KUALA LUMPUR: LPI Capital Bhd said net profit climbed almost 10% to RM86.6mil in the final quarter of last year, boosted by its general insurance business. Gross premium income at wholly owned Lonpac Insurance Bhd registered a slight growth despite a challenging year.
In a filing with Bursa Malaysia, the company said the general insurance segment's profit increased by 7.9% to RM124.5mil in the quarter under review from RM115.4mil in the previous corresponding period. “Underwriting profit for the current quarter rose by 16.3% to RM112.7mil from RM96.9mil previously, mainly contributed by the lower net claims incurred and the growth in net earned premium as compared to the corresponding quarter in 2019,” it added. For its investment holding segment, the company posted a higher pre-tax loss of RM1.2mil as compared to RM100,000 in the corresponding quarter in 2019, dragged by lower interest income received and higher management expenses during the quarter under review. However, LPI’s revenue grew by 5.8% to RM422.38mil compared with RM399.25mil a year ago, driven by growth in gross earned premium of 6.7% or RM25.4mil from its general insurance segment. For the financial year ended Dec 31, 2020 (FY20), net profit was up marginally by 1.2% to RM1.62bil from RM1.60bil, owing mainly to the increase in underwriting profits generated by the group’s wholly owned insurance subsidiary, Lonpac Insurance Bhd. LPI group chairman Tan Sri Teh Hong Piow said Lonpac continued to see marginal growth in its gross premium income for FY20, despite the lacklustre demand in the volatile operating environment. Given the improved performance of the group, LPI has declared a second interim dividend of 44 sen per share for the quarter, which amounted to RM175.3mil. Moving forward, Teh said the group would emerge stronger from the challenges brought about by the movement control orders (MCOs), saying that it would be more resilient to future shocks. “During this challenging period, the group has taken all the necessary precautions to ensure operational continuity while safeguarding the health and safety of its staff and customers. “The need for digital transformation was further emphasised by the events of the year under review and we have accelerated our digital solutions to cope with the restrictions imposed by the MCOs,” he said.
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