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Research by TA
HOLD – TP RM21.30

"FY24 Growth Intact”

Allianz's general business reported a lower PBT of 5.8% to RM248.5mn in 1H24, despite a higher gross written premium (GWP) of 15.2% to RM1.7bn. We gathered that the lower PBT was mainly due to higher claims from the fire and engineering (about six large cases) segment. As such, the claims ratio increased to 64.1% in 1H24 compared to 59.8% in 1H23. Generally, fire insurance is more profitable with a lower claims ratio. However, the claims experience is more volatile than that of motor businesses due to the propensity to significant losses and natural catastrophic events. Overall, Allianz's market share rose to 14.1% (vs. 13.4% in 6M23) as the group's GWP growth outperformed the industry by 5.7 pts.

Analyst:
Tan Kong Jin 
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$KLSE-ALLIANZ
Research by TA
HOLD – TP RM21.30

"FY24 Growth Intact”

Allianz's general business reported a lower PBT of 5.8% to RM248.5mn in 1H24, despite a higher gross written premium (GWP) of 15.2% to RM1.7bn. We gathered that the lower PBT was mainly due to higher claims from the fire and engineering (about six large cases) segment. As such, the claims ratio increased to 64.1% in 1H24 compared to 59.8% in 1H23. Generally, fire insurance is more profitable with a lower claims ratio. However, the claims experience is more volatile than that of motor businesses due to the propensity to significant losses and natural catastrophic events. Overall, Allianz's market share rose to 14.1% (vs. 13.4% in 6M23) as the group's GWP growth outperformed the industry by 5.7 pts.

Analyst:
Tan Kong Jin 
kjtan@ta.com.my

$ALLIANZ / 1163 (ALLIANZ MALAYSIA BERHAD)