KUALA LUMPUR: MNRB Holdings Bhd reported a 47.4 per cent increase in net profit to RM84.61 million in the third quarter ended Dec 31, 2023 (4Q23), up from RM57.42 million in the previous year.
MNRB attributed the growth to robust underwriting performance in its reinsurance, retakaful, and general takaful operations, alongside increased investment income and net fair value gains compared to net fair value losses recorded in the first nine months of the fiscal year 2023 (9MFY23).
Its quarterly revenue rose up to 19.4 per cent to RM980.9 million from RRM803.7 million last year.
The company registered a higher earnings per share of 10.80 for the period compared to 7.33.
MNRB's annualised return on equity (ROE) showed an improvement to 9.6 per cent from 2.5 per cent, and earnings per share rose to 24.99 sen from 6.09 sen as of December 31, 2023.
MNRB president and group chief executive officer Zaharudin Daud attributed the company's strong financial performance to the collaborative efforts of the dedicated team, emphasising their commitment to achieving profitable growth.
"We maintained momentum in the third quarter while embracing growth opportunities, enhancing operational efficiency as well as driving innovation to strengthen our offerings and deliver long-term value creation to all our stakeholders," he added.