Labuan Re

In a quite short lapse of time, Labuan Re has boosted itself into the rank of a prime security reinsurer. The firm's spectacular climb and its financial soundness make it one of thepartners who are the most solicited by ceding companies.

Since 2002, all indicators have been on the green light: turnover growth, profits growth, portfolio diversification. Labuan Re is mounting on the score sheet.

Mr Majid Mohamad

President / CEO

It devised a development strategy wrapped around four poles: Malaysia, its baseline market, Asia where it plans to open a representative office in China, the Middle East, where, in hardly five years, its Bahrain branch has written 21% of the turnover, and finally the London market in which it has invested through the Lloyd's syndicates.
For Labuan Re, the Takaful stands as another high-potential segment, especially in the Middle East and in Asia.

Portfolio breakdown by class of business: 2002-2006

in thousands USD

Written premiums	2002	%	2003	%	2004	%	2005	%	2006	%
Fire	52 200	47	60 300	47	58 300	44	57 800	41	63 000	41
Motor	22 700	21	24 400	19	25 900	20	30 700	22	27 700	18
Marine & Aviation	16 500	15	21 500	17	23 200	18	26 400	18	34 200	22
Misc. accident	13 000	12	14 200	11	17 500	13	19 700	14	21 900	14
Engineering	5 500	5	8 300	6	7 000	5	7 600	5	8 300	5
Total	109 900	100	128 700	100	131 900	100	142 200	100	155 100	100

Portfolio structure in 2006

Premiums breakdown: 2002-2006

in milllions USD

	Malaysia		Overseas*		Bahrain		Total
2002	36	34 %	69	61 %	5	5 %	110	100 %
2003	42	32 %	74	57 %	13	11 %	129	100 %
2004	38	29 %	80	60 %	14	11 %	132	100 %
2005	40	28 %	80	57 %	21	15 %	141	100 %
2006	39	25 %	95	61 %	21	14 %	155	100 %

* Excluding Bahrain

Main financial highlights: 2002-2006

in milllions USD

	2002	2003	2004	2005	2006
Gross written premiums	109.9	128.7	131.9	142.2	155.1
Written premiums net of reinsurance	93.7	109.9	116.5	126.4	135.0
Gross earned premiums	75.1	105.1	113.3	120.5	127.3
Net incurred losses	58.1	66.9	73.6	78.5	77.7
Loss ratio	77.4%	63.7%	65.0%	65.1%	61.0%
Management fees	5.4	6.0	7.4	8.9	9.7
Net result (after tax)	(7.0)	14.1	16.1	13.5	21.3

Performances: 2002-2006

in milllions USD

Thanks : We thank Labuan Re for their kind assistance in the conception of this survey.