MSIG Insurance (Malaysia) Bhd Annual Report

MSIG Insurance (Malaysia) Bhd Annual Report: A Comprehensive Review

MSIG Insurance (Malaysia) Bhd, also known as Mitsui Sumitomo Insurance Company (Malaysia) Bhd, is a leading general insurance company in Malaysia. The company provides a wide range of insurance products and services, including motor, fire, marine, personal accident, travel, and medical insurance. As a publicly-traded company, MSIG Insurance (Malaysia) Bhd releases an annual report to provide its shareholders and stakeholders with a comprehensive overview of its financial and operational performance. In this article, we will review the MSIG Insurance (Malaysia) Bhd Annual Report for the year ended 31 December 2020.

Overview of MSIG Insurance (Malaysia) Bhd Annual Report

The MSIG Insurance (Malaysia) Bhd Annual Report is a detailed document that contains information on the company’s financial and operational performance, as well as its strategic direction and key initiatives. The report is published in both English and Malay and is available on the company’s website for download. The document is divided into several sections, including:

1. Chairman’s Statement – This section provides an overview of the company’s performance in the previous year and highlights the key achievements and challenges faced by the company.

2. CEO’s Review – In this section, the CEO provides a detailed analysis of the company’s financial and operational performance, as well as its strategic direction and key initiatives.

3. Financial Review – This section provides an overview of the company’s financial performance, including its revenue, profit, and balance sheet.

4. Corporate Governance – This section provides an overview of the company’s corporate governance framework, including its board of directors, committees, and policies.

5. Sustainability Report – This section provides an overview of the company’s sustainability initiatives and its commitment to responsible business practices.

Financial Performance

According to the MSIG Insurance (Malaysia) Bhd Annual Report, the company’s gross written premium (GWP) for the year ended 31 December 2020 was RM1.56 billion, a decrease of 2.9% from the previous year. The company’s net earned premium (NEP) for the same period was RM1.31 billion, a decrease of 2.8% from the previous year. The decrease in GWP and NEP was attributed to the economic impact of the COVID-19 pandemic, which resulted in a decrease in business activities and consumer spending.

Despite the decrease in GWP and NEP, the company’s profit before tax (PBT) for the year ended 31 December 2020 was RM264.9 million, an increase of 12.6% from the previous year. The increase in PBT was attributed to the company’s efforts to enhance its underwriting performance and improve its expense ratio.

Key Initiatives

The MSIG Insurance (Malaysia) Bhd Annual Report also highlights the company’s key initiatives for the year ended 31 December 2020. These initiatives include:

1. Digital Transformation – The company has invested in digital platforms to enhance its customer experience and streamline its operations.

2. Product Innovation – The company has introduced new insurance products and services to meet the changing needs of its customers.

3. Customer Centricity – The company has implemented initiatives to improve its customer service and engagement, including the launch of a customer feedback platform.

4. Sustainability – The company has continued its commitment to responsible business practices, including its efforts to reduce its carbon footprint and support community initiatives.

Corporate Governance

The MSIG Insurance (Malaysia) Bhd Annual Report also provides an overview of the company’s corporate governance framework. The company has a board of directors with a diverse range of skills and experience, as well as a number of committees to oversee key areas such as audit, risk management, and corporate social responsibility. The report also highlights the company’s policies on ethical conduct, anti-corruption, and data privacy.

Sustainability Report

The MSIG Insurance (Malaysia) Bhd Annual Report includes a sustainability report that highlights the company’s commitment to responsible business practices. The report provides an overview of the company’s sustainability initiatives, including its efforts to reduce its carbon footprint, support community initiatives, and promote employee well-being. The report also includes an overview of the company’s environmental, social, and governance (ESG) performance, including its efforts to promote diversity and inclusion.

Conclusion

The MSIG Insurance (Malaysia) Bhd Annual Report provides a comprehensive overview of the company’s financial and operational performance, as well as its strategic direction and key initiatives. Despite the challenges faced by the company due to the COVID-19 pandemic, MSIG Insurance (Malaysia) Bhd has reported a strong financial performance for the year ended 31 December 2020. The company’s key initiatives, including digital transformation, product innovation, and customer centricity, demonstrate its commitment to meeting the changing needs of its customers and remaining competitive in the market. The company’s commitment to responsible business practices, as outlined in its sustainability report, also highlights its efforts to contribute to the sustainable development of Malaysia.