MAA HOLDINGS SEES 2005 PROFIT DIP ON HIGHER PROVISIONS

Malaysia-based insurer MAA has reported net profit for 2005 down to 40.75m rgt, from 42.4m rgt in 2004, owing to higher provisions for the fall in value of quoted investments held by both its life and non-life divisions. Revenue for the year was up to 2.88bn rgt from 2.24bn rgt a year earlier. Pre-tax profit dropped to 42.29m rgt from 63.39m rgt the year before. MAA said that its technical underwriting contribution for 2005 was 94.7m rgt, 19% up on 2004. MAA said that it expected its earnings performance in 2006 to be “in line” with the insurance industry as a whole.