KUALA LUMPUR (Feb 7): MNRB Holdings Bhd’s net profit for its third quarter ended Dec 31, 2023 (3QFY2024) surged 47.36% to RM84.61 million or 10.8 sen per share, from RM57.42 million or 7.33 sen per share a year ago (3QFY2023), driven by higher revenue from its insurance and takaful segment.

Quarterly revenue rose 22.05% to RM980.87 million from RM803.69 million a year ago, mainly contributed by higher investment income and favourable fair value movement of investments.

The group did not declare any dividend for the quarter.

For the nine months ended Dec 31, 2023 (9MFY2024), net profit soared 310.29% to RM195.72 million or 24.99 sen per share from RM47.7 million or 6.09 sen per share in the same period last year.

According to MNRB, the strong performance was attributed to the group’s improved underwriting results of its reinsurance, retakaful and general takaful businesses as well as higher investment income and net fair value gains compared to net fair value losses recorded in 9MFY2023.

As at 9MFY2024, the group’s reinsurance and retakaful business recorded a commendable net profit of RM155.8 million against RM34.7 million recorded in the same period last year.

MNRB's family takaful arm, Takaful Ikhlas Family Bhd, saw its net profit rise to RM10.7 million in 9MFY2024 compared with RM1.3 million in the same period last year.

Meanwhile the group's general takaful arm, Takaful Ikhlas General Bhd, posted significant growth of 84.7% in net profit to RM41 million from RM22.2 million, mainly contributed by higher wakalah fee as a result of strong takaful revenue.

Cumulative operating revenue for 9MFY2024 increased 19.37% to RM2.79 billion from RM2.33 billion in the same period a year ago, also driven by robust growth of its reinsurance and general takaful businesses as well as improvements in its investment income.

The insurance and takaful revenue increased 23.1% to RM1.6 billion from RM1.3 billion, due to the healthy growth of its specialty, domestic treaties and overseas treaties business portfolios.

MNRB president-cum-group chief executive officer Zaharudin Daud said the group has managed to maintain its earnings momentum for the quarter amid embracing growth opportunities, enhancing operational efficiency as well as driving innovation to strengthen its offerings, and delivering long-term value creation to all its stakeholders.

Moving forward, Zaharudin said, "The group is optimistic that the firm foundation of our business diversification, coupled with the effective implementation of our strategic plan, will propel the group to close the financial year strongly.

“We are in a position to meet the growth trajectory outlined in our business plan and deliver long-term value to our customers and partners.” Zaharudin added.

MNRB shares closed up two sen or 1.43% at RM1.42 on Wednesday, with 576,900 shares traded. Its market capitalisation stood at RM1.11 billion. The stock has risen by 16.39% year to date and 55.19% over the past year.