Kurnia’s FY11 gross premium and net profit came in below our expectations accounting for 90.3% and 89.3% of our estimates respectively attributed to the RM9.95m share of losses incurred by KIMB from Malaysia Motor Insurance Pool (MMIP). Net profit surged 224.0% y-o-y, largely due to stable gross premium growth and lower claims ratio. Maintain TRADING BUY, with a fair value of RM0.68, based on the possible sale of Kurnia Insurans (KIMB).
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