KUALA LUMPUR: MNRB Holdings Bhd's net profit jumped to RM92.74 million in the second quarter (2Q) ended Sept 30, 2024 from RM41.57 million in the same period last year.

The company said this was driven by an "improved claims experience, accretion of interest rates and foreign exchange rate movements"  as well as more contribution from an associate.

Revenue, however, dipped 0.3 per cent to RM974.34 million versus RM977.52 million, previously.

"The decrease was attributed to the drop in insurance revenue from the reinsurance business that was offset by growth in general takaful revenue earned from motor and fire businesses as well as family takaful," said the insurance company in a filing with Bursa Malaysia.

For the first half of the financial year 2025 (1H FY2025), MNRB achieved a commendable growth of 66.4 per cent in group net profit, soaring to RM184.94 million from RM111.10 million in the same period last year.

The growth was propelled by improved operating performance, "particularly within our reinsurance and general takaful divisions."

Additionally, its associate companies also contributed to the increased profits, it said in a separate statement.

However, revenue was flat at about RM1.92 billion.

The group's consolidated gross written premium and contribution stood at RM1.8 billion in 1H FY2025, compared to RM1.9 billion in the same period last year.

The group recorded a RM19.6 million increase in investment income to RM219.6 million from RM200.2 million in 1H FY2024, on the back of higher interest and profit income from fixed deposits and bond investments.

During the period under review, MNRB's annualised return on equity (ROE) increased to 11.0 per cent from 8.7 per cent in the first half of fiscal 2024, reflecting strong financial health and strategic growth.

Commenting on the MNRB's performance in 1H FY2025, chairman Datuk Johar Che Mat said the solid fundamentals and comprehensive offerings of the group's reinsurance, retakaful and takaful solutions have been pivotal in driving growth and profitability during the period under review.

"Our reinsurance/retakaful business continues to expand its global footprint, while our retail takaful businesses continue to enhance customer experience through innovative technology," he added.

Malaysian Reinsurance Bhd (Malaysian Re), the group's reinsurance/retakaful arm, delivered a strong performance with a 56.7 per cent increase in net profit to RM140.6 million, up from RM89.7 million in 1H FY2024. Its gross written premium and contribution remained robust at RM1.2 billion in the first half of the 2025 financial year, attributed to growth from both its overseas and local business segments.

Furthermore, in 1H FY2025, the group's retail takaful business, Takaful IKHLAS, comprising Takaful Ikhlas General Bhd and Takaful Ikhlas Family Bhd, recorded a 3.2 per cent increase in net profit to RM35.7 million from RM34.6 million in the same period last year. Takaful IKHLAS' gross written contribution stood at RM672.7 million, driven primarily by its general takaful segment, it said.

Looking ahead, Johar stated: "We remain committed to driving sustainable and profitable growth for the MNRB Group, ensuring long-term value creation for our stakeholders."

 - BERNAMA