Allianz Malaysia Berhad (AMB, formerly known as Allianz General Insurance Malaysia Berhad) is back on the stock exchange: today, it was re-listed on the Main Board of Bursa Malaysia Securities Berhad (Bursa Malaysia) in Kuala Lumpur.
"Allianz Malaysia is moving closer to the capital market in Malaysia. We are glad to offer local investors the opportunity to profit from an ongoing success story, supported by a strong global brand", says Alexander Ankel, CEO of AMB.
Allianz Malaysia back on the stock exchange
AMB CEO Alexander Ankel: "Allianz Malaysia is moving closer to the capital market"
Free float of 25 percent
Allianz SE as AMB’s major shareholder has placed out 36.35 million AMB shares to local investors. This represents approximately 23.6 percent of AMB’s share capital. Following this transaction, AMB now fulfills the minimum of 25 percent shares on free float necessary to be traded on Bursa Malaysia. The trading of AMB shares had been suspended since 2001. The Company didn't comply with the minimum free float after the acquisition of Malaysia British Assurance Berhad (now known as AMB) by Allianz in 2001.
"The re-quotation is a great success for our team and testament of the trust and good working relationships we have established with capital markets, investors, and regulators in Malaysia. Allianz Malaysia is on a very good path to attain more profitable growth for Allianz in Asia", says Bruce Bowers, CEO of Allianz Asia Pacific.
"AMB has convinced a wide spread of investors who subscribed to our shares. Many of them focus on long-term investments. This I warmly welcome as a special evidence for trust in our ongoing strong organic growth and performance", Ankel adds.
Internal and external growth
Allianz Malaysia Berhad (AMB) has three subsidiaries, Allianz General Insurance Company (Malaysia) Berhad, Commerce Assurance Berhad and Allianz Life Insurance Malaysia Berhad, collectively refered to as "Allianz Malaysia." In 2006, they collected gross written premiums (GWP) of 1,496 million Malaysia ringgit (more than 300 million euros) and had total assets of 3,038 million ringgit (about 630 million euros). Allianz Malaysia has shown above-market growth in both general and life insurance business.
In August 2007, AMB acquired Commerce Assurance Berhad. After its integration, Allianz Malaysia will be the country's second largest general insurer, nearly doubling premium income and market share. The general insurance agency force will increase from about 5,000 to around 8,000. In addition, Allianz Malaysia will leverage on a bancassurance agreement with CIMB Bank to reach out to the bank's over-a-million-customer base.
Allianz SE's Sustainabiliy Project in motor insurance presents an additional success factor, which has lead to a significant premium growth and an improved claims ratio.
Bruce Bowers, CEO of Allianz Asia Pacific: "The re-quotation is a great success"
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