Financials
For The Quarter Ended 31 December 2010
Condensed Consolidated Income Statements
The Condensed Consolidated Income Statements should be read in conjunction with the Annual Financial Report for the year ended 30 June 2009
# Cumulative quarters consist of 6 months results beginning 01 July 2009 and 01 July 2008 respectively. 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 ended 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 ended 31 December 2009.
Review of Performance
The Group recorded a net profit of RM43.075 million for the period ended 31st December 2009, as opposed to a net loss of RM11.996 million recorded last year. The significant improvement was mainly driven by a very strong turnaround performance on the Group's investment portfolio year-onyear.
The Group recorded a net investment income of RM58.179 million for the period under review, as compared to the net investment loss of RM9.490 million in the preceding year. While the comparative period was substantially weighed down by mark-to-market losses, the recovery of equity market during the period under review had allowed the Group to write-back some of the mark-to-market losses provided previously.
On the underwriting end, the Group's gross premium and earned premium declined year-on-year by 13.6% and 13.9% to RM473.938 million and RM436.548 million respectively due to its more stringent risk selection practice. Accordingly, the Group's underwriting surplus declined to RM4.266 million for the period ended 31st December 2009.
The Group's year-to-date results are mainly derived from KIMB. KAB's foreign subsidiary, KII recorded net loss of RM0.500 million for the financial period under review. The share of profit from the equity-accounted associate company, KIT amounted to RM0.049 million.
As at 31 December 2009, the net asset value of the Group improved to RM300.085 million (30 June 2009: RM206.905 million).
Click here to view full report
Click here to view Quarter Ended 30 September 2009
