‘s net profit rose 19.5% to RM63.9mil in the second quarter ended June 30 (1Q23) compared to RM53.5mil a year ago.
According to the company’s filing to Bursa Malaysia today, revenue for the quarter increased to RM462.4mil from RM404.2mil.
The insurer’s net return on equity was reported at 3.0% and earnings per share at 16.05 sen for 2Q23 against 2.4% and 13.44 sen respectively that were recorded for the corresponding quarter in FY22.
LPI has declared a first interim dividend of 26.0 sen per share. This first interim dividend, which amounts to RM103.6mil, is part of the group’s continuing efforts to reward the shareholders for their continued support.
This first interim dividend payment represents 75.2% of the group’s net profit attributable to shareholders. It will be paid on Sept 20.
In ther first half to June 30, LPI posted a net profit of RM137.8mil, up 16.3% from RM118.4mil, while revenue grew 12.8% to RM925.7mil against RM820.3mil previously.
LPI said the increase in revenue was mainly due to contributions from the general insurance segment although the investment holding segment recorded lower contributions due to lower dividends received during the period under review.
“The LPI Group will continue its efforts to expand its insurance market shares, especially in the fire and miscellaneous accident insurance segments and will also seek new opportunities through the various government initiatives.
“With prudent underwriting and claims management as its core business philosophy, LPI Group also aims to improve the insurance service result in the second half of FY23,” LPI said.