MNRB's Q2 net profit soars to RM41.57mil

KUALA LUMPUR: MNRB Holdings Bhd's net profit surged to RM41.57 million in the second quarter (Q2) ended Sept 31, 2023, from RM13.46 million in the corresponding quarter last year. 

The company's revenue increased to RM935.23 million from RM777.13 million last year. 

As for the first six months (1H23), the company recorded a net profit of RM111.11 million against a net loss of RM9.71 million last year. 

This was attributable to the improvement in the company's insurance and takaful service results led by improved underwriting performance resulting from better claims experience as compared to the corresponding period, coupled with higher movement of fair value gains in investments. 

The company's revenue jumped 18 per cent to RM1.80 billion against RM1.53 million previously, contributed by the increase in takaful revenue on the back of strong growth in the general takaful and reinsurance businesses.

President and group chief executive officer Zaharudin Daud said MNRB's operating subsidiaries continued its momentum in delivering credible performance.

Zaharudin said the company remained focus on expanding its market reach through various strategic initiatives within the company.

"This include growing our reinsurance business' overseas Specialty Treaty and MGA portfolios, strengthening our takaful businesses' agency force and strategic partnerships as well as enhancing our digital capabilities to ensure superior customer experience to all our customers and partners," he said.

The company remains focused on its expansion and diversification initiatives for the reinsurance/retakaful and takaful businesses. 

"We are also committed to strengthening our relationships with our clients and partners through an exceptional customer experience. 

"Our efforts are bearing fruit, despite the challenging external environment," he said.

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