KUALA LUMPUR: MNRB Holdings Bhd
recorded a higher net profit of RM92.20 million in the first quarter ended June 30, 2024 (1Q FY2025) from RM69.54 million in 1Q FY2024.
It attributed the higher profit to the higher insurance service result driven by improved claims experienced compared to the corresponding period in the prior year.
Revenue, however, was slightly lower at RM941.05 million from RM945.34 million amid the drop in insurance revenue from the family takaful business, which was offset by growth in general takaful and reinsurance businesses.
In a filing with Bursa Malaysia today, it said the reinsurance business’ total revenue increased by 2.4 per cent mainly due to growth in insurance revenue by RM3.5 million contributed by growth in the international business from the specialty portfolio and the local voluntary cession as well as investment income by RM8.9 million.
Meanwhile, the general takaful business registered total revenue of RM198.6 million, an increase of 12.6 per cent due to growth in takaful revenue by RM21.7 million mainly earned from motor and fire businesses.
On prospect, MNRB said Malaysia’s insurance/takaful industry is expected to be driven by economic recovery, increased penetration and growing demand for digital services.
MNRB chairman Datuk Johar Che Mat said MNRB Group is steadfastly committed to driving revenue expansion and enhancing profitability while optimally managing its capital.
"Strategic initiatives are in place to drive profitability across both our wholesale and retail segments through our reinsurance/retakaful and general businesses, as well as recalibrating our family takaful business model,” he said. - Bernama
