28 Aug 2014

Kuala Lumpur, 28 August 2014 – Key reinsurance player, the MNRB Group, has registered a 9.5% rise in net profit for the first quarter of financial year 2015 (Q1 FY2015). Net profit for the first quarter ended 30 June 2014 rose to RM42.3 million from RM38.6 million in the corresponding quarter of the previous financial year. This was mainly due to improvements in the results of the Group’s takaful subsidiary, Takaful Ikhlas Berhad (Takaful IKHLAS) and its retakaful subsidiary, MNRB Retakaful Berhad (MRT).

The bulk of the Group’s revenue for Q1 FY2015 was contributed by its reinsurance subsidiary, Malaysian Reinsurance Berhad (Malaysian Re), which recorded RM333.0 million in revenue. This, however, was a decrease of 4.1% from the RM347.0 million recorded in the previous corresponding period. Malaysian Re also garnered a lower profit after tax of RM40.2 million for Q1 FY2015 as compared to RM47.4 million previously, mainly due to several large losses reported during the period.

MNRB’s takaful arm, Takaful IKHLAS, saw its revenue increase by 13.1% to RM235.0 million in Q1 FY2015 from RM207.8 million previously mainly due to the higher growth in gross contributions as well as higher investment income. Overall, its net profit increased by 60.8% to RM3.4 million as compared to the RM2.1 million recorded previously.

Retakaful subsidiary, MRT, significantly reduced its net loss to RM1.1 million in Q1 FY2015 from RM6.0 million previously. The improvement was largely due to the reduction in claims and contribution reserves of the family retakaful fund.

Malaysian Re (Dubai) Ltd. (MRDL), the Group’s subsidiary in Dubai that primarily focuses on developing Malaysian Re’s business in the Middle East and North Africa (MENA) region, registered significant growth in revenue. On a year-on-year basis, gross premiums from the MENA region increased by 25.1% to RM35.7 million in Q1 FY2015.

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.

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