Within our expectation but above consensus. Allianz’s 1H FY12/10 net profit of RM52.8m came in at 48% of our and 58% of consensus full-year earnings forecasts respectively. We consider this to be in line with our expectation as the surplus transfer from the life fund will only be included in the earnings in the 4Q. We project RM12m transfer from the life fund. Stripping out the after-tax surplus transfer of RM8m (assuming 1H10 tax rate of 33.5%) based on our forecasts, Allianz 1H10 earnings made up 51.5% of our full-year forecast.
Allianz Malaysia Berhad : Net Profit Grew 48.5% YoY - 26/08/2010
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