Malaysia National Reinsurance Berhad (MNRB), the parent to Malaysian Re, has reported a strong financial performance for its first six-month period ended 30th September 2023, on the back of steady growth in the Group’s reinsurance and takaful businesses.

MNRB’s group net profit improved substantially to RM111.1 million (USD 24m) in the period, compared to a net loss of RM9.7 million (-USD 2m) a year earlier.

Within its reinsurance arm, Malaysian Re, the company recorded a net profit of RM89.7 million (USD 19m) in H1 FY2024 compared year over year to RM17.8 million (USD 4m), driven by higher insurance service results and net investment income.

The company’s reinsurance and retakaful revenue increased 15.6% to RM1.0 billion (USD 200m) from RM 865.2 million (USD 185m) in H1 FY2023, mainly driven by its overseas Specialty and Treaty business segments.

The Group’s insurance and takaful segment revenues grew by 14.2% to RM1.6 billion (USD 340m) from RM1.4 billion (USD 300m) year over year. There was an 18% growth in the operating revenue to RM1.8 billion (USD 380m) in H1 FY2024 from RM1.5 billion (USD 320m).

Zaharudin Daud, President & Group Chief Executive Officer of MNRB, said: “Our operating subsidiaries continued its momentum in delivering credible performance following the strong start to the new financial year previously.

“We remained focus on expanding our market reach through various strategic initiatives within the Group which include growing our reinsurance business’ overseas Specialty Treaty and MGA portfolios, strengthening our takaful businesses’ agency force and strategic partnerships as well as enhancing our digital capabilities to ensure superior customer experience to all our customers and partners.”

“We remain focused on our expansion and diversification initiatives for the reinsurance/retakaful and takaful businesses. We are also committed to strengthening our relationships with our clients and partners through an exceptional customer experience. Our efforts are bearing fruit, despite the challenging external environment,” added Daud.