Kuala Lumpur, 29 May 2015 - MNRB Holdings Berhad ("MNRB") registered a Group net profit of RM76.9 million for the quarter ended 31 March 2015 (Q4 2015). The Q4 2015 net profit was 2.9% higher than the corresponding quarter of the previous financial year and is the Group's highest quarterly net profit since year 2010. The net profit had also improved from a net loss of RM20.1 million recorded in Q3 2015.

For the full year ended 31 March 2015 (FY2015), the Group posted a revenue of RM2.38 billion and net profit of RM127.6 million. This fine performance was achieved despite the provisions that the Group had made for a few large claims that impacted its reinsurance, takaful and retakaful subsidiaries, including losses from MH17 tragedy in July 2014 and claims related to the floods in Kelantan, Terengganu and Pahang in November and December 2014.

The bulk of the Group's revenue for FY2015 was contributed by its reinsurance subsidiary, Malaysian Reinsurance Berhad (Malaysian Re), which turned in RM1.40 billion in revenue.

Malaysian Re's overseas portfolio contributed 41% of the total gross premiums, as compared to 38% achieved last year. Gross premiums from the Middle East and North Africa (MENA) region, underwritten through the Group's wholly owned subsidiary in Dubai, Malaysian Re (Dubai) Ltd., registered a year-on-year growth of 10%. "We are on track to achieve our target to have an equal contribution in terms of gross premiums for both our local and overseas portfolio for the financial year ending 31 March 2017" said Mohd Din Merican, President and Group CEO of MNRB.

Meanwhile, MNRB's takaful arm, Takaful Ikhlas Berhad (Takaful IKHLAS), registered a 20.1% increase in net profit to RM19.4 million as compared to the RM16.1 million recorded previously. Its revenue rose by 8.8% from RM852.5 million to RM927.2 million in FY2015 which was supported by higher gross contributions from both its general and family businesses.

The Group's retakaful subsidiary, MNRB Retakaful Berhad (MRT), reported an increase in provision for claim liabilities of its general retakaful fund during the year, which had contributed to a higher loss of RM17.7 million in the current financial year as compared to a loss of RM1.2 million last year. Despite these losses, MNRB Group remains positive in the large untapped retakaful business. Foreseeing the promising growth and opportunities in the retakaful market, MNRB had last month announced that Malaysian Re had been granted approval by Bank Negara Malaysia to conduct General and Family retakaful business. Following this, MNRB had also announced it plans to undertake an internal restructuring exercise for its retakaful business, the details of which is expected to be finalised soon.

MNRB Holdings Berhad is an investment holding company. Amongst its wholly owned subsidiaries are Malaysian Reinsurance Berhad (Malaysian Re), Takaful Ikhlas Berhad (Takaful IKHLAS), MNRB Retakaful Berhad (MRT) and Malaysian Re (Dubai) Ltd (MRDL). MNRB is listed on the Main Market of the Bursa Malaysia Securities Berhad.

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