MNRB : Q331 Dec, 2025

MNRB HOLDINGS BERHAD

197201001795 (13487-A)

UNAUDITED QUARTERLY REPORT ON CONSOLIDATED RESULTS

FOR THE FINANCIAL PERIOD ENDED

31 DECEMBER 2025

MNRB HOLDINGS BERHAD

197201001795 (13487-A)

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025

Insurance/takaful revenue

Insurance/takaful service expenses

Insurance contracts/takaful certificates service result before reinsurance contracts/retakaful certificates held

Allocation of reinsurance/retakaful premiums/contributions

Amounts recoverable from reinsurers/retakaful operators for incurred claims

Net expense from reinsurance contracts/retakaful certificates held

Insurance/takaful service result

Interest income/profit revenue calculated using the effective interest/profit method

Other investment income

Net realised gains/(loss)

Net fair value (losses)/gains on financial assets at fair value through profit and loss

Net foreign exchange (losses)/gain on investments

Reversal/(allowance) for impairment on financial assets

Investment results

Net insurance/takaful finance/profit expenses from insurance contracts/takaful certificates issued

Net reinsurance/retakaful finance/profit income from reinsurance contracts/retakaful certificates held

Unallocated deficit and changes in the value of the underlying items attributable to participants

Net insurance/takaful financial result

Fees and other income

Management and other expenses

Finance cost

Other net expenses

Share of results of associates

Profit before zakat and taxation

Tax attributable to participants

Profit before zakat and taxation attributable to equity holders of the Holding Company

Zakat

Taxation

Net profit for the year attributable to equity holders of the Holding Company

Current quarter Cumulative quarter
Three months ended Nine months ended
31.12.2025	31.12.2024	31.12.2025	31.12.2024
RM'000	RM'000	RM'000	RM'000
864,156	723,558	2,544,310	2,229,872
(737,805)	(490,250)	(2,033,023)	(1,745,141)
126,351	233,308	511,287	484,731
(115,867)	(160,667)	(467,029)	(495,948)
99,030	37,727	336,798	339,440
(16,837)	(122,940)	(130,231)	(156,508)
109,514	110,368	381,056	328,223
32,076	47,081	122,712	155,043
76,670	54,791	206,070	174,392
578	5,832	(4,782)	16,278
(5,726)	(14,114)	147,723	45,558
(17,538)	83,371	(58,893)	(79,186)
82	(34)	14	(50)
86,142	176,927	412,844	312,035
(21,925)	(165,406)	(280,767)	(254,555)
1,030	22,876	8,353	13,695
5,137	23,393	23,620	39,913
(15,758)	(119,137)	(248,794)	(200,947)
13,776	6,992	27,240	16,533
(19,901)	(15,306)	(63,671)	(66,101)
(7,449)	(6,853)	(22,171)	(23,910)
(13,574)	(15,167)	(58,602)	(73,478)
6,163	(9,698)	24,799	6,860
172,487	143,293	511,303	372,693
(755)	(3,197)	(17,691)	(20,199)
171,732	140,096	493,612	352,494
(510)	(528)	(767)	(1,252)
(20,255)	(23,708)	(61,185)	(50,438)
150,967	115,860	431,660	300,804

The comparative figures for the prior period have been restated to conform with the current period presentation following audit validation of financial year ended 31 March 2025.

The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements.

3

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025

Current quarter
Three months ended
31.12.2025	31.12.2024
RM'000	RM'000

Cumulative quarters
Nine months ended
31.12.2025	31.12.2024
RM'000	RM'000

Net profit for the year attributable to equity holders of the Holding Company 150,967 115,860 431,660 300,804

Other comprehensive income/(loss)
Other comprehensive income/(loss) to be reclassified to income statements in subsequent periods:
Effects of post acquisition foreign exchange translation reserve on investment in an associate	(459)	(7,860)	(17,306)	(15,297)
Effects of foreign exchange translation reserve on investment in subsidiary	-	980	-	(718)
Net gains/(losses) on financial assets at fair value through other comprehensive income ("FVOCI"):
Net (losses)/gains on fair value changes	(5,688)	(9,341)	3,890	5,620
Realised gains/(losses) transferred to income statements	375	(977)	(310)	2,671
Deferred tax relating to fair value changes on financial assets at FVOCI	1,066	1,312	(1,098)	(175)
	(4,706)	(15,886)	(14,824)	(7,899)
Other comprehensive income/(loss) not to be reclassified to income statements in subsequent periods:
Net gains on fair value changes on financial assets at FVOCI	712	136	614	47
Revaluation of land and buildings	827	571	2,001	1,712
Deferred tax relating to revaluation of land and buildings	(47)	(46)	(141)	(137)
Other comprehensive income/(expenses) attributable to participants	3,466	447	(1,845)	(4,340)
	4,958	1,108	629	(2,718)
Other comprehensive gain/(losses) for the period, net of tax	252	(14,778)	(14,195)	(10,617)
Total comprehensive income for the period, net of tax	151,219	101,082	417,465	290,187
Total comprehensive income for the period attributable to owners of the Company	151,219	101,082	417,465	290,187
Basic earnings per share attributable to equity holders of the Company (sen)	19.28	14.80	55.12	38.41

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

31.12.2025

RM'000

31.03.2025

RM'000

Assets

Property and equipment

Intangible assets

Right-of-use assets

Investments in associates

Financial and other assets

Deferred tax assets

Insurance contracts/takaful certificates assets

Reinsurance contracts/retakaful certificates assets

Tax recoverable

Cash and bank balances

Total assets

228,094	237,951
138,960	114,438
1,899	2,202
165,202	165,795
12,586,350	12,020,752
39,863	42,442
100,568	105,830
741,434	617,654
48,715	48,840
93,629	112,844
14,144,714	13,468,748

Liabilities

Borrowings

Insurance contracts/takaful certificates liabilities

Reinsurance contracts/retakaful certificates liabilities

Lease liabilities

Other payables

Deferred tax liabilities

Tax payable

Provision for zakat

Total liabilities

620,000	620,000
9,364,268	9,077,338
55,460	34,124
2,144	2,293
259,903	251,747
52,900	33,660
7,541	6,366
3,121	2,354
10,365,337	10,027,882

