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Research by RHB
Neutral – TP RM 21.70

"A Moderation In General Insurance; Stay NEUTRAL”

Maintain NEUTRAL and MYR21.70 TP, 7% upside with c.6% FY25F yield. Allianz Malaysia’s 1H24 results are in line with our and Street expectations. Both the general and life insurance segments posted strong revenue and investment return gains YoY, but elevated claims continued to weigh on their bottomlines. Our NEUTRAL call is premised on a moderation in earnings growth in FY24F which, at the halfway point, is materialising nicely. 

Analyst:
Nabil Thoo
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David Chong, CFA
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$KLSE-ALLIANZ
Research by RHB
Neutral – TP RM 21.70

"A Moderation In General Insurance; Stay NEUTRAL”

Maintain NEUTRAL and MYR21.70 TP, 7% upside with c.6% FY25F yield. Allianz Malaysia’s 1H24 results are in line with our and Street expectations. Both the general and life insurance segments posted strong revenue and investment return gains YoY, but elevated claims continued to weigh on their bottomlines. Our NEUTRAL call is premised on a moderation in earnings growth in FY24F which, at the halfway point, is materialising nicely. 

Analyst:
Nabil Thoo
nabil.thoo@rhbgroup.com
David Chong, CFA
david.chongvc@rhbgroup.com

$ALLIANZ / 1163 (ALLIANZ MALAYSIA BERHAD)