PETALING JAYA: MNRB Holdings Bhd
will remain cautiously optimistic as it enters the final quarter of the calendar year.
In a filing to Bursa Malaysia, the insurance provider said uncertainties due to ongoing geopolitical tensions in the Middle East and the upcoming U.S. Presidential election could affect policies and market sentiment.
For its second quarter ended Sept 30, 2024, the group posted a lower revenue of RM974.3mil compared to RM977.5mil in the same quarter a year ago.
The decrease was due to a drop in insurance revenue from reinsurance business that was offset by growth in general takaful revenue earned from motor and fire businesses and family takaful.
However, a higher profit of RM92.7mil was registered compared to RM41.57mil in the same quarter a year ago due to higher insurance service from improved claims experience, accretion of interest rates and foreign exchange rates movements.
“The increase was offset by lower investment results by RM46mil and other operating income by RM60.3mil primarily attributed to unrealised foreign exchange losses on the foreign assets.”
