Magazine date:
Nov 2007  |
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.
Labuan Re in 2006
Authorised capital | 500 million USD |
Paid up capital | 150 million USD |
Rating A.M. Best | A- (excellent) |
Turnover | 155 000 000 USD |
Profit | 21.3 million USD |
ROE | 14.19 % |
Loss ratio | 61 % |
Number of employees | 88 |
Management
| President, Chief Executive Officer | Majid Mohamad |
| Executive Vice President, Chief Underwriter | Richard Hoh Kon Wai |
| Senior Vice President, Finance, HR & Administration | Siaw Ai Yao |
Main shareholders
Malaysan Reinsurance Bhd | 20% |
Petronas | 10% |
Tenaga Nasional Bhd | 10% |
Telekom Malaysia Bhd | 10% |
MISC Bhd | 10% |
HICOM Holdings Bhd | 10% |
CIMB Bank Bhd | 10% |
Malayan Banking Bhd | 5% |
Public Bank Bhd | 5% |
RHB Bank Bhd | 5% |
LTAT | 5% |
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 % |
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
Contact
Head office | Level 4 (B), Main Office Tower, Financial Park Labuan Jalan Merdeka, 87007, Malaysia |
|---|---|
Phone | (+60) 87 452 886 |
Fax | (+60) 87 452 070 |
Underwriting Office Kuala lumpur | 8th floor, Bangunan Malaysian Re,No. 17, Lorong Dungun, Damansara Heights, 50490 Kuala Lumpur, Malaysia |
Phone | (+60) 3 2092 4888 |
Fax | (+60) 3 2092 2266 |
Bahrain Branch | Suite 51, 5th floor, BKIC House Diplomatic Area, P.O. Box 2201 Manama, Bahrain |
Phone | (+973) 1753 1232 |
Fax | (+973) 1753 1242 |
Thanks : We thank Labuan Re for their kind assistance in the conception of this survey.