738,502 738,502

3,040,875 2,702,364

Equity

Share capital

Reserves

Total equity attributable to equity holders of the

Holding Company

3,779,377 3,440,866 Total liabilities and equity 14,144,714 13,468,748 Net assets per share (RM) 4.83 4.39

The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025

Attributable to owners of the Company
Reserves
	Non-distributable		Distributable
	Foreign
	exchange
Share	translation	Fair value	Revaluation	Retained
capital	reserve	reserve	reserve	profits	Total
RM'000	RM'000	RM'000	RM'000	RM'000	RM'000

At 1 April 2025

Net profit for the period

Total other comprehensive (loss)/income for the period

Total comprehensive (loss)/income for the period

Dividend paid during the period

At 31 December 2025

738,502 8,502 41,246 59,557 2,593,059 3,440,866

- - - - 431,660 431,660

- (17,306) 607 1,860 - (14,839)

- (17,306) 607 1,860 431,660 416,821

- - - - (78,309) (78,309)

738,502 (8,804) 41,853 61,417 2,946,410 3,779,377

At 1 April 2024

Net profit for the period

Total other comprehensive loss/(income) for the period

Total comprehensive (loss)/income for the period

Dividend paid during the period

At 31 December 2024

738,502 17,443 36,653 53,911 2,277,123 3,123,632

- - - - 300,804 300,804 - (16,015) 5,397 - - (10,618)

-	(16,015)	5,397	-	300,804	290,186
-	-	-	-	(78,309)	(78,309)
738,502	1,428	42,050	53,911	2,499,618	3,335,509

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE FINANCIAL PERIOD ENDED 30 SEPTEMBER 2025

31.12.2025

RM '000

31.12.2024

RM '000

Cash flows from operating activities

Adjustments for:

Depreciation of:

- property and equipment

- right-of-use assets

Amortisation of intangible assets

Reclassification of intangible assets to expenses

Finance costs

Profit before zakat and taxation 493,612 352,494

6,770

2,947

17,713

6,515

3,020

15,437

26,724 29,904

Losses/(gains) from disposal of property and equipment

Realised gains on disposal of investments

Net (accretion)/amortisation of premiums on investments

Interest income/profit revenue

Dividend income

Rental income

Share of results of associates

Net foreign exchange losses

Net fair value gains on financial assets

Allowance for impairment loss of financial assets and other receivables

Tax attributable to the participants

Operating cash flows before working capital changes

236	(788)
(4,782)	(16,278)
(520)	1,157
(314,263)	(290,202)
(16,907)	(14,995)
(3,771)	(3,722)
(24,799)	(6,860)
58,893	79,186
(147,723)	(45,558)
2,629	412
15,808	16,036
112,567	125,758

Changes in working capital:

Financial assets

Staff financing

Insurance contracts/takaful certificates

Reinsurance contracts/retakaful certificates

Operating cash flows before working

capital changes

(449,529)		(538,424)
292		(416)
292,192		439,091
(102,444)		(216,599)
(146,922)		(190,589)

MNRB HOLDINGS BERHAD

197201001795 (13487-A)

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE FINANCIAL PERIOD ENDED 30 SEPTEMBER 2025 (CONT'D.)

31.12.2025

RM '000

31.12.2024

RM '000

Cash flows from operating activities (cont'd.)

Changes in working capital (cont'd.)

Tax, zakat, other payables and lease liabilities

Interest income/profit revenue received

Dividend income received

Rental received

Income tax and zakat paid

Net cash generated from operating activities

132,428		213,233
285,624		253,610
27,311		12,850
3,630		2,854
(57,798)		(83,816)
244,274		208,142

Cash flows from investing activities

Purchase of property and equipment

Purchase of intangible assets

Proceeds from disposal of property and equipment

Proceed from disposal of intangible asset

Dividend received from an associate

Net cash (used in)/generated from investing activities

(3,932)	(4,290)
(73,890)	(7,372)
-	2,753
20,821	-
8,086	7,087
(48,914)	(1,822)

Cash flows from financing activities

Payment of lease liabilities

Interest/profit paid

Dividend paid

Net cash used in from financing activities

(1,218)		(1,549)
(18,979)		(19,026)
(78,309)		(78,309)
(98,506)		(98,884)

Net increase during the period

Cash and cash equivalents at beginning of the period

Cash and cash equivalents at end of the period

96,854		107,436
112,844		115,604
209,698		223,040

Cash and cash equivalents comprise:

Fixed and call deposits (with original maturities

of less than three-months) with licensed

financials institutions

Cash and bank balances

116,069		114,162
93,629		108,878
209,698		223,040

The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements.

PART A: EXPLANATORY NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

A1.

Basis of preparation These condensed consolidated interim financial statements of MNRB Holdings Berhad ("MNRB" or "the Company") and its subsidiaries (MNRB and its subsidiaries are collectively referred to as "the Group") as at and for the financial period ended 31 December 2025 have been prepared in accordance with MFRS 134: Interim Financial Reporting issued by the Malaysian Accounting Standards Board ("MASB"), the International Accounting Standard ("IAS") 134 Interim Financial Reporting, paragraph 9.22 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities") and Guidelines/Circulars issued by Bank Negara Malaysia ("BNM") and Shariah rulings and precepts. The condensed consolidated interim financial statements should be read in conjunction with the Group's most recent audited consolidated financial statements for the financial year ended 31 March 2025. Changes in accounting policies Adoption of New MFRS and Amendments to MFRSs The accounting policies adopted are consistent with those of the previous financial year except with respect to the following Standards and Amendments to Standards which are mandatory for annual financial periods beginning on or after 1 April 2025 and which were adopted by the Group on 1 April 2025. Amendments to MFRS 16 Lease Liability in a Sale and Leaseback Amendments to MFRS 101 Non-current Liabilities with Covenants Amendments to MFRS 107 Statement of Cash Flows and MFRS 7 Financial Instruments: Disclosures The adoption of the above accounting standards and amendments to Standards did not have any material impact on the financial statements of the Group. Standards issued but not yet effective The following are Amendments to Standards issued by the Malaysian Accounting Standards Board ("MASB"), but not yet effective, up to the date of issuance of these condensed consolidated interim financial statements. The Group intends to adopt these Amendments to Standards, if applicable, when they become effective.

