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MNRB recovers to record RM69mil profit

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Favourable market condition helps insurance and takaful provider turn business around.

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Gains from investments helped MNRB recover from a setback led by foreign exchange movements.

KUALA LUMPUR:
Investment holding company in the insurance and takaful business MNRB Holdings Bhd reported a RM69.5 million net profit for the first quarter of its new financial year (FY2024) ended June 30.

This was a major turnaround from a RM23.2 million loss in the same quarter last year.

In a filing with Bursa Malaysia today, the company said its reinsurance and re-takaful services experienced a setback due to foreign exchange movements.

However, this was offset by the higher movement of fair value gain in its investments in tandem with favourable market conditions.

Its reinsurance subsidiary, Malaysian Re, turned in a net profit of RM59.8 million in Q1 2024, a turnaround from a RM7.8 million net loss recorded in the same quarter last year.

For the quarter, MNRB reported a revenue of RM474.1 million, up 4.5% from RM453.7 million in Q1 2023, driven mainly by its overseas specialty and treaty business segments.

The company said Takaful Ikhlas Family Bhd, its takaful business subsidiary, saw its net profit rise from RM100,000 in Q1 2023 to RM4.7 million in Q1 2024, boosted by higher investment income.

The takaful revenue rose 14.4% to RM116.3 million from RM101.7 million recorded in Q1 FY2023, driven by higher fee income.

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