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Higher claims weigh on LPI's 3Q result

Higher claims weigh on LPI's 3Q result

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KUALA LUMPUR: Hit by higher insurance claims due to the normalisation of the economy, LPI Capital Bhd has not been spared the challenges faced by the Malaysian insurance sector.

In the third quarter of the 2022 financial year, the insurer recorded a net profit of RM74.75mil, which was a 29.07% decrease over the previous corresponding quarter.

Earning per share slipped in tandem to 18.77 sen as compared with 26.45 sen in the comparative quarter.

Revenue during the quarter was comparable year-on-year (y-o-y) at RM429.64mil.

According to LPI, the performance of its wholly-owned insurance subsidiary Lonpac Insurance Bhd was impacted by a higher claims incurred ratio as business and social activities resumed to pre-pandemic levels.

"For the 3rd quarter of FY2022, Lonpac’s claims incurred ratio surged to 42.5% from 33.6% reported in the previous corresponding Quarter.

"Motor insurance had contributed to the deterioration in claims experience with its claims incurred ratio surging to 66.9% from 55.8% in FY2021," said chairman and founder Tan Sri Teh Hong Piow in a statement announcing the latest result.

Over the nine months period to Sept 30, 2022, LPI posted a net profit of RM193.04mil, which compared to RM271.61mil in the same period in 2021.

Looking ahead, Teh noted that the Malaysian general insurance industry is expected to gradually shift towards a fully market-based pricing for fire and motor insurances as Phase 2a of the market liberalisation plan kicks off in the fourth quarter of FY22.

"Higher claims which are normalising after the re-opening of the economy and the continued market liberalisation which will exert pressure on the pricing for fire and motor products will be the main challenges for Malaysian general insurers moving forward," he added.

In his review, Teh also commented on the growing pressures of external demand on the domestic economy.

"Malaysia will not be spared if a global economic slowdown happens, given that it is an open economy and relies heavily on exports.

"However, continued growth in domestic spending and business activities would help to cushion the potential impact of external demand slowdown," he added.


转载说明:本文转载自Sunbet。
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