Allianz Q2 earnings up 17%

PETALING JAYA: Allianz Malaysia Bhd saw a 17% year-on-year rise in its net profit to RM70.46 million for its second quarter ended June 30, 2015 from RM60.21 million previously, from lower gross change in contract liabilities.
Net earned premiums for the quarter was higher at RM852.4 million, compared to RM828.8 million for the same quarter the year before.
Revenue for the quarter rose 3.5% to RM1.11 billion from RM1.07 billion a year earlier, the group's filing to the local exchange yesterday showed.
For the cumulative period, net profit fell 1.6% on-year to RM144.1 million from RM145.4 million, while revenue climbed 5.8% on-year to RM2.21 billion from RM2.09 billion.
Allianz said it is cautious on the group prospects for the remaining year as it expects the business and investment outlook to be difficult for the remaining year with uncertainties in the external environment and sharp decline in ringgit.
It expects domestic consumption and investment to be more subdued while the adverse price pressure from the weakening ringgit will also make consumers more cautious on spending.
"Under the circumstances, the insurance industry growth is expected to remain flat for 2015," it said.