Description

Amendments to MFRS 121 Lack of Exchangeability

Amendments to MFRS 9 and MFRS 7 Classification and Measurement of Financial Instruments

Effective for annual periods beginning on or after

1 January 2025

1 January 2026

Amendments to MFRS 9 and MFRS 7 Contracts Referencing Nature-dependent Electricity

Amendments that are part of Annual Improvements - Volume 11

• Amendments to MFRS 1 First-time Adoption of MFRS Accounting Standards

• Amendments to MFRS 7 Financial Instruments: Disclosures

• Amendments to MFRS 9 Financial Instruments

• Amendments to MFRS 10 Consolidated Financial Instruments

• Amendments to MFRS 107 Statement of Cash Flows

1 January 2026

1 January 2026

MNRB HOLDINGS BERHAD

197201001795 (13487-A)

PART A: EXPLANATORY NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D.)

A1.	Basis of preparation (cont'd.)

(ii) Standards issued but not yet effective (cont'd.)

Effective for annual periods

beginning on or after

Description

Amendments to MFRS 18 Presentation and Disclosures in Financial

Statements

Amendments to MFRS 19 Subsidiaries without Public Accountability

Disclosures

Amendments to MFRS 10 Consolidated Financial Statements and

MFRS 128 Investments in Associates and Joint Ventures - Sale or

Distributions of Assets between an Investor and its Associate or Joint Venture

1 January 2027

1 January 2027

To be

determined

by MASB

A2. A3. A4. A5. A6.

Except for MFRS 18, the directors expect that the adoption of the above Amendments to Standards will not have a material impact on the Group's condensed consolidated interim financial statements upon initial application. The Group is currently evaluating the potential impact, if any, arising from the adoption of MFRS 18.

Auditors' Report on preceding annual financial statements

The auditors' report on the audited financial statements for the financial year ended 31 March 2025 was not subject to any qualification.

Seasonal or cyclical factors

Notwithstanding the uncertainties of recent global climate-related incidents and geopolitical tensions, the Group's operations for the financial period ended 31 December 2025 remained resilient and were not materially affected.

With regard to cyclical factors, the performance of the Group is directly correlated with the industry trends and the economic conditions of the countries in which the Group has its business and risk exposures. The Group continues to monitor these factors closely and implements proactive risk management strategies to maintain stability and support sustainable growth.

Unusual items affecting assets, liabilities, equity, net income or cash flows

There were no unusual items affecting assets, liabilities, equity, net income or cash flows of the Group during the financial period ended 31 December 2025.

Changes in estimates

There were no material changes in estimates used in the preparation of these condensed consolidated interim financial statements.

Issuances, cancellations, repurchase, resale and repayments of debt and equity securities

There was no issuance, cancellation, repurchase, resale or repayment of debt and equity securities during the financial period ended 31 December 2025.

MNRB HOLDINGS BERHAD

197201001795 (13487-A)

PART A: EXPLANATORY NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D.) A7. A8. Dividend paid

The Company on 22 August 2025, had declared a final single-tier dividend ("Final dividend") of 5.0 sen (2024: 5.0 sen) per ordinary share and a final single-tier special dividend ("Special dividend") of 5.0 sen (2024: 5.0 sen) per ordinary share in respect of the financial year ended 31 March 2025. The entitlement date for the dividend payment was on 22 September 2025 and the said dividend was paid on 6 October 2025.

Carrying amount of revalued properties

The valuation of property and equipment and investment properties have been brought forward, without any change, from the audited financial statements for the financial period ended 31 December 2025.

A9. Significant events

There were no significant events of the Group during the financial period ended 31 December 2025.

A10. Subsequent events

There were no subsequent events of the Group during the financial period ended 31 December 2025.

A11. Changes in the composition of the Group

There was no change in the composition of the Group for the current financial quarter under review.

A12. Capital commitments

The amount of capital commitments of the Group as at 31 December 2025 were as follows:

Authorised and contracted for: Property and equipment

RM'000

12,442

Software developments 32,896

45,338

Authorised but not contracted for: Property and equipment

7,475

Software developments 25,339

32,814

PART A: EXPLANATORY NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D.)

A13.	Segmental reporting
	The Group has five business segments as follows:
	Segments
	Investment holding and others	Investment holding and non-insurance/takaful subsidiaries
	Reinsurance	Underwriting of all classes of general reinsurance business
	Retakaful	Management of family and general retakaful businesses
	General takaful	Management of general takaful business
	Family takaful	Management of family and investment-linked takaful businesses

Reinsurance

RM'000

Retakaful

RM'000

General

takaful

RM'000

Family

takaful

RM'000

Investment

holding

and others

RM'000

Adjustments

and

eliminations

RM'000

Group

RM'000

31 December 2025
Revenue
Insurance/takaful revenue	1,365,487	119,727	852,397	259,306	-	(52,607)	2,544,310
Interest income/profit revenue calculated using
the effective interest/profit method	45,272	5,021	37,069	28,233	8,787	(1,670)	122,712
Other investment income	105,609	2,022	671	104,978	75,876	(83,086)	206,070
Fee income	-	-	-	-	55,086	(52,211)	2,875
Total revenue	1,516,368	126,770	890,137	392,517	139,749	(189,574)	2,875,967
Profit/(loss) before zakat and taxation	347,629	2,456	81,813	27,363	73,123	(38,772)	493,612
Profit/(loss) after zakat and taxation	318,141	1,791	60,304	18,834	72,923	(40,333)	431,660
31 December 2024
Revenue
Insurance/takaful revenue	1,347,397	54,182	630,648	237,336	-	(39,691)	2,229,872
Interest income/profit revenue calculated using
the effective interest/profit method	79,516	2,215	32,237	31,590	11,166	(1,681)	155,043
Other investment income	74,017	3,667	3,239	102,523	150,722	(159,776)	174,392
Fee income	-	-	-	-	57,000	(53,532)	3,468
Total revenue	1,500,930	60,064	666,124	371,449	218,888	(254,680)	2,562,775
Profit/(loss) before zakat and taxation	296,859	924	58,037	6,387	149,070	(158,783)	352,494
Profit/(loss) after zakat and taxation	256,554	772	43,029	6,346	145,352	(151,249)	300,804
The comparative figures for the prior period have been restated to conform with the current period presentation following audit validation of financial year ended 31 March 2025.

PART A: EXPLANATORY NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D.)

