Kurnia profit up on stronger underwriting

PETALING JAYA: Kurnia Asia Bhd posted a net profit of RM26.4mil for the third quarter ended March 31 compared with a net loss of RM25.4mil in the previous corresponding period, thanks to positive underwriting performance and stronger investment performance.

In a filing with Bursa Malaysia yesterday, the insurer said it recorded a revenue of RM280.6mil from RM302mil a year ago as gross premium was flat due to more stringent risk-selection process to attract better quality business.

Earnings per share in the third quarter rose to 1.77 sen from a loss per share of 1.71 sen in previous year. This was the second consecutive quarter that Kurnia had maintained profitability for the current financial year year ending June 30.

It achieved an underwriting surplus of RM4.1mil for the third quarter, a drop from the second quarter’s RM5.7mil. Investment income rose to RM29.6mil in the third quarter from RM2.67mil a year ago as it turned defensive in its investment portfolio amidst the weak equity market.

For the nine months, the insurer’s net profit surged to RM14.4mil against RM1.3mil the year before while revenue was marginally down at RM873.1mil from RM895.1mil previously. Gross premium in the nine months amounted to RM806.6mil compared with RM832mil in the previous year, Kurnia said in a statement.

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