MNRB Holdings Bhd is setting its sights on regional expansion in fiscal year 2027 (FY27), backed by a record profit and a pending acquisition that the group says will sharpen its competitive edge in Asia’s reinsurance market.
The group closed the fiscal year ended March 31, 2026 (FY26), with profit after tax of RM545 million, its highest on record, driven by stronger insurance service results, improved investment performance, and growth in its takaful segment, according to The Malaysian Reserve.
Interim president and group CEO Datuk Rudy Rodzila Che Lamin said it is moving to build on that result.
“FY27 will be about transformation and expansion as MNRB seeks to move beyond its current base and strengthen its position in the regional reinsurance market,” he said at a media briefing on the group’s FY26 results on Monday.
Central to that push is the planned acquisition of the remaining 80% stake in Labuan Reinsurance (L) Ltd, valued at US$100.69 million, or about RM400.9 million. MNRB currently holds a 20% indirect interest in Labuan Re through Malaysian Reinsurance Bhd. The deal, pending regulatory approval from Bank Negara Malaysia and shareholder approval, is expected to close in the fourth quarter of 2026.
Rudy Rodzila said the offshore unit would allow the group to pursue international and specialty reinsurance business more efficiently.
“We believe that the same level of portfolio and businesses that we want to underwrite, we want to underwrite through the Labuan platform,” he said.
The acquisition supports MNRB’s longer-term goal of becoming one of the top five reinsurance players in Asia. Rudy Rodzila said the group is already among the largest in Southeast Asia by assets but requires an offshore platform to compete with larger global reinsurers.
On risk management, he said underwriting discipline remains the group’s top priority as it enters new markets.
“Number one is always our fundamental to be very disciplined in our underwriting rules. We are very selective in terms of what business we want to write,” he said.
On the consumer side, MNRB’s general takaful business grew about 22% in FY26.
“I think the biggest opportunity is always the consumer market. Awareness of insurance and reinsurance do need to be continued to be enhanced,” Rudy Rodzila told The Malaysian Reserve.
Executive vice president and group CFO Sharmini Perampalam said the group hedges close to 100% of its foreign exposure, given that about half of its business is generated overseas, to manage currency risk on its profit and loss statement.
