“Revenue improved by 12% to RM4.94 billion versus RM4.41 billion previously, mainly due to higher insurance revenue from both general and life insurance segments,” it said in a filing with Bursa Malaysia today.

The general insurance segment recorded an insurance revenue of RM2.77 billion in FY2023, an increase of 8% compared with FY2022’s RM2.57 billion due mainly to the increase in gross earned premiums from the motor business.

The life insurance segment recorded an insurance revenue of RM2.17 billion in FY2023, up 17.3% versus RM1.85 billion in FY2022, mainly attributed to higher insurance revenue resulting from the investment-linked protection business and employee benefits business.

For the fourth quarter ended Dec 31, 2023 (Q4 FY2023), net profit rose 11.7% to RM193.69 million from RM173.46 million in the same quarter a year ago.

Revenue improved 13% to RM1.3 billion against RM1.15 billion previously.

Moving into 2024, the group said it will continue to expand its distribution channels to accelerate growth.

The integrated financial services provider said it will continue to pursue profitable growth through various strategic initiatives with a focus on operational scalability and efficiency to provide better services to its customers.

It said efforts would also be dedicated to product portfolios to ensure product offerings continually meet the needs of customers.

There has also been a continued effort within the group to promote digital innovation.

“The group expects to continue a positive trajectory by continuing the momentum of the current year.

“Both segments are expected to build on the success of the last two years and continue to achieve new heights,” it said.

At the close of trading, Allianz’s share price was down 14 sen or 0.75% at RM18.56, giving it a market capitalisation of RM3.3 billion.