MNRB’s net profit slips to RM38.83m in Q2

MNRB Holdings Bhd’s net profit eased to RM38.83 million in the second quarter ended September 30, 2021 (Q2 FY2021) from RM42.36 million in the same period last year, it said in a filing with Bursa Malaysia. — Bernama pic
MNRB Holdings Bhd’s net profit eased to RM38.83 million in the second quarter ended September 30, 2021 (Q2 FY2021) from RM42.36 million in the same period last year, it said in a filing with Bursa Malaysia. — Bernama pic

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KUALA LUMPUR, Nov 30 — MNRB Holdings Bhd’s net profit eased to RM38.83 million in the second quarter ended September 30, 2021 (Q2 FY2021) from RM42.36 million in the same period last year.

Revenue, however, rose to RM730.04 million versus RM706.81 million previously, it said in a filing with Bursa Malaysia.

For the six-month period, its net profit slipped to RM85.41 million from RM93.16 million, while revenue was higher at RM1.47 billion against RM1.28 million.

The higher revenue was contributed by its reinsurance and takaful subsidiaries.

It said revenue for the reinsurance business stood at RM844.8 million as compared to RM696.6 million amid increase in the gross premium from the international business portfolio, while revenue for the family takaful business went up to RM390 million from RM334.9 million contributed by the higher gross contribution from all classes other than investment-linked.

MNRB said revenue for investment holding was higher at RM111.1 million from RM109.8 million driven by increase in the Group Shared Services fees income from the subsidiaries and revenue for the retakaful business widened from RM26.1 million to RM37.9 million mainly attributable to higher net contribution received.

However, revenue for the general takaful business decreased from RM216.6 million to RM214.7 million due to lower gross contribution and investment income.

MNRB said the group remains cautiously optimistic that by pursuing its strategic initiatives combined with its strong capital position, it will be able to continue to deliver profitable results for the current financial year. — Bernama

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