For its first quarter ended March 31, 2017 (1QFY17), Manulife Holdings Bhd saw its net profit skyrocket nearly 41 times to RM4.62 million from a mere RM113,000 a year ago, boosted by its investment holding and life insurance segments, and lower net foreign exchange losses.
Quarterly revenue grew 13% to RM323.05 million from RM286.18 million a year earlier, boosted by an increase in other income, fee income, and higher net fair value gains, according to the group’s filing on Bursa Malaysia today.
It said though operating revenue was relatively stable for its investment holding business, it recorded a lower loss before tax (LBT) of RM400,000 versus RM700,000 a year ago, due to higher investment gain from disposal of equities.
Its life insurance business, however, reported lower operating revenue, mainly due to lower premium of investment-linked funds. However, PBT improved to RM8.6 million from RM3 million a year ago, mainly due to higher new business gains and favourable impact from last year's medical repricing exercise.
As for its asset management services, operating revenue grew 34.5% to RM19.5 million from RM14.5 million on higher initial service fee from higher gross sales and higher management fees. But LBT remained at RM800,000 for both 1QFY17 and 1QFY16, mainly due to higher management expenses.
Going forward, Manulife said it expects both the insurance and wealth businesses to record higher contributions to their topline.
“In addition, we believe there is a secular growth trend in Malaysia, supported by the under-penetration of life insurance coupled with a growing affluent population, which creates a need for investment and retirement solutions,” it said, targeting to outgrow the market.
No comments:
Post a Comment