A14.	Unaudited condensed consolidated statement of profit or loss and consolidated statement of financial position of Reinsurance, Retakaful and Takaful business

Pursuant to Paragraph 11.4(f) of Bank Negara Malaysia's Financial Reporting Policy document issued on 29 April 2022, the breakdown of Unaudited Statement of Profit or Loss and Statements of Financial Position of Reinsurance Business, Retakaful Business, Family Takaful Business, General Takaful Business are disclosed as follows:

Insurance/takaful revenue

Insurance/takaful service expenses

Insurance contracts/takaful certificates service result before reinsurance/

retakaful certificates held

Allocation of reinsurance/retakaful premiums/contributions

Amounts recoverable from reinsurers/retakaful operators for incurred claims

Net expense from reinsurance/retakaful contracts/certificates held

Insurance/takaful service results

Interest income/profit revenue calculated using the effective interest/profit method

Other investment income

Net realised gains/(loss)

Net fair value gains on financial assets at fair value through profit and loss

Net foreign exchange losses on investments

Reversal/(allowance) for impairment on financial assets

Investment results

Net insurance/takaful finance expenses from insurance contracts/takaful certificates issued

Net reinsurance/retakaful profit/finance income from reinsurance contracts/retakaful

certificates held

Unallocated (surplus)/deficit and changes in the value of the underlying items attributable to

participants

Net insurance/takaful financial results

Fees and other income

Management and other expenses

Finance cost

Net other (expenses)/income

Share of results of associates

Profit before zakat and taxation

Tax attributable to participants

Profit before zakat and taxation attributable to equity holders of the Holding Company

Zakat

Taxation

Net profit for the period attributable to equity holders of the Holding Company

* Includes Investment Holding Company, consolidation adjustments and eliminations.

(a) Unaudited condensed consolidated statement of profit or loss for financial period ended 31 December 2025

General Family
Reinsurance	Retakaful	takaful	takaful	Others*	Group
RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
1,365,487	119,727	852,397	259,306	(52,607)	2,544,310
(991,785)	(94,336)	(739,988)	(279,369)	72,455	(2,033,023)

373,702	25,391	112,409	(20,063)	19,848	511,287
(157,610)	(46,296)	(251,566)	(64,164)	52,607	(467,029)
85,830	38,189	194,170	43,060	(24,451)	336,798
(71,780)	(8,107)	(57,396)	(21,104)	28,156	(130,231)
301,922	17,284	55,013	(41,167)	48,004	381,056
45,272	5,021	37,069	28,233	7,117	122,712
105,609	2,022	671	104,978	(7,210)	206,070
3,740	-	(182)	(8,104)	(236)	(4,782)
36,407	584	6,404	98,282	6,046	147,723
(72,363)	-	-	-	13,470	(58,893)
56	-	(37)	(5)	-	14
118,721	7,627	43,925	223,384	19,187	412,844
(60,776)	386	(24,396)	(196,412)	431	(280,767)

1,246 (618) 8,342 (187) (430) 8,353

-	(20,290)	(3,370)	55,061	(7,781)	23,620
(59,530)	(20,522)	(19,424)	(141,538)	(7,780)	(248,794)
5,815	64	7,690	12,515	1,156	27,240
(9,814)	(114)	(2,792)	(12,346)	(38,605)	(63,671)
(9,485)	-	(273)	(3)	(12,410)	(22,171)
(13,484)	(50)	4,625	166	(49,859)	(58,602)
-	-	-	-	24,799	24,799
347,629	4,339	84,139	40,845	34,351	511,303
-	(1,883)	(2,326)	(13,482)	-	(17,691)
347,629	2,456	81,813	27,363	34,351	493,612
-	-	(624)	(143)	-	(767)
(29,488)	(665)	(20,885)	(8,386)	(1,761)	(61,185)
318,141	1,791	60,304	18,834	32,590	431,660

PART A: EXPLANATORY NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONT'D.)

A14.	Unaudited condensed consolidated statement of profit or loss and consolidated statement of financial position of Reinsurance, Retakaful and Takaful business (cont'd.)
	(b) Unaudited condensed consolidated statement of profit or loss for financial period ended 31 December 2024

General Family
Reinsurance	Retakaful	takaful	takaful	Others*	Group
RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
1,347,397	54,182	630,648	237,336	(39,691)	2,229,872
(970,845)	(62,298)	(528,086)	(268,244)	84,332	(1,745,141)

Insurance/takaful revenue Insurance/takaful service expenses

376,552	(8,116)	102,562	(30,908)	44,641	484,731
(242,742)	(510)	(191,008)	(101,379)	39,691	(495,948)
130,302	30,544	142,261	82,549	(46,216)	339,440
(112,440)	30,034	(48,747)	(18,830)	(6,525)	(156,508)
264,112	21,918	53,815	(49,738)	38,116	328,223
79,516	2,215	32,237	31,590	9,485	155,043
74,017	3,667	3,239	102,523	(9,054)	174,392
(158)	5	(2,758)	15,822	3,367	16,278
14,789	37	2,279	42,838	(14,385)	45,558
(79,186)	-	-	-	-	(79,186)
-	-	-	(50)	-	(50)
88,978	5,924	34,997	192,723	(10,587)	312,035
(60,362)	(198)	(18,850)	(175,433)	288	(254,555)

Insurance contracts/takaful certificates service result before reinsurance/ retakaful certificates held

Allocation of reinsurance/retakaful premiums/contributions

Amounts recoverable from reinsurers/retakaful operators for incurred claims Net expense from reinsurance/retakaful contracts/certificates held Insurance/takaful service results

Interest income/profit revenue calculated using the effective interest/profit method Other investment income

Net realised (losses)/gains

Net fair value gains on financial assets at fair value through profit and loss Net foreign exchange losses on investments

Allowance for impairment on financial assets

Investment results

Net insurance/takaful finance/profit expenses from insurance contracts/takaful certificates issued Net reinsurance/retakaful profit/finance income from reinsurance contracts/retakaful

certificates held 7,488 - 6,495 - (288) 13,695 Unallocated (surplus)/deficit and changes in the value of the underlying items attributable to

