LPI Capital Q1’20 earnings show marginal pick up

PETALING JAYA: LPI Capital Bhd posted net earnings of RM77.9 million, 0.98% higher than RM77.2 million seen in the previous corresponding quarter, contributed by profit from the general insurance segment,

Revenue for the quarter increased 2.9% to RM403.9 million, from RM392.7 million previously.

The increase was mainly driven by growth in gross earned premium of 2.6% or RM9.3 million from its general insurance segment.

In a statement, LPI Capital founder and chairman Tan Sri Teh Hong Piow said volatilities are expected to persist

in the next few months but believes the markets will ultimately reflect the fundamentals of investments made when things stabilise.

“ “With the experience of operating under the unprecedented movement control order (MCO) whereby Lonpac is required to provide essential financial services, the Group will further review its digital transformation plan in order to create a more agile and digitally-enabled business that can support our business partners and customers in a more flexible way,” he said.

He also noted that for general insurers, the impact of the pandemic on claims made should be relatively manageable.