During its 49th annual general meeting, Allianz Life Insurance Malaysia CEO Charles Ong outlined the insurer’s key initiatives under three strategic pillars: growth, margin expansion, and capital efficiency.
“Number one is growth, we still want to expand our agency. We want to intensify our recruitment, (encourage) our agents to adopt digital usage, expand our bancassurance partnership with (Hong Kong and Shanghai Banking Corp Ltd) HSBC and employee benefits is also another area,” Ong said.
Ong said that the group also aims to enhance its returns such as improving pricing, underwriting, and claims processes to enhance its margin expansion, according to a report from The Sun Daily.
“We want to ensure that we continue to sell our portfolio, with strong margins. Protection business is one of them and we want to encourage our agents to sell more protection riders. This will give our customers a comprehensive insurance coverage,” Ong said.
Capital efficiency is also an aspect that the insurer has been focused on, and through the years the group allocated resources into both innovative and capital-efficient business models and solutions.
Allianz Malaysia – comprising two subsidiaries, Allianz Life and Allianz General – recorded RM6.02 billion (US$1.29 billion) in gross written premiums for 2022, a 5.8% uptick compared to RM5.69 billion in 2021.
Allianz Malaysia CEO Sean Wang expressed his expectations of growth for the group moving forward in tandem with other sectors of the economy that are trending upward.
“We expect the business of Allianz General to grow in tandem with domestic product growth as we continue to carry out the delivery of products and services that address the needs of our customers,” Wang said.
The insurer posted growth in Q1 of the fiscal year, recording RM172.69 million, a 14.71% increase over the RM150.54 million posted in the previous year’s corresponding quarter.
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