-	(10,648)	(14,086)	64,647	-	39,913
(52,874)	(10,846)	(26,441)	(110,786)	-	(200,947)
6,660	111	3,934	5,034	794	16,533
(485)	(15,008)	(3,579)	(16,278)	(30,751)	(66,101)
(9,532)	-	(222)	(11)	(14,145)	(23,910)
(3,357)	(14,897)	133	(11,255)	(44,102)	(73,478)
-	-	-	-	6,860	6,860
296,859	2,099	62,504	20,944	(9,713)	372,693
-	(1,175)	(4,467)	(14,557)	-	(20,199)
296,859	924	58,037	6,387	(9,713)	352,494
-	(148)	(952)	(152)	-	(1,252)
(40,305)	(4)	(14,056)	111	3,816	(50,438)
256,554	772	43,029	6,346	(5,897)	300,804

participants

Net insurance/takaful financial results

Fees and other income Management and other expenses Finance cost

Net other expenses

Share of results of associates Profit/(loss) before zakat and taxation Tax attributable to participants

Profit/(loss) before zakat and taxation attributable to equity holders of the Holding Company

Zakat Taxation

Net profit for the period attributable to equity holders of the Holding Company

* Includes Investment Holding Company, consolidation adjustments and eliminations.

The comparative figures for the prior period have been restated to conform with the current period presentation following audit validation of financial year ended 31 March 2025.

PART A: EXPLANATORY NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D.)
A14.	Unaudited condensed consolidated statement of profit or loss and consolidated statement of financial position of Reinsurance, Retakaful and Takaful business (cont'd.)
	(c) Unaudited condensed consolidated statement of financial position as at 31 December 2025

Reinsurance

RM'000

Retakaful

RM'000

General

takaful

RM'000

Family

takaful

RM'000

Others*

RM'000

Group

RM'000

Assets

Property and equipment

Intangible assets

Right-of-use assets

Investments in associates

Financial and other assets

Deferred tax assets

Insurance contracts/takaful certificates assets

Reinsurance contracts/retakaful certificates assets

Tax recoverable

Cash and bank balances

Total assets

Liabilities

Borrowings

Insurance contracts/takaful certificates liabilities

Reinsurance contracts/retakaful certificates liabilities

Lease liabilities

Other payables

Deferred tax liabilities

Tax payable

Provision for zakat

Total liabilities

Equity

Share capital

Reserves

Total equity attributable to equity holders of

the Holding Company

Total liabilities and equity

136,096	-	587	88,477	2,934	228,094
5,460	-	86,418	43,972	3,110	138,960
-	-	8,158	-	(6,259)	1,899
132,484	-	-	-	32,718	165,202
5,594,382	211,550	1,552,675	5,009,956	217,787	12,586,350
-	-	34,800	-	5,063	39,863
-	-	-	80,796	19,772	100,568
250,309	43,097	402,007	43,579	2,442	741,434
-	-	2,126	29,210	17,379	48,715
38,615	874	40,385	12,598	1,157	93,629
6,157,346	255,521	2,127,156	5,308,588	296,103	14,144,714

250,000	-	80,000	-	290,000	620,000
3,061,169	202,367	1,466,492	4,631,798	2,442	9,364,268
-	-	-	35,688	19,772	55,460
-	-	8,337	-	(6,193)	2,144
21,977	2,023	151,524	79,468	4,911	259,903
26,742	5,733	-	24,970	(4,545)	52,900
4,663	-	1,401	1,258	219	7,541
-	3	2,793	325	-	3,121
3,364,551	210,126	1,710,547	4,773,507	306,606	10,365,337

663,106 - 230,000 405,000 (559,604) 738,502

2,129,689 45,395 186,609 130,081 549,101 3,040,875

2,792,795	45,395	416,609	535,081	(10,503)	3,779,377
6,157,346	255,521	2,127,156	5,308,588	296,103	14,144,714

* Includes Investment Holding Company, consolidation adjustments and eliminations.

Assets

Property and equipment

Intangible assets

Right-of-use assets

Investments in associates

Financial and other assets

Deferred tax assets

Insurance contracts/takaful certificates assets

Reinsurance contracts/retakaful certificates assets

Tax recoverable

Cash and bank balances

Total assets

Liabilities

Borrowings

Insurance contracts/takaful certificates liabilities

Reinsurance contracts/retakaful certificates liabilities

Lease liabilities

Other payables

Deferred tax liabilities

Tax payable

Provision for zakat

Total liabilities

Equity

Share capital

Reserves

Total equity attributable to equity holders of

the Holding Company

Total liabilities and equity

143,080	1	2,073	89,370	3,427	237,951
3,732	-	54,604	50,103	5,999	114,438
-	-	5,496	200	(3,494)	2,202
152,000	-	-	-	13,795	165,795
5,319,466	187,363	1,381,930	4,856,910	275,083	12,020,752
-	-	36,149	-	6,293	42,442
1,710	4,429	-	110,289	(10,598)	105,830
265,095	11,429	316,962	51,491	(27,323)	617,654
-	-	3,440	29,165	16,235	48,840
31,914	921	39,001	13,163	27,845	112,844
5,916,997	204,143	1,839,655	5,200,691	307,262	13,468,748

PART A: EXPLANATORY NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT'D.)

A14.	Unaudited condensed consolidated statement of profit or loss and consolidated statement of financial position of Reinsurance, Retakaful and Takaful business (cont'd.)
	(d) Audited condensed consolidated statement of financial position as at 31 March 2025

Reinsurance

RM'000

Retakaful

RM'000

General

takaful

RM'000

Family

takaful

RM'000

Others*

RM'000

Group

RM'000

251,000	-	-	-	369,000	620,000
3,063,449	153,425	1,349,703	4,538,084	(27,323)	9,077,338
3,594	399	-	40,727	(10,596)	34,124
-	-	5,793	204	(3,704)	2,293
42,453	1,086	116,839	83,956	7,413	251,747
24,671	-	-	15,158	(6,169)	33,660
2,086	1,570	-	2,507	203	6,366
-	3	2,169	182	-	2,354
3,387,253	156,483	1,474,504	4,680,818	328,824	10,027,882

663,106 - 230,000 405,000 (559,604) 738,502

1,866,638 47,660 135,151 114,873 538,042 2,702,364

2,529,744	47,660	365,151	519,873	(21,562)	3,440,866
5,916,997	204,143	1,839,655	5,200,691	307,262	13,468,748

* Includes Investment Holding Company, consolidation adjustments and eliminations.

