MAA posts RM23mil earnings on improved ops


The group’s revenue in the three-month period rose by 24.26% year-on-year (y-o-y) to RM59.78mil, comprising mainly the RM43.3mil gross earned premiums recorded by its general insurance business held via subsidiary, MAA General Assurance Philippines Inc.

PETALING JAYA: Insurer MAA Group Bhd reported a net profit of RM22.76mil in the third quarter ended Sept 30 as compared to a net loss of RM3.3mil a year earlier, thanks to improved contribution from all of its business segments.

The group’s revenue in the three-month period rose by 24.26% year-on-year (y-o-y) to RM59.78mil, comprising mainly the RM43.3mil gross earned premiums recorded by its general insurance business held via subsidiary, MAA General Assurance Philippines Inc.

Earnings per share for the third quarter improved to 8.35 sen, in comparison to a loss per share of 1.21 sen a year earlier. No dividend was proposed for the quarter.

Cumulatively, for the first nine months of financial year 2020, the MAA Group achieved a net profit of RM15.43mil as compared to a net loss of RM4.96mil in the preceding corresponding period.

Revenue increased by 17.12% y-o-y to RM164.27mil.

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