LPI Capital Records Better Earnings, Revenue In FY2024
KUALA LUMPUR, Feb 14 (Bernama) -- LPI Capital Bhd’s net profit rose to RM377.09 million in the financial year ended Dec 31, 2024 (FY2024), up from RM313.73 million a year earlier, primarily due to higher profit from the general insurance segment.
Revenue for the year also increased to RM1.93 billion from RM1.91 billion, driven by the investment holding segment, which saw a 42.4 per cent increase, or RM13.3 million, to RM44.70 million.
The segment recorded RM31.4 million in 2023, attributed to the higher dividend income, according to LPI Capital’s filing with Bursa Malaysia today.
Meanwhile, the general insurance segment recorded higher revenue of RM1.88 billion in FY2024, compared with RM1.87 billion in 2023, due to higher dividend income and interest income received during the current financial year.
As for the fourth quarter ended Dec 31, 2024, LPI Capital recorded a lower net profit of RM73.86 million, compared with RM78.58 million year-on-year, due to the lower profit from the general insurance segment.
“The general insurance segment reported a 6.6 per cent decrease, or RM6.9 million, to RM97.6 million, down from RM104.5 million in the fourth quarter of 2023.
“This is mainly due to net fair value losses of RM5.4 million as opposed to RM10.6 million net fair value gains recorded in the fourth quarter of 2023,” said LPI Capital.
Revenue for the quarter increased to RM487.64 million from RM481.35 million a year earlier. This increase was largely contributed by its general insurance segment, which rose by RM6.2 million to RM487.1 million, compared to RM480.9 million in the corresponding quarter in 2023, driven by higher insurance revenue.
Moving forward, LPI Capital sees greater opportunities to cross-sell insurance products to Public Bank Bhd’s customers and develop tailored products that cater to their insurance needs.
LPI Capital entered a new chapter when Public Bank completed its acquisition of a 44.15 per cent stake in the group through a share purchase on Dec 4, 2024.
Meanwhile, the group said it would continue to emphasise competing for new business, particularly for infrastructure projects and new foreign investment.
“Plans are underway to further automate processes and enhance the group’s distribution channels.
“The group will also continue to work on developing more green insurance solutions tailored for environmentally friendly and sustainability-focused assets,” it added.
-- BERNAMA