LPI Capital's 1Q earnings slip to RM97.98mil on higher claims
KUALA LUMPUR: Against the backdrop of a more volatile operating environment, LPI Capital Bhd said it is taking caution in executing its business plan and "making all necessary preparations" in line with its underwriting acceptances and investment matters.
"With both domestic and foreign investments
in the country possibly slowing due to global uncertainty, the demand for insurance services is expected to be affected correspondingly," it said a statement.
Announcing its first quarterly result for the year (1QFY25), LPI Capital said its net profit slipped to RM97.98mil from RM101.29mil in the year-ago quarter, dragged lower by the general insurance segment.
Revenue in the quarter under review was RM515.1mil, up from RM469.76mil in 1QFY24. Earnings per share slid to 24.59 sen from 25.43 sen in the previous comparative quarter.
Lonpac Insurance Bhd, the group's insurance arm, posted a lower pre-tax profit of RM98.3mil during the quarter, down 8.6% from RM107.5mil in 1QFY24.
Lonpac's insurance service result fell 10.5% year-on-year to RM78.7mil from RM87.9mil in 1QFY24, due primarily to a higher net claims incurred ratio of 45.7% as compared to 40.1% a year earlier.
Among the reasons for the higher claims were the exceptional floodings reported in the East Coast and East Malaysia, as well as several fire losses affecting commercial and industrial properties.
The insurance service result of the fire class of business fell to RM40.3mil in 1QFY25 from RM63.8mil in 1QFY24.
LPI Capital's miscellaneous class of insurance also reported a lower insurance service result of RM18.2mil during the quarter, as compared to RM25.5mil in 1QFY24, partly owing to higher medical insurance claims.
Commenting on the cost of medical coverage, LPI Capital said it is working to ensure its customers are supported by suitable and continuous medical coverage despite the complexities of rising costs.
"The group will continue to focus on managing segments of its portfolio that have not performed as well, such as the group's medical
insurance portfolio, which has been significantly impacted by medical inflation," it added.
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