MNRB ... Sept 2008

Financial Results

For the financial year ended March 31 (FY08), wholly owned unit Takaful Ikhlas Sdn Bhd’s gross contribution improved significantly to RM427.5mil from RM223.9mil previously, surppassing the company’s initial target of RM320mil. Takaful Ikhlas’ net profit also rose to RM11.4mil from RM1mil previously.

For FY08, MNRB posted an impressive 31.6% jump in net profit to RM170.44mil, compared with RM129.47milin FY07. Revenue rose 17% to RM978.6mil from RM834.1mil previously.

Going Forward

MNRB Holdings Bhd, which has 60% market share of the local reinsurance business, expects its takaful and retakaful businesses to drive revenue growth in the coming years.

The company was also looking to expand its overseas reinsurance business, which currently contributed about 18% of its revenue.

They are targeting a 25% revenue contribution from its overseas reinsurrance business by March 2009.