Financials
For The Quarter Ended 30 September 2009
Condensed Consolidated Income Statements
The Condensed Consolidated Income Statements should be read in conjunction with the Annual Financial Report for the year ended 30 September 2009
# The Group has changed its financial year end from 30 June to 31 December. Accordingly, the next financial statements will be for the six months ending 31 December 2009.
Condensed Consolidated Balance Sheets
The Condensed Consolidated Balance Sheets should be read in conjunction with the Annual Financial Report for the year ended 30 June 2009
# The Group has changed its financial year end from 30 June to 31 December. Accordingly, the next financial statements will be for the six months ending 31 December 2009.
Review of Performance
The Group recorded a net profit of RM32.215 million for the period ended 30th September 2009, as opposed to a net loss of RM12.108 million recorded last year. The significant improvement was mainly driven by a very strong turnaround performance on the Group's investment portfolio on top of an improvement in the Group's underwriting performance year-on-year.
The Group recorded net investment and other income of RM34.023 million for the period under review, compared to net investment loss of RM7.988 million last year. It was mainly due to the recovery of equity market that allowed some write-back of mark-to-market losses provided previously.
On the underwriting end, the Group's gross premium declined year-on-year by 18.1% to RM231.315 million from RM282.551 million due to its more stringent risk selection practice. Notwithstanding the drop in gross premium, the Group's underwriting surplus improved 38.0% to RM3.684 million for the period ended 30th September 2009 from the RM2.670 million recorded for the same period last year.
The Group's year-to-date results are mainly derived from KIMB. KAB's foreign subsidiary, KII recorded net loss of RM1.073 million for the financial period under review, while the share of loss from the equity-accounted associate company, KIT amounted to RM0.146 million.
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