.0 - Scope / other 1.7 = New business @ inc

  9. Slide 9: Financial Overview

    FINANCIAL OVERVIEW 2 Year CAGR RM’mil 2022 2023 2024 (2022-2024) Gross Written Premiums 6,023.0 6,546.5 7,244.8 9.7% CSM Release 368.6 433.1 487.1 15.0% Expense Ratio (Non Life)1 26.6% 26.3% 25.4% (1.2 pts) Expense Ratio (Life)2 9.8% 12.1% 11.2% 1.4 pts Local Consolidated PBT 873.7 956.9 1,005.4 7.3

  10. Slide 10: Summary of Unaudited Financial Results

    SUMMARY OF UNAUDITED FINANCIAL RESULTS RM’mil 12M 2023 12M 2024 24/23 % Insurance revenue 4,941.6 5,651.5 14.4% Claims and benefits (2,675.6) (3,193.9) 19.4% Acquisition and administrative expenses (net) (1,252.0) (1,367.8) 9.2% Reversal of losses on onerous contracts 31.0 8.6 (72.3%) Insurance ser

  11. Slide 11: General Business

    02 GENERAL BUSINESS © Copyright Allianz Malaysia Berhad 11

  12. Slide 12: General Business Comments

    GENERAL BUSINESS Comments Gross written premiums Combined ratio • Continued growth momentum in the fourth quarter with gross • Higher combined ratio of 3.1 pts mainly contributed by higher written premium increased by 13.8% as compared to prior claims from large losses partially offset by lower expe

  13. Slide 13: General Business: Good Sales Momentum with Double Digit GWP Growth

    GENERAL BUSINESS: GOOD SALES MOMENTUM WITH DOUBLE DIGIT GWP GROWTH Gross Written Premium (RM’mil) Distribution Channel & Portfolio Mix +13.8% Telemaketing 1.7% 3,419.4 Agent 56.5% 3,003.5 Broker 10.0% Banca 1.8% Franchise 30.0% Fire 884.6 885.2 849.2 12.1% 776.1 789.0 752.4 800.4 Marine 686.0 2.0% P

  14. Slide 14: General Business: Growth in Investment Income

    GENERAL BUSINESS: GROWTH IN INVESTMENT INCOME IN LINE WITH HIGHER YIELD AND GROWTH IN INVESTMENT ASSETS Net investment income/ Net (re-)insurance finance expenses Portfolio Mix and Investment Yield (Annualised) (RM’mil) +9.5% Portfolio Mix Investment Yield * 187.9 171.6 57.2 Unquoted 53.6 Deposit 38

  15. Slide 15: General Business: Lower PBT Due to Lower Insurance Service Results

    GENERAL BUSINESS: LOWER PBT DUE TO LOWER INSURANCE SERVICE RESULTS Profit Before Tax (RM’mil) PBT Drivers (RM’mil) -3.3% 556.2 29.8 537.9 556.2 (14.4) 537.9 (33.7) 151.2 149.8 139.8 141.2 139.6 132.3 124.0 116.2 12M 23 Insurance… Insurance Net Others Others 12M 24 12M 23 service Net… investment 12M

  16. Slide 16: General Business: Higher Combined Ratio Due to Higher Claims Ratio

    GENERAL BUSINESS: HIGHER COMBINED RATIO DUE TO HIGHER CLAIMS RATIO Combined Ratio +3.1 pts Discounting impact -2.9% Discounting impact -2.8% 90.1% 89.3% 88.7% 88.8% 86.6% 86.2% 85.7% 85.7% 87.0% 84.2% 24.1% 24.9% 24.6% 25.4% 26.4% 27.4% 26.6% 26.3% 27.8% 24.8% * * * 59.4% 60.2% 58.8% 59.1% 59.4%* 62

  17. Slide 17: General Business: Financial Results at a Glance

    GENERAL BUSINESS: FINANCIAL RESULTS AT A GLANCE RM’mil 12M 2023 12M 2024 24/23 % Insurance revenue 2,772.8 3,219.0 16.1% Claims (1,395.8) (1,819.3) 30.3% Acquisition and administrative expenses (net) (671.9) (757.0) 12.7% Reversal of losses on onerous contracts 35.0 7.1 (79.7%) Net expenses from re

  18. Slide 18: General Business: Performance Compared to Industry (Jan-Dec 2024)

    GENERAL BUSINESS: PERFORMANCE COMPARED TO INDUSTRY (JAN-DEC 2024) AGIC 1 Industry 1 Takaful 1 KPIs 12M 2024 12M 2024 12M 2024 GWP growth 13.9% 7.5% 8.5% Market Share (12M 2024) 2 14.8% Market Ranking (9M 2024) 3 No. 1 Notes: 1) Source: ISM Market PerformanceReport Jan-Dec 2024 (General Insurance & G

