Kurnia Group
Kurnia Asia posts RM32mil profit on better underwriting
THE STAR - Friday, October 30th, 2009
PETALING JAYA: Kurnia Asia Bhd reported a net profit of RM32.32mil for the period
ended Sept 30, reversing a net loss of RM12.11mil incurred in the previous corresponding
period.
This is mainly driven by the strong turnaround performance of the group's investment
portfolio.
In a filing with Bursa Malaysia, Kurnia Asia also attributed the strong performance
to an improvement in its underwriting performance year-on-year.
However, group revenue dropped 16.3% to RM255mil from RM304.5mil in the same period
last year.
Its underwriting surplus for the quarter was RM3.68mil, an improvement of 38% from
RM2.67mil a year ago. Its gross premium year-on-year declined 18.1% to RM231.32mil
due to the implementation of more stringent risk selection guidelines.
The largest motor insurer in Malaysia, Kurnia Asia is changing its financial year-end
to Dec 31 from June 30.
Executive chairman Tan Sri Kua Sian Kooi said despite operating in an increasingly
competitive environment, Kurnia Asia was able to chart positive underwriting performance
for five consecutive quarters.