Profitable non-life business generated most of the composite insurer’s 2025 operating income, while its life business, which made up about half of premiums, improved.
The Hong Kong reinsurer posted a 91.0% non-life net combined ratio in 2025 and lifted net profit to HK$1.3bn (US$167m) on higher underwriting and investment results.
Gains on a relatively high allocation to Indian equities carried the year’s earnings, though the same holdings expose the reinsurer’s balance sheet to market risk.
Upcoming capital reforms and tighter underwriting discipline should support earnings stability, although volatility is likely to persist in the near term.
Regulatory reforms, increasing insurance penetration and demand for digital and catastrophe coverage are expected to drive growth in Malaysia's non-life insurance market.
Strong underwriting results and investment income are expected to keep returns resilient despite growing competition, casualty reserve uncertainty and elevated catastrophe risk.
Commercial lines and higher sums insured are supporting premium growth, while conservative asset allocation is helping insurers absorb equity-market volatility.
