Allianz Malaysia Bhd recorded a net profit of RM478.50 million for the financial year ended Dec 31, 2021, an 8% drop from the RM520.33 million achieved in the preceding financial year.

Its revenue, however, rose to RM6.43 billion from RM5.95 billion previously, the insurance group said in a filing with Bursa Malaysia on Tuesday (Feb 22).

It attributed the higher revenue mainly to higher gross earned premiums and investment income by RM437.9 million and RM47.4 million respectively, and said the lower net profit was due mainly to lower profit contribution from the life insurance segment.

“The group will continue with its strategic initiatives to strengthen its agency force and to invest in building scalable distribution capabilities. The strong and diversified distribution and product mix have provided a solid base to deliver resilience and profitable growth in 2021, despite the challenging and uncertain environment.

“The group will focus on accelerating digital capabilities, investment into information technology infrastructure and operational efficiency to improve productivity and drive a customer-centric strategy,” it said.