KUALA LUMPUR: MNRB Holdings Bhd
is optimistic over the takaful segment, which it says continues to grow on the back of various initiatives to increase sales through agency, bancatakaful and corporate distribution channels.
Meanwhile, it said it was taking a proactive stance to risk diversification in its reinsurance and retakaful sectors, despite the continued dominance in the domestic industry.
"The pursuit of growth in overseas markets and venturing into specialised business lines remains a top priority," said MNRB in comments accompanying its quarterly results announcement.
In the fourth quarter of its financial year ended March 31, 2024, MNRB recorded a net profit of RM232.63mil, more than double the net profit of RM94.95mil posted in the same quarter in 2023.
The group's earnings per share rose to 29.71 sen against 12.12 sen in the same period.
Revenue during the quarter under review was up to RM816.79mil from RM637.97mil.
Over the full financial year, the group's performance was significantly improved with net profit of RM428.34mil against RM142.65mil in FY23 on revenue of RM3.6bil compared to RM2.97bil in the previous year.
MNRB said the improved annual performance was primarily contributed by the increase in the group's insurance/takaful revenue by RM536.9mil due to strong growth in the general takaful and reinsurance businesses.
Additionally, operating revenue was also boosted by a RM94.1mil increase in investment income, while the group benefited from an improved share of results of associates compared to a share of loss in the previous year.
