Malaysian Re

MNRB Holdings Berhad
Public
Traded as MYX: 6459
Industry
Founded 1973 (1973)
Headquarters Bangunan Malaysian Re
17 Lorong Dungun, Kuala Lumpur, Malaysia
Key people
  • Sharkawi Alis (Chairman)
  • Mohd Din Merican (President & Group CEO)
  • Zainudin Ishak (President & CEO, Malaysian Re)
Revenue Increase RM2,441 million (2015)[1]
Decrease RM0,139 million (2015)[1]
Total assets Increase RM6,477 million (2015)[1]
Total equity Increase RM1,349 million (2015)[1]
Parent
Subsidiaries
  • Malaysian Reinsurance Berhad
  • MNRB Retakaful Berhad
  • Takaful Ikhlas Berhad
  • Malaysian Re (Dubai) Ltd
Website www.mnrb.com.my

Malaysian Reinsurance Berhad (known as Malaysian Re) is a Malaysian reinsurance company. It is the only local-owned reinsurer in the country.[2] Malaysian Re is a wholly owned subsidiary of MNRB Holdings Berhad which is listed on the Main Market of Bursa Malaysia Securities Berhad.

The company was formed in 1973 as Malaysian National Reinsurance Berhad (MNRB).[3] In 2005, it underwent a restructuring exercise under which MNRB became the listed holding company (as MNRB Holdings), while the reinsurance business was transferred to Malaysian Re.[3] MNRB's other subsidiaries include MNRB Retakaful, Takaful Ikhlas and Malaysian Re (Dubai) Ltd which serves the Middle East and North Africa market.[2] In 2015, Malaysian Re received approval from Bank Negara Malaysia to conduct family and general retakaful business.[4] This will result in an internal restructuring of MNRB's retakaful business at a later date.[4]

According to then-CEO Hashim Harun, Malaysian Re was not heavily exposed to liabilities from the Malaysia Airlines Flight 370 incident.[5] However, the 2014–15 Malaysia floods resulted in large claims which negatively affected the company's earnings in the quarter ended 31 December 2014.[6]

Malaysian Re's Insurer Financial Strength (IFS) Rating and outlook of 'A/Stable' was affirmed by Fitch in May 2015.[7]

References

  1. 1 2 3 4 5 6 Annual Report 2015 (pdf), MNRB Holdings Berhad, 2015-03-31, retrieved 2015-08-23
  2. 1 2 Dhesi, Daljit (2015-04-11). "Risks, calamities weigh on MNRB Holdings". The Star. Retrieved 2015-08-24.
  3. 1 2 "RAM Ratings assigns AA3/Stable rating to Malaysian Re's proposed Subordinated MTN". RAM Rating Services Berhad. 2015-08-20. Retrieved 2015-08-24.
  4. 1 2 "MNRB gets BNM approval for general and family retakaful business". The Sun. 2015-08-24. Retrieved 2015-08-24.
  5. ↑ Singh, Rupinder (2014-03-24). "Only 3% coverage of MAS by local insurers". The Sun. Retrieved 2015-08-24.
  6. ↑ "MNRB sinks into red in Q3 on provision for recent floods". The Star. 2015-02-17. Retrieved 2015-08-24.
  7. ↑ "Fitch Affirms Malaysian Reinsurance at IFS 'A'; Outlook Stable". Fitch Ratings Inc. 2015-05-11. Retrieved 2015-08-24.

External links

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