Allianz Malaysia undeterred in pursuit of good governance in insurance industry


KUALA LUMPUR: Allianz Malaysia Bhd remains undeterred in its pursuit of good governance that was encouraged by principles of transparency, integrity, and accountability for the insurance industry.

Chief executive officer Zakri Mohd Khir said the general business would continue to prioritise growth, especially in the non-motor business while the strategy moving forward would include innovation, adjusting to economic disruptions and adopting more digital practices.

“This is to ensure the group continues to offer simple, affordable products that fit the needs of customers in this current environment,” he said in its annual report 2020 filed with Bursa Malaysia today.

He pointed out that while both the life and general business faced varying challenges, the ramifications were amplified for the life business, and there was a sense of urgency to regain the ground lost during the lockdown due to the Movement Control Order (MCO).

“The life insurance penetration rate remains at 54 per cent, and the need to be a paradigm shift of the products and services Allianz Life could offer to customers and the community at large to shift the needle,” he said.

The group’s net profit for the first quarter ended March 31, 2021 fell to RM63.26 million from RM79.50 million registered in the same quarter last year.

At 2.47 pm, Allianz Malaysia share price gained four sen to RM13.08, with 26,000 shares transacted. – Bernama

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