Malaysian Re

Malaysian Reinsurance Berhad
Industry	Reinsurance; Retakaful;
Founded	1973; 51 years ago
Headquarters	Bangunan Malaysian Re; 17 Lorong Dungun, Kuala Lumpur, Malaysia
Key people	George Oommen (Chairman); Zainudin Ishak (President & CEO); Rajinder Mohan (Chief Underwriting Officer);
Revenue	RM1.32 Billion (2018)
Net income	RM86 Million (2018)
Total assets	RM3.83 Billion (2018)
Total equity	RM1.44 Billion (2018)
Parent	MNRB Holdings Berhad (100%); Permodalan Nasional Berhad (Ultimate Parent);
Subsidiaries	Labuan Re (20%);
Website	www.malaysian-re.com.my

Overview

Malaysian Reinsurance Berhad (known as Malaysian Re) is a Malaysian reinsurance company. It is Malaysia's largest reinsurer, commanding more than 60% of reinsurance accepted premium in the country.^[3] In the ASEAN market, Malaysian Re is currently the region's largest national reinsurer by asset size.^[4] The company also has a strong market presence in Asia and the Middle East.

In 2005, as a result of a restructuring exercise within the MNRB Group, the company's reinsurance license, business and assets were transferred to its subsidiary company, Malaysian Reinsurance Berhad. Pursuant to the restructuring, Malaysian National Reinsurance Berhad became an investment holding company and changed its name to MNRB Holdings Berhad (MNRB). Today, MNRB is listed on the Bursa Malaysia.

Company's Structure

Malaysian Re is a wholly owned subsidiary of MNRB Holdings Berhad which is listed on the Main Market of Bursa Malaysia Securities Berhad. MNRB's other subsidiaries include Takaful Ikhlas and Malaysian Re (Dubai) Ltd which serves Malaysian Re's Middle East market.^[5] MNRB is one of strategic companies under the portfolio of Malaysia's sovereign wealth fund, Permodalan Nasional Berhad (PNB).^[5]

Corporate Developments

In 2015, Malaysian Re received approval from Bank Negara Malaysia to conduct family and general retakaful business.^[6]

Fitch Ratings upgraded Malaysian Re's Insurer Financial Strength (IFS) rating to ‘A’ (Strong) from ‘A−’ (Strong) with a Stable Outlook on 24 January 2019.^[7] A.M. Best also affirmed the Financial Strength Rating of “A−“ (Excellent) and an Issuer Credit Rating of “a-“ to Malaysian Reinsurance Berhad or Malaysian Re, with Stable outlook for both ratings.^[8]