Malaysian Reinsurance Berhad wins Asian Reinsurer of the Year - Bronze at Insurance Asia Awards 2024

It was celebrated for its innovative strategies and robust growth in Southeast Asia.

Malaysian Reinsurance Berhad (Malaysian Re) has been honoured with the prestigious Asian Reinsurer of the Year - Bronze award at the Insurance Asia Awards 2024. This accolade celebrates Malaysian Re’s pivotal role in boosting the competitiveness of local insurers, augmenting its revenue streams, and advancing the automation of its business operations.

As Malaysia’s national reinsurer and the largest national reinsurer in Southeast Asia by gross premium and asset size, Malaysian Re has consistently addressed the complex reinsurance needs of domestic insurance companies. It provides comprehensive coverage across all general insurance classes, and operates a re-takaful division for general and family re-takaful businesses.

The company's success story is prominently marked by its expansion beyond the Malaysian borders into significant international markets, thereby establishing itself as a leader in regional reinsurance. “We began our business predominantly serving our domestic market, and now, five decades later, we have evolved to establish a global presence, marking significant milestones along the way,” said Ahmad Noor Azhari Abdul Manaf, President & CEO of Malaysian Re. He credits this impressive growth to the dedication of the Malaysian Re team and the constant support from their partners.

For the financial year ending March 31, 2024, Malaysian Re demonstrated robust financial health with a record-breaking net earned premiums and contributions of RM2.5 billion, surpassing the RM2.0 billion mark for the first time. Moreover, the company’s net profits surged by 146.0% to RM362.4 million from RM108.2 million in the previous financial year. These achievements stem from the strategic business remodelling initiated in 2021, aimed at diversifying Malaysian Re’s business engines and mitigating the impact of prevalent natural catastrophes.

Malaysian Re’s strategic focus on global growth remains steadfast, with the company aiming to solidify its position as a key regional reinsurer by the decade’s end. This ambition is supported by its expansion into vital markets in Asia, the Middle East, and Europe, and its diversification into areas beyond its traditional treaty business, such as retakaful, facultative, and specialty lines.

The company has also been proactive in incorporating technology into its operations, specifically through the application of Robotics Process Automation in crucial processes such as claims and underwriting administration. This technological advancement has led to increased processing speed and enhanced customer satisfaction.

In addition to its business achievements, Malaysian Re played host to the 20th Asian Reinsurers’ Summit in Kuala Lumpur, which convened 21 delegates from 11 national reinsurers across the region. The summit facilitated rich discussions on contemporary issues facing the reinsurance industry, including the adoption of MFRS 17, a new accounting standard for insurance, and the implications of ESG standards on the sector.

The company also launched the seventh edition of its ASEAN Insurance Pulse, a thought leadership publication, at the 5th ASEAN Insurance Summit in Ha Long, Vietnam. This edition focuses on the impact of inflation on insurers in the ASEAN region. "Inflation presents new challenges and complexities, and with this year’s ASEAN Insurance Pulse, we aim to provide insights into how insurers are navigating these challenges," commented Ahmad Noor Azhari.

Malaysian Re also led the formation of the ASEAN Renewable Energy Pool (AREP), a Facility or Pool to support the ASEAN governments’ renewable energy policies. A Memorandum of Understanding (MOU) was signed by the ASEAN Reinsurance Working Committee (ARWC) at the 26th ASEAN Insurance Regulators’ Meeting & 49th ASEAN Insurance Council Meeting in Ha Long, Vietnam, as a joint commitment under the supervision of the ASEAN Insurance Council (AIC), to collaborate, work together and lead the ASEAN insurance industry to support the region’s effort to achieve net zero emission target and deal with climate change.

Through these initiatives and its consistent performance, Malaysian Re cements its status as a frontrunner in the reinsurance industry and contributes significantly to shaping a more resilient and innovative regional insurance landscape.

The Insurance Asia Awards is presented by Insurance Asia Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's significant impact on its customers with exceptional products, services, and solutions in the insurance industry, please contact Julie Anne Nuñez at julie@charltonmediamail.com.