A15. Fair value information

MFRS 7 Financial Instruments: Disclosures ("MFRS 7") requires the classification of financial instruments measured at fair value according to a hierarchy that reflects the significance of inputs used in making the measurements, in particular, whether the inputs used are observable or unobservable. MFRS 13 Fair Value Measurement requires similar disclosure requirements as MFRS 7, but extends to include all assets and liabilities measured at fair value and/or for which fair values are disclosed. The following levels of hierarchy are used for determining and disclosing the fair value of the Group's assets:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 - Inputs that are based on observable market data, either directly or indirectly Level 3 - Inputs that are not based on observable market data

The fair values of the Group's assets are determined as follows:

1. The carrying amounts of financial assets, such as loans and receivables and cash and bank balances, are reasonable approximation of their fair values due to the relatively short term maturity of these balances;

2. The fair values of quoted equities are based on quoted market prices as at the reporting date;

3. The fair values of Malaysian government securities, government investment issues and unquoted corporate debt securities are based on indicative market prices from the Bond Pricing Agency of Malaysia ("BPAM");

4. The fair values of investments in mutual funds, unit trust funds and real estate investment trusts are valued based on the net asset values of the underlying funds as at the reporting date;

5. Freehold land and buildings have been revalued based on valuations performed by accredited independent valuers having appropriate recognised professional qualification. The valuations are based on the income and comparison approaches. In arriving at the fair value of the assets, the valuers had also taken into consideration the future developments in terms of infrastructure in the vicinity of the properties; and

6. The fair value of the Group's investments in associate and unquoted equity instruments in Malaysia is determined using the adjusted net assets method, a valuation technique that estimates fair value based on the fair value of the underlying assets and liabilities of the investee entities. In applying this method, each identifiable asset and liability of the investee is remeasured individually to its fair value in accordance with the principles of MFRS 13 Fair Value Measurement . The resulting net asset value is then attributed to the investor based on its proportionate equity interest in the investee.

A15. Fair value information (cont'd.)

Description of significant unobservable inputs:

Valuation technique Significant Observable Input Range 31 December 2025/31 March 2025

Property and equipment

Office building of Malaysian Re

Income approach

Yield

Rental per square foot

6.00% RM4.70

Office buildings of Takaful IKHLAS Family Income approach Berhad - Ikhlas Point

Office buildings of Takaful IKHLAS Family Comparison approach

Yield

Rental per square feet

Sales price per square feet for

4.70% to 6.00% RM5.50 to RM6.20

RM289 to RM366

Berhad - Branches similar properties

Unquoted equity instruments (Malaysia) Adjusted net assets method Net assets of the investee Not applicable

A significant increase or decrease in the unobservable inputs used in the valuation would result in a correspondingly higher or lower fair value. There has been no transfer between Level 1 and Level 2 of the fair value hierarchy during the financial period.

A15.	Fair value information (cont'd.)
	Financial instruments that are measured at fair value disclosed under Levels 1, 2 and 3 of the fair value hierarchy as at 31 December 2025

Level 1

RM'000

Level 2

RM'000

Level 3

RM'000

Total

RM'000

Financial assets
a)	Property and equipment
	Freehold land
	Building

-

-

-

-

-

-

47,000

161,085

208,085

47,000

161,085

208,085

b)	Financial assets at FVTPL
	Designated upon initial recognition
	Government investment issues
	Unquoted islamic private debt securities
	Mandatorily measured
	Quoted shares in Malaysia:
	Shariah approved equities
	Others
	Unquoted perpetual bond in Malaysia
	Unquoted corporate debt securities
	Shariah approved unit trust funds:
	Others
	Real estate investment trusts

346,107

23,319

1,165,352

-

-

1,854,649

1,602,225

-

-

1,854,649

1,602,225

466,595

323,960

-

-

-

-

4,999

1,252,632

-

-

-

-

466,595

323,960

4,999

1,252,632

-

-

4,714,505

-

-

-

346,107

23,319

5,879,857

c)	Financial assets at FVOCI
	Malaysian government securities
	Government investment issues
	Unquoted corporate debt securities
	Unquoted shares in Malaysia
	Unquoted Islamic private debt securities
	Golf club memberships

-

-

-

-

-

-

-

99,656

474,802

525,036

-

293,337

-

1,392,831

-	99,656
-	474,802
-	525,036
93,081	93,081
-	293,337
233	233
93,314	1,486,145

A15.	Fair value information (cont'd.)

Financial instruments that are measured at fair value disclosed under Levels 1, 2 and 3 of the fair value hierarchy as at 31 March 2025
		Level 1	Level 2	Level 3
		RM'000	RM'000	RM'000
Financial assets
a)	Property and equipment
	Freehold land	-	-	47,000
	Building	-	-	161,085
		-	-	208,085
b)	Financial assets at FVTPL
	Designated upon initial recognition
	Corporate Debit securities	-	1,226,292	-
	Government investment issues	-	2,366,432	-
	Quoted shares in Malaysia:
	Unquoted corporate debt securities	-	1,482,048	-
	Malaysian government securities unsecured	-	355,091	-
	Mandatorily measured
	Quoted shares in Malaysia:
	Shariah approved equities	508,222	-	-
	Warrants	239	-	-
	Others	79,312	-	-
	Unquoted perpetual bond in Malaysia	-	4,992	-
	Unquoted corporate debt securities	329,964	-	-
	- Shariah approved	14,226	-	-
	- Non-Shariah approved	2,782	-	-
c)	Financial assets at FVOCI	934,745	5,434,855	-

Total

RM'000

47,000

161,085

208,085

1,226,292

2,366,432

1,482,048

355,091

508,222
239
79,312
4,992
329,964
14,226
2,782
6,369,600

Government investment issues

Unquoted shares in Malaysia

Unquoted Islamic private debt securities

Golf club memberships

-

-

-

-

-

475,736

-

372,961

-

848,697

-	475,736
92,706	92,706
-	372,961
233	233
92,939	941,636

A15.	Fair value information (cont'd.)

(i)	Derivatives

Assets

Insurance contracts/takaful certificates

Reinsurance contracts/retakaful certificates

74,120

(200,997)

(126,877)

26,448

942,431

968,879

100,568	215,212	(109,382)	105,830
741,434	(172,659)	790,313	617,654
842,002	42,553	680,931	723,484

The Group did not enter into any derivative transactions during the period ended 31 December 2025 or the previous year ended 31 March 2025.

