Kurnia Insurance Turns Around
KUALA LUMPUR: Kurnia Asia Bhd remained in the red, posting a net loss of RM12.1 million in its first quarter (1Q) ended Sept 30, 2008, due to its investing activities but has posted a turnaround for its insurance business.
Revenue rose 5% to RM304.5 million from a year earlier.
Kurnia’s executive chairman Tan Sri Kua Sian Kooi said it had recorded an underwriting surplus of RM2.7 million for 1QFY09, after four immediate preceding quarters of consolidated underwriting deficits.
“We have successfully turned around our underwriting performance. It’s a good start to our new financial year and we are back on the right track as a result of strategic business and operational measures.
“We are also strategically refocusing our priorities on the non-motor sector to achieve a 15% non-motor portfolio mix, up from 12% last year.”