Allianz Malaysia : LIFE ANNUAL FINANCIAL STATEMENT 2022

Allianz Life Insurance Malaysia Berhad

Registration No. 198301008983 (104248-X)

(Incorporated in Malaysia)

Financial statements for the year

ended 31 December 2022

(in Ringgit Malaysia "RM")

Domiciled in Malaysia Principal place of business Level 29, Menara Allianz Sentral, 203, Jalan Tun Sambanthan, Kuala Lumpur Sentral,

50470 Kuala Lumpur

Allianz Life Insurance Malaysia Berhad

Registration No. 198301008983 (104248-X)

(Incorporated in Malaysia)

Contents	Page
Directors' report	1-39
Statement of financial position	40
Statement of profit or loss	41
Statement of profit or loss and other comprehensive income	42
Statement of changes in equity	43-44
Statement of cash flows	45-47
Notes to the financial statements	48-188
Statement by Directors	189
Statutory declaration	190
Independent Auditors' Report	191-194

1

Registration No. 198301008983 (104248-X)

Allianz Life Insurance Malaysia Berhad

Registration No. 198301008983 (104248-X)

(Incorporated in Malaysia)

Directors' report for the financial year ended 31 December 2022

The Directors have pleasure in submitting their report and the audited financial statements of the Company for the financial year ended 31 December 2022.

Principal activities

The Company is principally engaged in the underwriting of life insurance and investment- linked business. There has been no significant change in the nature of these activities during the financial year.

Results

	RM'000
Net profit for the financial year	175,718

Dividend

Since the end of the previous financial year, the Company paid a single tier interim dividend of 28.5 sen per ordinary share totalling RM67,431,000 in respect of the financial year ended 31 December 2022 on 19 January 2023.

The Directors have not recommended any final dividend to be paid for the financial year under review.

Reserves and provisions

There were no material transfers to or from reserves and provisions during the financial year under review except as disclosed in the financial statements.

Life insurance liabilities

Before the financial statements of the Company were made out, the Directors took reasonable steps to ascertain that the life insurance liabilities are adequate in accordance with the valuation methods specified in Part D of the Risk-Based Capital Framework issued by Bank Negara Malaysia ("BNM").

2

Registration No. 198301008983 (104248-X)

Bad and doubtful debts

Before the financial statements of the Company were made out, the Directors took reasonable steps to ascertain that actions had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate provision had been made for doubtful debts.

At the date of this report, the Directors are not aware of any circumstances that would render the amount written off for bad debts or the amount of the provision for doubtful debts in the financial statements of the Company inadequate to any substantial extent.

Current assets

Before the financial statements of the Company were made out, the Directors took reasonable steps to ascertain that any current assets other than debts, which were unlikely to be realised in the ordinary course of business, their values as shown in the financial statements of the Company, have been written down to an amount which they might be expected to realise.

At the date of this report, the Directors are not aware of any circumstances that would render the value attributed to the current assets in the financial statements of the Company misleading.

Valuation methods

At the date of this report, the Directors are not aware of any circumstances which have arisen which render adherence to the existing method of valuation of assets or liabilities in the financial statements of the Company misleading or inappropriate.

Contingent and other liabilities

At the date of this report, there does not exist:-

1. any charge on the assets of the Company that has arisen since the end of the financial year and which secures the liabilities of any other person; or
2. any contingent liability in respect of the Company that has arisen since the end of the financial year.

No contingent liability or other liability of the Company has become enforceable, or is likely to become enforceable within the period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may substantially affect the ability of the Company to meet its obligations as and when they fall due.

For the purpose of the above paragraphs, contingent liability and other liability do not include liabilities arising from contracts of insurance underwritten in the ordinary course of business of the Company.

3

Registration No. 198301008983 (104248-X)

Change of circumstances

At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or the financial statements of the Company that would render any amount stated in the financial statements of the Company misleading.

Items of an unusual nature

In the opinion of the Directors, the results of operations of the Company for the financial year ended 31 December 2022 have not been substantially affected by any item, transaction or event of a material and unusual nature nor has any such item, transaction or event occurred in the interval between the end of the financial year and the date of this report.

Issue of shares

There were no changes in the issued share capital of the Company during the financial year.

Options granted over unissued shares

No options were granted to any person to take up unissued shares of the Company during the financial year.

Indemnity and insurance costs

The Company maintains a Directors' and Officers' Liability Insurance for the purpose of Section 289(5) of the Companies Act 2016 in Malaysia, throughout the year, which provides appropriate insurance cover for the Directors and Officers of the Company. The amount of insurance premium paid during the financial year amounted to RM37,687.

There was no indemnity given to, or insurance effected for auditors of the Company in respect of the liability for any act or omission in their capacity as auditors during the financial year.

To the extent permitted by law, the Company has agreed to indemnify its auditors as part of the terms of non-audit engagement against claims by third parties arising from the non-audit engagement. No payment has been made to indemnify the auditor during the financial year.