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RM10,085,601 Highest Dividend from Progressive Insurance

22 July, 2017

KOTA KINABALU: The State government has applauded Progressive Insurance Berhad for being consistent in making profit through relentless hard work, commitment and ability to implement timely measures to remain relevant in the competitive insurance sector.

Chief Minister Datuk Seri Musa Haji Aman said despite a tough 2016, the company’s profit has been the best ever in its corporate history.

“I congratulate you on this achievement. In relation to that, your dividend to shareholders is the highest that you have ever declared at RM11.58 million, as just announced.

“Once again, the company has been consistent in declaring dividends to its shareholders, including the Sabah state government,” he said at Progressive Insurance high tea reception at the Sutera Marina Club here yesterday.

At the event yesterday, the state government received a dividend payment of RM10,085,601 from Progressive Insurance.

“It is through dividends that we receive, including from Progressive Insurance, that we are able to carry out some of our socio-economic programmes for the people and to further develop Sabah,” said Musa who is also Finance Minister.

He added that as a key shareholder, the state government was glad to hear that the company’s business development was showing positive results this year “and we look forward to an update next year on your achievements”.

Musa also expressed confidence that Progressive Insurance would once again do well with a forward looking management team and with the investment it has put in training its employees and agents.

“As shared by your chairman, last year was challenging for the insurance sector with almost flat growth and intense competition.

“But, I am happy to note that the management and staff of Progressive Insurance stayed focused on achieving what you had committed to do, while consciously removing bad risks as part of your efforts to stay resilient. “This in turn allowed the company Insurance to make accurate decisions for the benefit of your customers and shareholders.

“While we have seen some improvements to the overall economic climate, challenges are still present and the insurance sector too needs to keep itself well informed on how it should address obstacles and find ways to leverage on opportunities,” the Chief Minister said.

Meanwhile, he said it was vital for insurance companies to stay innovative and to create and offer newer and more suitable products to meet market needs, to both retain existing clients and to attract new ones. And, Musa hoped that the company’s plans to seek a strategic partner would bear fruit and that it would get the nod from Bank Negara for this move.

He also expressed the hope that Progressive Insurance would continue to offer relevant and attractive packages to meet demand from new and existing business ventures in Sabah and beyond.

“As Sabah continues on its economic growth path through both state and federal programmes and policies, we need all stakeholders including the insurance sector to be able to meet the needs of our goals, including in facilitating investments.

“On that note, I congratulate Progressive Insurance on its performance last year. I wish you all the best in your future undertakings”.

Progressive Insurance chairman Datuk Datu Harun Datu Mansor in his speech said in the last 13 years, the company had declared RM94.75 million in dividends to shareholders – almost equivalent to its paid-up capital of RM100 million.

“Our shareholders funds now stand at RM236 million as at December 31, 2016 and our financial capital adequacy ration stands at 331 per cent which is one of the highest in the insurance industry,” he said.

Harun also said they were actively looking for a strategic partner and hoped to be able to make an announcement soon once Bank Negara approval was obtained.

According to him, 2016 was a slow year for the industry with almost flat growth and the rates in the market were very competitive.

“Motor sales were down by 25 per cent to 35 pr cent affecting motor insurance although overall, the loss ratios for the industry improved from previous years especially Malaysian Motor Insurance Pool results which were in the positive for the first time in the last six years.

“At Progressive, we benefited from claims over provision of RM12.3 million, making our profits the best ever in our corporate history of RM28.84 million and dividend for our shareholders is also an all-time high of RM11.58 million,” he said.

Harun said they were optimistic 2017 would be a better year in terms topline as the company’s business development has shown positive results so far this year.’

“Our May profit has been encouraging at RM17.2 million which is an increase of RM6.4 million over the same month last year,” he said.

Also present yesterday were the Finance Ministry’s permanent secretary Datuk Pg Hassanel Pg Mohd Tahir; Progressive Insurance chief executive officer Datuk Francis Lai; Sabah Development Bank Bhd chairman Datuk Peter Siau as well as Permodalan Bumiputera Sabah Bhd chairman Datuk John Ambrose and group chief executive officer, Sulaiman Haji Mohd Noor.

Source from New Sabah Times