BUSINESS

MNRB records 23.1 pct topline growth in H1FY2023

25/11/2022 10:56 PM

KUALA LUMPUR, Nov 25 (Bernama) -- MNRB Holdings Bhd recorded a 23.1 per cent growth in its gross written premiums and takaful contributions to RM1.6 billion in the first six months period ended Sept 30, 2022 (H1FY2023) from RM1.3 billion recorded in H1FY2022.

The group posted a net profit of RM700,000 in H1FY2023 from RM85.4 million in the corresponding period last year.

President and group chief executive officer Zaharudin Daud said market volatility continued to factor into the performance for the period under review.

“Nonetheless, we saw encouraging growth in our net investment income in the second quarter of FY2023 as compared to the previous quarter, which had contributed significantly to the group net profit in H1FY2023.

“Additionally, our topline performance in H1FY2023 charted steady growth as a result of our perseverance and operational resiliency in the face of the continued challenges of the operating landscape,” he said.

Zaharudin said Malaysian Reinsurance Bhd’s (Malaysian Re) topline growth reflected it business priorities, which remain anchored on strengthening its core domestic treaties business while further diversifying its revenue streams by writing profitable and sustainable international business in selective markets.

“Malaysian Re continues to find further opportunities in its targeted segments, namely in managing general agent (MGA), specialty and retakaful lines of business,” he said.

On prospects, he said MNRB remained focused on its initiatives to accelerate growth through operational efficiency and strategic business expansion.

“Through these efforts, we are optimistic that the group will be able to increase its market share and deliver better performance for the remainder of the financial year,” he added.

-- BERNAMA



 


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