Kuala Lumpur, 27 November 2014 - Key reinsurance player, the MNRB Group, has recorded a higher net profit for the first half of financial year 2015 (Q2 FY2015). Net profit for the six-month period ended 30 September 2014 grew to RM70.8 million from RM67.3 million in the corresponding period of the previous financial year (Q2 FY2014). This stronger performance came primarily on the back of the improvements in the results of the Group's takaful subsidiary, Takaful Ikhlas Berhad (Takaful IKHLAS).

The significant part of the Group's revenue for Q2 FY2015 was contributed by its reinsurance subsidiary, Malaysian Reinsurance Berhad (Malaysian Re), which turned in revenue of RM678.6 million.  About 38% of the gross premium of Malaysian Re during this period were derived from its international portfolio.

The Group's takaful arm, Takaful IKHLAS, grew its revenue by 7.0% to RM446.4 million in Q2 FY2015 from RM417.3 million previously, primarily as a result of the higher growth in gross contributions. Overall, Takaful IKHLAS' net profit increased by 51.3% to RM4.6 million in comparison to the RM3.1 million recorded previously.

The retakaful subsidiary, MNRB Retakaful Berhad (MRT), significantly reduced its net loss to RM5.1 million in Q2 FY2015 from RM11.5 million previously. The significant improvement came on the back of the reduction in actuarial reserves of the retakaful fund.

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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