We refer to the Company’s latest update as announced via the Quarterly Report of the Company on 25 August 2021 with regard to the proceedings by the Company’s wholly-owned subsidiary, Allianz General Insurance Company (Malaysia) Berhad (“AGIC”), against Virginia Surety Company Labuan Branch.

The Board of Directors of the Company wishes to announce that the Court of Appeal of Malaysia had on 3 September 2021, dismissed AGIC’s appeal against the Kuala Lumpur High Court’s Decision delivered on 28 June 2019. (The High Court had on 28 June 2019 dismissed AGIC’s application to challenge the Award of the Arbitral Tribunal dated 8 February 2018).

As the matter involves the application of fundamental principles of insurance and reinsurance law, AGIC is in consultation with its legal advisers on its legal position and the next steps in relation to this matter.

This announcement is dated 8 September 2021.