Strong Results Of Takaful Ikhlas, Malaysian Re Give MNRB Record Group Profit
KUALA LUMPUR, May 29 (Bernama) - MNRB Holdings Bhd on Tuesday announced its highest profit of RM129.5 million, up by 12 percent from RM115.2 million in the preceding year.The investment holding company said in a statement that its revenue grew by 11 percent to RM835.6 million from RM751.4 million previously. MNRB director Anuar Mohd Hassan said the positive performance arose from continued strong operational results of its subsidiaries, Malaysian Reinsurance Bhd (Malaysian Re) and Takaful Ikhlas Sdn Bhd.
Malaysian Re’s gross premium increased 9.5 percent to RM692.5 million from RM632.3 million previously while the gross contribution of Takaful Ikhlas rose to RM223.9 million from RM146.7 million.
“The financial results are immensely satisfying and provide a positive reflection on the significant efforts put in by the board of directors and management into MNRB operations since the completion of its restructuring in 2005,” said Anuar, who is also president and chief executive officer of Malaysian Re.
He said moving ahead, Malaysian Re aimed to further increase its international business portfolio from the current 13 percent to 20 percent.
As part of this effort, the group recently set up a Dubai subsidiary, Malaysian Re (Dubai) Ltd, to focus on developing its business in the Middle East and North Africa.Anuar said Takaful Ikhlas recorded a profit of RM1.5 million in its fourth year of operation.“It was a remarkable and outstanding achievement. Moving forward, MNRB expects the growth of Takaful Ikhlas to remain strong,” he said.
“Despite intense competition, we are confident of achieving more than 40 percent increase in the gross contribution of Takaful ikhlas to at least RM320 million in the current financial year ending March 31, 2008,” he added.Another MNRB subsidiary, MNRB Retakaful Bhd, has obtained approval from Bank Negara Malaysia to set up the first retakaful company in Malaysia.Anuar said the company planned to begin business in July this year.At a meeting yesterday, the MNRB board agreed to recommend to shareholders the payment of 26 percent less tax of 27 percent final dividend, thus making a total of 46 percent dividend declared for the financial year ended March 31, 2007.– BERNAMA
Malaysian Re’s gross premium increased 9.5 percent to RM692.5 million from RM632.3 million previously while the gross contribution of Takaful Ikhlas rose to RM223.9 million from RM146.7 million.
“The financial results are immensely satisfying and provide a positive reflection on the significant efforts put in by the board of directors and management into MNRB operations since the completion of its restructuring in 2005,” said Anuar, who is also president and chief executive officer of Malaysian Re.
He said moving ahead, Malaysian Re aimed to further increase its international business portfolio from the current 13 percent to 20 percent.
As part of this effort, the group recently set up a Dubai subsidiary, Malaysian Re (Dubai) Ltd, to focus on developing its business in the Middle East and North Africa.Anuar said Takaful Ikhlas recorded a profit of RM1.5 million in its fourth year of operation.“It was a remarkable and outstanding achievement. Moving forward, MNRB expects the growth of Takaful Ikhlas to remain strong,” he said.
“Despite intense competition, we are confident of achieving more than 40 percent increase in the gross contribution of Takaful ikhlas to at least RM320 million in the current financial year ending March 31, 2008,” he added.Another MNRB subsidiary, MNRB Retakaful Bhd, has obtained approval from Bank Negara Malaysia to set up the first retakaful company in Malaysia.Anuar said the company planned to begin business in July this year.At a meeting yesterday, the MNRB board agreed to recommend to shareholders the payment of 26 percent less tax of 27 percent final dividend, thus making a total of 46 percent dividend declared for the financial year ended March 31, 2007.– BERNAMA
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