MNRB posts higher profit for Q1 FY2018
KUALA LUMPUR: MNRB Holdings Berhad (MNRB) released its first quarter results which on ended June 30 (Q1 FY2018) with a 63% increase in net profits, to RM50.4 million from RM30.9 million in the same period last year.
MNRB also recorded a revenue of RM605.6 million for the quarter ended June 30.
MNRB’s reinsurance subsidiary, Malaysian Reinsurance Berhad (Malaysian Re) recorded a revenue of RM336.2 million from RM369.1 million recorded in the previous year, with Gross Written Premium (GWP) of RM315.1 million compared to RM341.7 million in the previous year. The reduction in GWP is a result of Malaysian Re’s business rationalisation exercise.
Malaysian Re also gained a net profit of RM31.5 million compared to RM12.6 million achieved in the previous year. The higher profit was achieved from higher underwriting surplus and investment income.
MNRB’s takaful subsidiary, Takaful Ikhlas Berhad (Takaful IKHLAS), recorded a revenue of RM257.9 million as compared to RM230.8 million last year. The improvement in revenue was a result of higher gross contributions.
Takaful IKHLAS registered a net profit of RM15.9 million compared to RM2.2 million recorded previously, which came on the back of higher wakalah fees gained from higher gross contributions.
Mohd Din Merican, President and Group CEO of MNRB, said, “The improved results are indicative of the positive impact of efforts taken by the Group to enhance our profitability amidst the challenging business and economic landscape.
“We had performed well this quarter and will continue to implement our strategic business initiatives to sustain the growth in this financial year. That being said, we remain cautious in our operations to mitigate risks that may arise in this volatile operating environment,” he said.
MNRB Holdings Berhad is an investment holding company. Amongst its wholly owned subsidiaries are Malaysian Reinsurance Berhad (Malaysian Re), Takaful Ikhlas Berhad (Takaful IKHLAS), MNRB Retakaful Berhad (MRT) and Malaysian Re (Dubai) Ltd (MRDL). MNRB is listed on the Main Market of the Bursa Malaysia Securities Berhad.