KUALA LUMPUR (May 28): MNRB Holdings Bhd’s net profit for the financial year ended March 31, 2021 (FY2021) rose to RM189.53 million from RM132.91 million a year ago.

Revenue improved 11.8% to RM2.85 billion from RM2.55 billion previously, attributed to higher gross premiums/contributions generated by the reinsurance and takaful subsidiaries, the company said in a filing with Bursa Malaysia today.

President and group chief executive officer Zaharudin Daud said the group’s agility and resilience enabled it to weather the many challenges that had arisen due to the ongoing pandemic.

“The results were due to strong contribution from all our operating subsidiaries and associates amidst the difficult operating environment.

“Our focus on operational resiliency has contributed positively to revenue growth and strong return to our stakeholders,” he said in a statement today.

MNRB said the group’s reinsurance subsidiary, Malaysian Reinsurance Bhd (Malaysian Re) recorded a 7.7% increase in gross premiums to RM1.4 billion from RM1.3 billion in FY2020, mainly due to the positive contribution from both the overseas and domestic markets.

It said FY2021 also saw Malaysian Re’s increasing participation in industry-wide initiatives for its corporate responsibility programmes which include administering the Covid-19 Test Fund.

Zaharudin said Malaysian Re demonstrated continued progress in FY2021 and marked a new milestone by hitting a RM1.4 billion premium, with more than RM600 million coming from overseas business.

The group’s general takaful business, Takaful Ikhlas General Bhd’s gross contribution grew significantly by 35.8% to RM468.8 million in FY2021 against RM345.2 million in FY2020.

“Takaful Ikhlas General will continue to effectively manage the impact of the pandemic to sustain its progress while at the same time engage closer with the customers as they are the forefront of the business,” he said.

On prospects, Zaharudin said MNRB will continue to enhance its operational agility and prepare for opportunities that will arise from any shift in the current operating environment.

“This is to ensure that we continue to generate a profitable business and greater value for our customers and stakeholders.

“We are also focusing on strengthening our talents, delivering improved customer experience and enhancing our digital and technological platforms for the new financial year,” he added.

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