Kurnia Asia Bhd (KAB) registered a pre-tax profit of RM61.12 million for the financial year ended Dec 31, 2011, from RM29.63 million previously. Revenue rose to RM1.161 billion from RM 1.096 billion.
KAB's main subsidiary, Kurnia Insurans (Malaysia) Bhd (KIMB), contributed RM87.0 million to the Group's results for financial year 2011.
KIMB's overall gross premium grew by 3.8 per cent year-on-year as motor and non-motor portfolio expanded by 0.6 per cent and 18.7 per cent respectively. Its portfolio mix improved to 80:20 as KIMB strengthened its non-motor portfolio in the market.
Net asset value of the group as at Dec 31, 2011 improved to RM402.10 million, the increase being mainly due to the surplus on revolution of property amounting to RM 30.746 million as well as RM 48.554 million net profits recorded during the period.
To achieve such rapid growth, the group has embarked on the Information Technology platform to enhance operational efficiency and make it easier for business partners to conduct business with the companies.
KAB executive chairman Tan Sri Datuk Paduka Kua Sian Kooi said: "We are pleased that our commitment to grow the non-motor business has been fruitful and indirectly contributed positively to the improvement in our underwriting performance.
"Kurnia Asia is now on a stronger platform to deliver improved performance in the coming year given the positive growth of the Indonesia, Thailand and Malaysian economies." -- Bernama
KAB's main subsidiary, Kurnia Insurans (Malaysia) Bhd (KIMB), contributed RM87.0 million to the Group's results for financial year 2011.
KIMB's overall gross premium grew by 3.8 per cent year-on-year as motor and non-motor portfolio expanded by 0.6 per cent and 18.7 per cent respectively. Its portfolio mix improved to 80:20 as KIMB strengthened its non-motor portfolio in the market.
Net asset value of the group as at Dec 31, 2011 improved to RM402.10 million, the increase being mainly due to the surplus on revolution of property amounting to RM 30.746 million as well as RM 48.554 million net profits recorded during the period.
To achieve such rapid growth, the group has embarked on the Information Technology platform to enhance operational efficiency and make it easier for business partners to conduct business with the companies.
KAB executive chairman Tan Sri Datuk Paduka Kua Sian Kooi said: "We are pleased that our commitment to grow the non-motor business has been fruitful and indirectly contributed positively to the improvement in our underwriting performance.
"Kurnia Asia is now on a stronger platform to deliver improved performance in the coming year given the positive growth of the Indonesia, Thailand and Malaysian economies." -- Bernama
