Kurnia's Q1 results

Highlights of Kurnia Asia's Q1 results (July - September 2009 vs July - September 2008):

• Profit (RM): 32.2 mil vs -12.1 mil (mainly due to investment performance)
• Net investment & other income (RM): 34 mil vs -8 mil (mainly write-back of mark-to-market losses)
• Revenue (RM): 255 mil vs 304 mil (more stringent risk selection practice)
• Underwriting surplus (RM): 3.68 mil vs 2.67 mil

Note: There is a change of financial year to 31 December from 30 June.

Source: Bursa, The Star, The Edge, Business Times

Great Eastern announces Q3 results

Highlights of the results:

• Q3 Profit S$33.6 mil (75% drop), redemption of GreatLink Choice contributed S$213.3 mil loss
• Q1-Q3 Profit S$368.3 mil (88% increase)
• Q3 sales (on weighted basis) fell 17% from S$227.3 mil to S$188.9 mil
• Q3 sales in Malaysia (on weighted basis) fell 18%

Source: Great Eastern

Great Eastern mixed Q2 results

Great Eastern has a mixed Q2 results. While profit improves, new business was down compared to a year earlier.

Highlights of results (Q2 2009 vs Q2 2008):

• Profit: S$97.7 mil vs S$15.7 mil
• Strong profit was mainly due to non-par fund benefited from stock market rebound
• Life NB weighted premium: S$201.4 mil vs S$140.3 mil (30% drop)
• Singapore contributed 61% of the drop
• SP business drop 75%
• Malaysia enjoyed 53% growth in weighted NB

Source: Great Eastern

Better Q2 results for Lonpac

Lonpac has achieved a good performance in Q2 2009:

• Revenue: RM166.3 mil (Q2 2009) vs RM144.3 mil (Q2 2008)
• Net profit: RM22.7 mil (Q2 2009) vs RM17.9 mil (Q2 2008)
• Underwriting surplus: RM25.0 mil (Q2 2009) vs RM18.4 mil (Q2 2008)

Source: Bursa, The Star

Prudential's 2009 Q1 Results

Highlights of Prudential's 2009 Q1 results:

• Sales was down 5% groupwide compared with 2008 Q1
• In Asia, sales was down 11%, regular premiums declined 2%, single premiums decreased 72%
• Linked business was 40% (2009 Q1) and 62% (2008 Q1) of total APE

In Malaysia:

• Achieved APE of £24 mil, up 60%, premiums for protection benefits was 50% of APE
• 500 new agents added
• APE per active agent increased 10%

Source: The Star, Prudential

Kurnia's 2009 Q3 Results

Kurnia released its Q3 results for FY2009. Some highlights:

3 quarters cumulative figures, 2009 vs 2008

• Revenue: RM873 mil vs RM895 mil
• Profit before tax: RM14.5 mil vs RM5.5 mil
• Underwriting surplus: RM12.5 mil vs (RM78.0 mil)

Q3 2009 vs Q3 2008

• Revenue: RM280 mil vs RM302 mil
• Profit before tax: RM26.4 mil vs (RM25.4 mil)
• Underwriting surplus: RM4.1 mil vs (RM48.0 mil)

Source: Bursa Malaysia

Negative profit growth for MSIG

MSIG Insurance has suffered a pre-tax profit growth of -21.4% in FY 12/2009.

Reason quoted: significant drop in investment and other income.

Information on MSIG:

• 3rd largest general insurer by premium income.
• RM120.9 mil pre-tax profit (2009) vs RM153.9 mil (2008).
• Will launch new personal & lifestyle insurance products.
• Gross premium grew 9% to RM774.2 mil (mainly from motor and miscellaneous).

Source: Business Times

AmAssurance targets 10pc growth

AmAssurance is targeting 10% growth in its life and general businesses this year, after enjoying 30% growth last year.

Statistics on AmAssurance:

• 2 mil policyholders, 100,000 new policyholders last year
• Premiums FY 03/2009: RM450 mil (life), RM580 mil (general)

AmAssurance is also supplying HP Mini 1109 notebooks to its life top 500 agents to increase cost efficiency.

Source: Business Times

Lonpac's underwriting profit improves

LPI Capital Bhd's has achieved a strong improvement in underwriting profit in Q1 2009 compared to Q1 2008. The underwriting profit is RM10.4 mil, an increase of RM6 mil.

Other financial highlights:

• Group revenue rose 13.6% to RM210.9 mil
• EPS increased 29.4% to 25.77 sen
• Shareholders' equity grew by 78% to RM647.1 mil, compared with RM363.7 mil at 31/12/2008
• Total assets increased by 40% to RM1.19 bil in Q1 2009

Source: The Star

Takaful Malaysia reprimanded by Bursa

Syarikat Takaful Malaysia was reprimanded by Bursa Malaysia for a deviation of >10% between their unaudited and audited results for the 4th quarter.

Takaful Malaysia reported an 18.2% higher profit after tax and minority interest compared with its unaudited results for the quarter ended 30/6/2008.

Source: Business Times

Insurer and reinsurer post losses

AXA SA - 2nd half net loss 1.24 bil Euro, compared with net income of 2.49 bil Euro a year ago.

Swiss Re - Q4 loss of 1.75 bil francs, compared with net income of 170 mil francs a year ago.

Time is certainly tough.

Source: Business Times 1 & 2

Great Eastern's Profit Halved

Great Eastern Holdings has announced a drop of 50% in profit for 2008.

Selected financial figures from 2008 results:

• Profit attributable to shareholders: $272.4 mil (2007: $546.9 mil)
• NB premiums for life insurance: $3,669 mil (2007: $2,774 mil), growth: 32%
• Market share in Singapore: 29% (2007: 22.5%)
• Market share in Malaysia: 22% (2007: 22.5%)
• Bancassurance market share in Singapore: 46%
• Total assets: $44 bil (2007: $46.5 bil), growth: -5%
• Profit before expenses from Malaysia: $183.3 mil (2007: 326.8 mil)
• NB EV for Malaysia: $109.4 mil (2007: 116.7 mil), growth: -6%
• Management and other expenses: $126.2 mil (2007: $82.3 mil), growth: 53%

Source: Great Eastern