LPI Capital for the second quarter of 2023 ended 30 June 2023, LPI Group registered a 14.4% year-on-year increase in Revenue to RM462.4 million from RM404.2 million due to higher Insurance Revenue and Investment Income recognised during the period. LPI Group.
Profit Before Tax for 2Q2023 similarly posted a 15.4% improvement to RM80.8 million from RM70.0 million recorded in the previous corresponding quarter. The increase in PBT was mainly driven by higher profit contributions from the General Insurance segment. As a result, Net Profit Attributable to Shareholders rose 19.4% from RM53.5 million to RM63.9 million year-on-year. The Group’s Net Return on Equity was reported at 3.0% and Earnings Per Share at 16.05 sen for 2Q2023 against 2.4% and 13.44 sen respectively that were recorded for the corresponding quarter in FY2022
For the six-month period ended 30 June 2023 (“1H2023”), LPI Group Revenue increased 12.8% to RM925.7 million from RM820.3 million posted in the corresponding period in FY2022 (“1H2022”). The increase in Revenue was mainly due to contributions from General Insurance segment although the Investment Holding segment recorded lower contributions due to lower dividends received during the period under review. The LPI Group’s PBT for the first six months of FY2023 grew 13.7% to RM172.2 million from RM151.4 million year-on-year. This is attributable to higher profit contributions from the
General Insurance segment, which recorded higher investment return due to net fair value gains of RM17.0 million in its investment portfolio as compared to a RM11.1 million net fair value losses recorded in 1H2022.
