MNRB POSTED HIGHER PROFIT

27 May 2014

Kuala Lumpur, 27 May 2014 – MNRB Holdings Berhad (“MNRB”) registered a 37.5% increase in net profit to RM154.9 million in the just concluded financial year ended 31 March 2014, from RM112.7 million in the previous year.  The higher net profit came on the back of a revenue of RM2.4 billion, which also increased by about RM100 million from RM2.3 billion last year.

On a quarter-to-quarter basis, the Group’s results also improved to RM73.7 million, higher by RM30.0 million or 69.4% over the immediate preceding quarter.  The Group’s Earning Per Share was higher at 72.7 sen, from 52.9 sen in the previous year.

The improved performance was mainly due to increase in the profits of its reinsurance subsidiary, Malaysian Reinsurance Berhad (“Malaysian Re”) and its takaful subsidiary, Takaful IKHLAS Berhad (“Takaful IKHLAS”).

Malaysian Re recorded RM1.43 billion in revenue, an increase of 5.3% from the RM1.36 billion recorded in the previous year. Malaysian Re garnered a profit after tax of RM160.7 million for the year under review as compared to RM124.0 million last year, mainly on the back of improved performance of its reinsurance underwriting activity.

MNRB’s takaful arm, Takaful IKHLAS, saw its revenue increased by 4.0% from RM819.3 million to RM852.2 million which was mainly due to the higher growth in gross contribution as well as higher investment income during the current financial year. Overall, its net profit has increased by 41.2% to RM14.3 million, as compared to the RM10.1 million recorded last year.

MNRB’s President & Group CEO, Mohd Din Merican said, “We are satisfied with the Group’s overall results despite the challenging environment.  We remain positive as we continue to execute our strategy and implement our plans to further improve the shareholders’ value”.

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.

For more information, please log on to www.mnrb.com.my