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MNRB could be hit by typhoon aftermath, says RHB Research
by Cals Fri 29 Nov 2013, 18:04
MNRB could be hit by typhoon aftermath, says RHB Research
Business & Markets 2013
Written by theedgemalaysia.com
Friday, 29 November 2013 10:52
KUALA LUMPUR (Nov 29): RHB Research has maintained its Sell rating on MNRB Holdings Bhd at RM3.61 with a higher fair value of RM3.25 (from RM3.15) and said despite Malaysian Re’s strong results, MNRB’s risks moving forward remained high.
In a note Friday, the research house said MNRB had disclosed that its reinsurance subsidiary may be exposed up to RM32 million in claims from the destructive effect of Typhoon Fitow, which made landfall in China’s Fujian Province on 7 Oct.
“Elsewhere, MNRB’s takaful subsidiary (Takaful Ikhlas SB) was impacted by flattish growth in revenue and underwriting deficits (-0.2% margin vs 1HFY13: +10.8%).
“Losses increased in the retakaful segments on higher provisioning reserved for claims,” said RHB Research.
Business & Markets 2013
Written by theedgemalaysia.com
Friday, 29 November 2013 10:52
KUALA LUMPUR (Nov 29): RHB Research has maintained its Sell rating on MNRB Holdings Bhd at RM3.61 with a higher fair value of RM3.25 (from RM3.15) and said despite Malaysian Re’s strong results, MNRB’s risks moving forward remained high.
In a note Friday, the research house said MNRB had disclosed that its reinsurance subsidiary may be exposed up to RM32 million in claims from the destructive effect of Typhoon Fitow, which made landfall in China’s Fujian Province on 7 Oct.
“Elsewhere, MNRB’s takaful subsidiary (Takaful Ikhlas SB) was impacted by flattish growth in revenue and underwriting deficits (-0.2% margin vs 1HFY13: +10.8%).
“Losses increased in the retakaful segments on higher provisioning reserved for claims,” said RHB Research.
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