8.5% growth for MNRB Group

MNRB is projecting 8.5% growth in revenue for FY 3/2010 comapred with 20% achieved in FY 3/2009:

• Malaysian Re: 15-20% growth compared to 20% growth in FY 3/2009
• Takaful Ikhlas: RM600 mil gross contributions for FY 3/2010 (RM580.5 mil FY 3/2009)
• MNRB Retakaful: 30% growth for overseas business

Source: Business Times, The Star

"A-" for both Malaysian Re and Labuan Re

Fitch has affirmed "A-" rating of both Malaysian Re and Labuan Re.

Information on Malaysian Re:

• Largest reinsurance player in Malaysia
• 80% of business comes from Malaysia
• Holding company MNRB injected RM20 mil capital in April 2009
• Paid-up capital: RM500 mil
• Net income: RM40 mil (FY 3/2009), RM85.1 mil (FY 3/2008)

Information on Labuan Re:

• Owned by 11 Malaysian companies
• 22.5% of business from Malaysia
• Operating loss: US$5 mil (2008), profit: US$22.5 mil (2007)

Source: Business Times 1 & 2