A16.	Insurance contracts/takaful certificates assets/liabilities and reinsurance contracts/retakaful certificates assets/liabilities

	31.12.2025
Remaining	Incurred
coverage	claims	Total
RM'000	RM'000	RM'000

	31.03.2025
Remaining	Incurred
coverage	claims	Total
RM'000	RM'000	RM'000

Liabilities

Insurance contracts/takaful certificates

Reinsurance contracts/retakaful certificates

4,215,093

41,626

4,256,719

5,149,175

13,834

5,163,009

9,364,268

55,460

9,419,728

4,013,590

57,140

4,070,730

5,063,748

(23,016)

5,040,732

9,077,338

34,124

9,111,462

PART B: EXPLANATORY NOTES PURSUANT TO THE MAIN MARKET LISTING REQUIREMENTS OF BURSA SECURITIES

B1.	Review of 3 months current quarter profitability against 3 months current quarter in prior period

Reinsurance

RM'000

Retakaful

RM'000

General

takaful

RM'000

Family

takaful

RM'000

Others*

RM'000

Group

RM'000

31 December 2025

Revenue

Insurance/takaful revenue

Interest income/profit revenue calculated

using the effective interest/profit method

Other investment income

Fee income

Total revenue

Profit before zakat and taxation

458,455 41,623 295,778 84,992 (16,692) 864,156

12,166

34,792

-

505,413

122,480

1,688

674

-

43,985

2,459

12,679

132

-

308,589

23,546

3,041

41,291

-

129,324

11,504

2,502

(219)

1,030

(13,379)

11,743

32,076

76,670

1,030

973,932

171,732

31 December 2024

Revenue

Insurance/takaful revenue

Interest income/profit revenue calculated

using the effective interest/profit method

Other investment income

Fee income

Total revenue

Profit/(loss) before zakat and taxation

430,585 25,183 220,417 77,791 (30,418) 723,558

21,449	2,216
19,714	30
-	-
471,748	27,429
135,365	1,128

11,159	7,908	4,349
818	36,787	(2,558)
-	-	949
232,394	122,486	(27,678)
17,735	(921)	(13,211)

47,081

54,791

949

826,379

140,096

The comparative figures for the prior period have been restated to conform with the current period presentation following audit validation of financial year ended 31 March 2025.

PART B: EXPLANATORY NOTES PURSUANT TO THE MAIN MARKET LISTING REQUIREMENTS OF BURSA SECURITIES (CONT'D.) B1. Review of 3 months current quarter profitability against 3 months current quarter in prior period (cont'd.) The Group

For the quarter ended 31 December 2025, the Group recorded a total revenue of RM973.9 million, an increase of RM147.6 million or 17.9% compared to RM826.4 million in the corresponding quarter last year. This stronger performance was driven by improved contributions across all segments, namely the General Takaful, Reinsurance, Retakaful, and Family Takaful segment.

The Group's profit before zakat and taxation rose to RM171.7 million, representing an increase of RM31.6 million or 22.6% from RM140.1 million reported in the same quarter last year. The uplift in profitability was supported by higher insurance and takaful revenue across all segments, led particularly by the General Takaful and Reinsurance segment, underpinned by the growth in the Motor and Specialty portfolios.

Reinsurance Business

The Reinsurance business recorded total revenue of RM505.4 million, an increase of RM33.7 million or 7.1% compared to RM471.7 million in the corresponding quarter last year. This growth was primarily driven by stronger growth in the Specialty, Local and Overseas Treaty, and Voluntary Cession ("VC") portfolios, supported by the release of the Contractual Service Margin ("CSM") across the Local Treaty, Specialty, and VC portfolio.

Despite the revenue improvement, the segment's profit before zakat and taxation declined by RM12.9 million or 9.5% to RM122.5 million, compared to RM135.4 million in the same quarter last year. The lower profit was mainly attributed to lower net investment results arising from higher unrealised foreign exchange losses on foreign assets, following the strengthening of the Malaysian Ringgit (MYR) during the quarter.

Retakaful Business

The Retakaful business delivered a solid performance during the quarter, recording total revenue of RM44.0 million, a 60.6% or RM16.6 million increase from RM27.4 million in the corresponding quarter last year. This strong growth was primarily driven by higher takaful revenue, particularly from the Family Retakaful portfolio, reflecting continued expansion in the segment's business activities.

In tandem with the higher revenue, the segment registered a profit before zakat and taxation of RM2.5 million, an increase of RM1.4 million or 127.3% compared to RM1.1 million in the same quarter last year, mainly contributed by the General Retakaful portfolio. This improvement was largely supported by disciplined cost management, underscoring the segment's positive momentum and enhanced efficiency.

PART B: EXPLANATORY NOTES PURSUANT TO THE MAIN MARKET LISTING REQUIREMENTS OF BURSA SECURITIES (CONT'D.) B1. Review of 3 months current quarter profitability against 3 months current quarter in prior period (cont'd.) General Takaful Business

The General Takaful business recorded total revenue of RM308.6 million, an increase of RM76.2 million or 32.8% compared to RM232.4 million in the corresponding quarter last year. This strong performance was mainly driven by higher takaful revenue, particularly from the Motor portfolio, reflecting continued business expansion and sustained portfolio strength.

The segment's profit before zakat and taxation increased by RM5.8 million or 32.8% to RM23.5 million, from RM17.7 million in the same quarter last year. The improvement was supported by higher takaful revenue and stronger net investment income, primarily attributed to higher profit income during the quarter.

Family Takaful Business

The Family Takaful business recorded total revenue of RM129.3 million, an increase of RM6.8 million or 5.6% compared to RM122.5 million in the corresponding

quarter last year. The growth was mainly driven by higher takaful revenue, particularly from the Group Credit Term ("GCTT") portfolio.

In tandem with the higher revenue, the segment registered a profit before zakat and taxation of RM11.5 million, representing a strong increase of RM12.4 million compared to a loss of RM0.9 million in the same quarter last year. The improved result was primarily supported by sustained cost discipline, more efficient expense management, enabling the segment to deliver a return to profitability for the quarter and one-off income from the bancatakaful business.

