Allianz Malaysia Berhad : Life Interim Financial Statement 2021 Q3

ALLIANZ LIFE INSURANCE MALAYSIA BERHAD

(Company No. 198301008983)

(Incorporated in Malaysia)

CONDENSED INTERIM FINANCIAL STATEMENTS - UNAUDITED

FOR THE FINANCIAL PERIOD FROM

1 JANUARY 2021 TO 30 SEPTEMBER 2021

ALLIANZ LIFE INSURANCE MALAYSIA BERHAD

(Company No. 198301008983)

(Incorporated in Malaysia)

Contents	Page
Condensed statement of financial position - unaudited	1
Condensed statement of profit or loss - unaudited	2
Condensed statement of profit or loss and other comprehensive income - unaudited	3
Condensed statement of changes in equity - unaudited	4
Condensed statement of cash flows - unaudited	5 - 6
Notes to the condensed interim financial statements	7 - 28
Statement by Directors	29

ALLIANZ LIFE INSURANCE MALAYSIA BERHAD

(Company No. 198301008983)

(Incorporated in Malaysia)

Condensed statement of financial position as at 30 September 2021 - unaudited

Assets

Property, plant and equipment Right-of-use assets Intangible asset Investments

Derivative financial assets Reinsurance assets Insurance receivables

Other receivables, deposits and prepayments Cash and cash equivalents

Total assets

Equity, policyholders' funds and liabilities

Share capital

Fair value reserve

Revaluation reserve

Retained earnings

Total equity

Insurance contract liabilities

Deferred tax liabilities

Derivative financial liabilities

Lease liabilities

Insurance payables

Other payables and accruals

Current tax liabilities

Total policyholders' funds and liabilities

Note	30.09.2021	31.12.2020
	RM'000	RM'000

5	27,718	28,737
	20,630	24,725
	19,752	19,110
7	14,264,271	13,533,254
	50,578	81,738
8	100,522	68,120
6	96,899	57,584
	74,989	68,627
	942,112	818,179
	15,597,471	14,700,074

236,600	236,600
2,195	8,910
2,891	2,891
1,289,271	1,200,516
1,530,957	1,448,917

8	12,920,202	12,152,476
	390,485	403,470
	2,273	301
	11,256	15,125
9	317,357	252,521
	415,615	419,850
	9,326	7,414
	14,066,514	13,251,157

Total equity, policyholders' funds and liabilities	15,597,471	14,700,074

The accompanying notes form an integral part of these condensed interim financial statements.

1

ALLIANZ LIFE INSURANCE MALAYSIA BERHAD

(Company No. 198301008983)

(Incorporated in Malaysia)

Condensed statement of profit or loss

for the 9 month period ended 30 September 2021 - unaudited

	Note	9 months		9 months
		period		period
		ended		ended
		30.09.2021	30.09.2020
		RM'000		RM'000
Operating revenue		2,809,589	2,584,118
Gross earned premiums
	2,376,931	2,196,728
Premiums ceded to reinsurers		(101,355)		(71,534)
Net earned premiums		2,275,576		2,125,194
Investment income		432,658	387,390
Realised gains and losses		6,600	(6,607)
Fair value gains and losses		(336,878)	(38,831)
Other operating income		31,978		23,828
Investment and other income		134,358		365,780
Gross benefits and claims paid		(961,104)	(943,406)
Claims ceded to reinsurers		75,629	40,392
Gross change in contract liabilities		(810,934)	(777,539)
Change in contract liabilities ceded to reinsurers		8,414	(528)
Net benefits and claims		(1,687,995)	(1,681,081)
Fee and commission expense
	(386,096)	(361,328)
Management expenses		(186,724)	(176,891)
Interest expenses		(352)	(517)
Other operating expenses		(32,306)		(28,267)
Other expenses		(605,478)	(567,003)
Profit before tax
	116,461	242,890
Tax expense		(27,706)	(85,854)
Net profit for the period		88,755	157,036
Profit attributable to:
Owners of the Company		88,755	157,036
Basic earnings per ordinary share (sen)	10	37.51	66.37

The accompanying notes form an integral part of these condensed interim financial statements.

2

ALLIANZ LIFE INSURANCE MALAYSIA BERHAD

(Company No. 198301008983)

(Incorporated in Malaysia)

Condensed statement of profit or loss and other comprehensive income for the 9 month period ended 30 September 2021 - unaudited

9 months	9 months
period	period
ended	ended
30.09.2021	30.09.2020
RM'000	RM'000

Net profit for the period attributable to owners of the Company	88,755	157,036
Other comprehensive income, net of tax
Items that may be reclassified subsequently to profit or loss
Fair value of available-for-sale financial assets
- Net (losses)/gains arising during the financial period	(114,863)	112,690
- Net realised gains transferred to profit or loss	(31,278)	(23,453)
Losses on cash flow hedge	(9,381)	(4,050)
Tax effects thereon	13,853	(7,758)
Change in insurance contract liabilities arising from
net fair value change on:
- AFS financial assets	137,309	(83,278)
- Cash flow hedge reserve	9,381	4,050
Tax effects thereon	(11,736)		6,338
Total other comprehensive (loss)/income for the period, net of tax	(6,715)	4,539
Total comprehensive income for the period
attributable to owners of the Company	82,040	161,575

The accompanying notes form an integral part of these condensed interim financial statements.

3