Malaysian Reinsurance Berhad
Industry
Founded1973 (1973)
Headquarters
Bangunan Malaysian Re
17 Lorong Dungun, Kuala Lumpur
,
Malaysia
Key people
  • George Oommen (Chairman)
  • Zainudin Ishak (President & CEO)
  • Rajinder Mohan (Chief Underwriting Officer)
RevenueDecrease RM1.32 Billion (2018)[1]
Increase RM86 Million (2018)[1]
Total assetsIncrease RM3.83 Billion (2018)[1]
Total equityIncrease RM1.44 Billion (2018)[1]
Parent
Subsidiaries
  • Labuan Re (20%)
Websitewww.malaysian-re.com.my

Overview

Malaysian Reinsurance Berhad (known as Malaysian Re) is a Malaysian reinsurance company. It is Malaysia's largest reinsurer, commanding more than 60% of reinsurance accepted premium in the country.[3] In the ASEAN market, Malaysian Re is currently the region’s largest national reinsurer by asset size.[4] The company also has a strong market presence in Asia and the Middle East.

In 2005, as a result of a restructuring exercise within the MNRB Group, the Company's reinsurance license, business and assets were transferred to its subsidiary company, Malaysian Reinsurance Berhad. Pursuant to the restructuring, Malaysian National Reinsurance Berhad became an investment holding company and changed its name to MNRB Holdings Berhad (MNRB). Today, MNRB is listed on the Bursa Malaysia.

Company's Structure

Malaysian Re is a wholly owned subsidiary of MNRB Holdings Berhad which is listed on the Main Market of Bursa Malaysia Securities Berhad. MNRB's other subsidiaries include Takaful Ikhlas and Malaysian Re (Dubai) Ltd which serves Malaysian Re's Middle East market.[5] MNRB is one of strategic companies under the portfolio of Malaysia's sovereign wealth fund, Permodalan Nasional Berhad (PNB).[5]

Corporate Developments

In 2015, Malaysian Re received approval from Bank Negara Malaysia to conduct family and general retakaful business.[6]

Fitch Ratings upgraded Malaysian Re's Insurer Financial Strength (IFS) rating to ‘A’ (Strong) from ‘A−’ (Strong) with a Stable Outlook on 24 January 2019.[7] A.M. Best also affirmed the Financial Strength Rating of “A−“ (Excellent) and an Issuer Credit Rating of “a-“ to Malaysian Reinsurance Berhad or Malaysian Re, with Stable outlook for both ratings.[8]

References

  1. 1 2 3 4 Annual Report 2017 (pdf), Malaysian Reinsurance Berhad, 2018-03-31, retrieved 2019-08-16
  2. 1 2 Annual Report 2017 (pdf), Malaysian Reinsurance Berhad, 2017-03-31, retrieved 2018-01-30
  3. ↑ "Fitch upgrades Malaysian Reinsurance's financial strength rating to A from A-". The Edge Markets. January 25, 2019.
  4. ↑ "Corporate Profile | Malaysian Re". www.malaysian-re.com.my.
  5. 1 2 "PNB Aims to Boost Returns". The Star. 2017-08-02. Retrieved 2018-01-30.
  6. ↑ "MNRB gets BNM approval for general and family retakaful business". The Sun. 2015-08-24. Retrieved 2015-08-24.
  7. ↑ "FITCH RATINGS UPGRADES MALAYSIAN REINSURANCE BERHAD'S IFS RATING TO 'A'; OUTLOOK STABLE". Bursa Malaysia Bhd. 2019-01-29. Retrieved 2019-08-16.
  8. ↑ "A.M. BEST AFFIRMED RATINGS OF MALAYSIAN REINSURANCE BERHAD | Malaysian Re". www.malaysian-re.com.my.
  • Business data for MNRB Holdings Berhad:
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