Allianz Malaysia lowers growth target amid challenging economic conditions

Posted On: Jul. 13, 2015 12:00 AM CST

Allianz Malaysia Bhd. has lowered its gross written premiums target for 2015, reported The Star Online citing Bernama.

Zakri Khir, CEO of the insurer, said that the growth target has been revised amid the current challenging economic conditions in the country.

Allianz Malaysia's subsidiary Allianz General Insurance Co. (Malaysia) Bhd. posted gross written premiums of 2.13 billion Malaysian ringgits ($562.5 million) in 2014.

Growth in retail segment "has been forecast to be around 4% from 5% to 6% in 2014," said Mr. Khir.