  19. Slide 19: Life Business

    03 LIFE BUSINESS © Copyright Allianz Malaysia Berhad 19

  20. Slide 20: Life Business Comments

    LIFE BUSINESS Comments Gross written premiums Product mix • Gross written premiums grew by 8.0% with growth from • Remain focused on sales of investment-linked products with Bancassurance (+ 26.9%) and Employee Benefit (+ 14.5%). protection rider which provides higher margins but to also cater for d

  21. Slide 21: Life Business: Strong Growth Driven by First Year Premium and In-Force Premium

    LIFE BUSINESS: STRONG GROWTH DRIVEN BY FIRST YEAR PREMIUM AND IN-FORCE PREMIUM Gross Written Premiums (“GWP”) (RM’mil) GWP Mix & Growth (%) (12M 2024) +8.0% Mix Single Premium 3,825.4 3,543.0 14.5% 3,543.0 3,366.7 1,019.7 1,023.5 941.7 Total 929.2 901.1 881.1 3,825.4 825.9 846.2 Recurring Premium 85

  22. Slide 22: Life Business: Higher PBT Due to Higher CSM Release and Net Investment Results

    LIFE BUSINESS: HIGHER PBT DUE TO HIGHER CSM RELEASE AND HIGHER NET INVESTMENT RESULTS Profit Before Tax (RM’mil) PBT Drivers (RM’mil) +17.2% 35.3 482.0 482.0 35.5 411.2 411.2 140.3 124.8 * 122.3 112.3 107.1 96.5 98.7 91.2 12M 23 Insurance Insurance … Net investment 12M24 12M 24 12M 23 service income

  23. Slide 23: Life Business: Growth in ANP Driven by All Key Distribution Channels

    LIFE BUSINESS: GROWTH IN ANP DRIVEN BY ALL KEY DISTRIBUTION CHANNELS Annualised New Premiums (“ANP”) (RM’mil) ANP Channel Mix (%) (12M 2024) +15.1% 871.7 757.6 231.6 234.8 228.7 Bancassurance/Direct 8.0 20.6 211.1 5.4 Marketing 204.8 31.4% 9.6 197.1 41.5 50.8 5.0 10.2 45.1 Growth +41.7% 163.4 157.8

  24. Slide 24: Life Business (Agency): Focus on Regular Investment-Linked Products

    LIFE BUSINESS (AGENCY): CONTINUE FOCUS ON PREFERRED SEGMENT OF REGULAR INVESTMENT-LINKED PRODUCTS WITH BETTER MARGINS Agency Annualised New Premiums (RM’mil) Total: Agency Product Mix (%) (12M 2024) Q1 +31.1% +5.3% Q2 +22.3% Traditional By ANP By Policy Count Q3 -30.2% 17.7% 524.8 551.9 524.7 Q4 +17

  25. Slide 25: Life Business: Investment-Linked with Protection Features Continues to Grow

    LIFE BUSINESS: INVESTMENT-LINKED WITH PROTECTION FEATURES CONTINUES TO GROW Annualised New Premiums (RM’mil) Gross Written Premiums (RM’mil) +54.5% +15.5% 2,456.3 639.9 2,126.4 414.1 180.0 615.6 622.5 624.6 174.8 153.8 593.6 136.2 131.3 566.3 539.5 91.8 100.0 86.1 509.8 510.8 1Q 23 2Q 23 3Q 23 4Q 23

  26. Slide 26: Life Business: Higher Investment Income Driven by Fair Value and Realised Gains

    LIFE BUSINESS: HIGHER INVESTMENT INCOME DRIVEN BY FAIR VALUE AND REALISED GAINS FROM FAVOURABLE MARKET CONDITION Investment Income by funds Portfolio Mix and Investment Yield (LF) (%) (RM’mil) Investment Yield Portfolio Mix (Annualised) +44.1% Cash Others 1,307.9 6.7% 0.4% Equities 7.6% 173.4 Govt B

  27. Slide 27: Life Business: Financial Results at a Glance

    LIFE BUSINESS: FINANCIAL RESULTS AT A GLANCE RM’mil 12M 2023 12M 2024 24/23 % Insurance revenue 2,168.8 2,432.5 12.2% - Release contractual service margin 433.1 487.1 12.5% - Release of expected cash flows, risk adjustments and others 1,735.7 1,945.4 12.1% Claims and benefits (1,279.4) (1,374.1) 7.

  28. Slide 28: Thank You for Your Attention

    THANK YOU FOR YOUR ATTENTION © Copyright Allianz Malaysia Berhad

  29. Slide 29: Disclaimer

    DISCLAIMER These assessments are, as always, subject to the disclaimer provided below. Cautionary Note Regarding Forward-LookingStatements The statements contained herein may include statements of future expectations and Union, (xi) changes in the policies of central banks and/or foreign governments

Allianz Malaysia Berhad — Q4 2024 Earnings Presentation on 6ix