Allianz Malaysia, the local unit of German financial services giant Allianz, said Thursday its net profit fell 3.6% in the fourth quarter partly due to higher net benefits and claims and other expenses.
Net profit for the three months ended Dec. 31 was 86.78 million ringgit ($22.14 million) compared to 89.98 million ringgit a year ago, the company said in an exchange filing. Quarterly revenue was almost flat at 1.21 billion ringgit.
The company said it will expand its distribution capabilities including venturing into digital partnership and moving into online sales platform for its general insurance segment, adding that life insurance operation will continue to adopt a multi-distribution strategy.
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