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Kuala Lumpur, 26 November 2009 – MNRB Holdings Berhad (MNRB) today announced its unaudited financial results for the six months period ended 30 September 2009. The Group recorded an 18.7% improvement in its revenue, from RM574.4 million recorded in the same period last year to RM681.6 million. The higher revenue was a result of the increase in the gross premium written by the reinsurance subsidiary and the increase in the wakalah fees earned by the takaful operator.
Chairing the Group’s Analysts Briefing, Encik Anuar Mohd Hassan, President & Group Chief Executive Officer of MNRB said, “The Group recorded a higher net loss of RM25.7 million as compared to RM7.5 million last year. The higher loss was mainly due to the one-off additional net provision of RM41.8 million made for claims reserving by the reinsurance subsidiary. This is in line with Bank Negara Malaysia’s Risk Based Capital requirement, which was implemented with effect from January 1, 2009”.
Meanwhile, the Group sees a positive result for its subsidiaries. Malaysian Reinsurance Berhad (Malaysian Re), the reinsurance arm of MNRB recorded a gross premium of RM555.4 million, an increase of 22.5% as compared to RM453.3 million recorded last year. The significant growth was mainly contributed by the increase in overseas business. The overseas premium portfolio had substantially increased from 23% in the previous year to 28% for the six months period ended 30 September 2009.
Takaful Ikhlas Sdn Bhd (Takaful IKHLAS) also recorded an improvement of its wakalah fees, from RM81.7 million recorded in the same period last year to RM88.9 million. As for MNRB Retakaful Berhad (MRT), it recorded a 10.6% improvement in its gross contribution, from RM13.8 million recorded last year to RM15.2 million.
“We are pleased to confirm that the Group financial remains strong and we will continue to be positive and prudent with our capital management strategy amidst the current economic adversities,” En Anuar also added.
MNRB Holdings Berhad is an investment holding company. Its wholly-owned subsidiaries are Malaysian Reinsurance Berhad (Malaysian Re), a general reinsurance company, Takaful Ikhlas Sdn. Bhd. (Takaful IKHLAS), an Islamic insurance provider, MNRB Retakaful Berhad (MRT), a general and family retakaful operator and Malaysian Re (Dubai) Ltd. (MRDL), a company incorporated in Dubai, UAE, to underwrite the reinsurance business for Malaysian Re and to service Malaysian Re’s business partners in the MENA regions. Another subsidiary company is MMIP Services Sdn Bhd (MSSB), the manager of the Malaysian Motor Insurance Pool (MMIP), a pool established by the local insurance industry to provide insurance coverage for vehicle owners who have difficulty in obtaining motor insurance coverage. In addition, its associate companies are Motordata Research Consortium Sdn Bhd (MRC), a company that manages database for standard motor parts, prices and repairs, whilst Labuan Reinsurance (L) Ltd. (Labuan Re), an offshore reinsurance company incorporated in the Labuan International Offshore Financial Centre (IOFC), is an associate company of Malaysian Re. MNRB is listed on the Main Market of the Bursa Malaysia Securities Berhad and its major shareholder is Amanah Raya Nominees (Tempatan) Sdn. Bhd. (Skim Amanah Saham Bumiputera).
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