KUALA LUMPUR (Nov 27): Improved revenue in MNRB Holdings Bhd's reinsurance and takaful businesses helped lift the group's second quarter net profit by 176.29% to RM20.72 million from RM7.5 million a year ago.

Revenue for the quarter ended Sept 30, 2017 rose 5.43% to RM651.42 million from RM617.84 million, MNRB said in a filing with Bursa Malaysia.

Cumulative six-month net profit surged by 85.09% to RM71.16 million from RM38.45 million a year ago, also on the back of improvements in its reinsurance and takaful businesses.

Revenue for the six months increased 2.73% to RM1.26 billion from RM1.22 billion previously.

MNRB said contribution from the group's reinsurance segment had grown on higher reinstatement premiums from international business, with second quarter net profit up 149.55% to RM55.4 million as a result of higher underwriting surplus and improved net investment income.

Meanwhile, its takaful business had seen higher gross contributions leading to higher wakalah fees, giving it a 133.68% boost in net profit to RM22.2 million for the segment.

The group's investment holding segment recorded lower revenue in the second quarter, but managed to reduce its net loss due to lower financing costs.

On the other hand, its retakaful segment reported a 46.2% increase in revenue in the quarter on new business from the reinsurance subsidiary. However, the segment posted a net loss versus a profit in the previous quarter due to the partial writeback of Qard impairment.

"Barring any unforeseen circumstances, the group expects to achieve satisfactory results for the current financial year ending March 31, 2018 as compared to the previous financial year," MNRB said.

Shares in MNRB closed up 3 sen or 1.32% at RM2.31 today, giving the group a market capitalisation of RM738.29 million.