PART B: EXPLANATORY NOTES PURSUANT TO THE MAIN MARKET LISTING REQUIREMENTS OF BURSA SECURITIES (CONT'D.) B2. Review of current year to date performance against corresponding year to date The Group

The Group delivered a strong set of results for the period ended 31 December 2025, with total revenue increasing by RM313.2 million or 12.2% to RM2,876.0

million from RM2,562.8 million in the corresponding period last year. This growth was driven by improved performance across all business segments, namely

General Takaful, Retakaful, Family Takaful and Reinsurance, reflecting the Group's continued business expansion and sustained market position.

Revenue momentum was further supported by higher net investment income, in line with the recovery in the Malaysian capital markets during the year.

Profit before zakat and taxation increased by 40.0% to RM493.6 million, compared to RM352.5 million in the same period last year. The stronger performance was primarily attributable to higher insurance/takaful service results on the back of revenue growth, alongside improved investment results arising from favourable fair value gains in both the equity and bond portfolios.

The Group also benefited from a higher share of profit from associates, supported by stronger insurance service results and improved investment returns,

reinforcing the Group's earnings strength and resilient performance profile.

Reinsurance Business

The Reinsurance business reported total revenue of RM1,516.4 million, an increase of RM15.4 million or 1.0% from RM1,500.9 million. The higher revenue performance was primarily driven by improved expectations on claims and insurance service expenses, together with a higher recovery of expected acquisition cashflows.

The segment delivered a strong profit before zakat and taxation, increasing by 17.1% or RM50.8 million to RM347.6 million from RM296.9 million. The improvement was mainly attributable to stronger insurance service results, supported by favourable claims experience, higher insurance revenue, and resilient investment performance, underpinned by favourable fair value gains and lower unrealised foreign exchange losses on foreign assets.

Overall, the Reinsurance business continued to demonstrate earnings resilience and disciplined execution during the period, reinforcing its role as a key contributor

to the Group's overall profitability.

Retakaful Business

The Retakaful business recorded total revenue of RM126.8 million, a substantial increase of RM66.7 million or 111.0% compared to RM60.1 million in the same period last year. The strong growth was primarily driven by higher takaful revenue, particularly from the Family Retakaful portfolio, in line with the segment's ongoing business expansion.

The segment recorded a profit before zakat and taxation of RM2.5 million, an increase of RM1.6 million or 177.8% compared to RM0.9 million in the corresponding period last year. The improvement was supported by higher net investment results and continued cost discipline, reflecting strengthening operational fundamentals within the segment.

B2. B3. Review of current year to date performance against corresponding year to date (cont'd.) General Takaful Business

The General Takaful business delivered an impressive performance, with total revenue increasing by 33.6% or RM224.0 million to RM890.1 million from RM666.1 million in the corresponding period last year. This strong growth was supported by sustained momentum in the motor and fire portfolios, reflecting the segment's expanding market presence and continued demand across key product lines.

Profit before zakat and taxation increased by 41.0% to RM81.8 million, up RM23.8 million from RM58.0 million previously. The earnings uplift was driven by stronger takaful service results on the back of higher revenue, supported by solid investment returns arising from favourable fair value gains in the equities portfolio.

Overall, the General Takaful business continues to demonstrate resilient fundamentals and healthy growth traction, reinforcing its position as a one of the key earnings contributor to the Group.

Family Takaful Business

The Family Takaful business continued its upward trajectory, posting total revenue of RM392.5 million, an increase of 5.7% year-on-year from RM371.4 million. The growth was driven by stronger contributions from the Group Credit Term (GCTT) and Group Hospitalisation (GHS) portfolios, reflecting sustained demand for key group protection products.

Profit before zakat and taxation more than tripled to RM27.4 million, rising 4.3 times from RM6.4 million a year earlier. The significant improvement was primarily

supported by higher net investment results, driven by favourable fair value gains in the bond portfolio, contributing to the segment's stable earnings performance.

Review of current quarter profitability against immediate preceding quarter

Reinsurance		Retakaful	General takaful	Family takaful	Others	Group
	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
Profit before zakat and taxation,
3 months ended,
31 December 2025	122,480	2,459	23,546	11,504	11,743	171,732
30 September 2025	98,238	3,759	26,784	11,934	(11,583)	129,132

The Group

For the quarter ended 31 December 2025, the Group recorded a profit before zakat and taxation of RM171.7 million, an increase of RM42.6 million or 33.0% compared to RM129.1 million in the preceding quarter.

The higher profit was mainly attributable to stronger insurance and takaful service results, driven by higher takaful revenue across all segments, namely the General Takaful, Reinsurance, Retakaful, and Family Takaful businesses with notable contributions from the Specialty and Motor portfolios.

PART B: EXPLANATORY NOTES PURSUANT TO THE MAIN MARKET LISTING REQUIREMENTS OF BURSA SECURITIES (CONT'D.) B3. Review of current quarter profitability against immediate preceding quarter (cont'd.) Reinsurance Business

The Reinsurance business recorded a profit before zakat and taxation of RM122.5 million, an increase of RM24.3 million or 24.7% compared to RM98.2 million in the preceding quarter.

The improved profitability was mainly driven by stronger insurance service results, supported by higher revenue from the Specialty, Local and Overseas Treaty, and VC portfolios. This uplift was further reinforced by continued cost discipline across other operating expenses, contributing to the segment's stronger overall performance for the quarter.

Retakaful Business

The Retakaful business recorded a profit before zakat and taxation of RM2.5 million, a decrease of RM1.3 million or 34.2% compared to RM3.8 million in the preceding quarter. The decline was primarily driven by higher net takaful financial results, mainly from the profit interest accretion in retakaful certificates issued.

General Takaful Business

The General Takaful business recorded a profit before zakat and taxation of RM23.5 million, a decrease of RM3.3 million or 12.3% compared to RM26.8 million in the preceding quarter. The decline was primarily attributable to lower net investment results during the quarter, driven by lower unrealised fair value gains within the equity portfolio.

Family Takaful Business

The Family Takaful business recorded a profit before zakat and taxation of RM11.5 million, a marginal decrease of RM0.4 million or 3.4% compared to RM11.9 million in the preceding quarter. The decline was primarily driven by lower net investment results during the quarter, attributable to lower unrealised fair value gains in the bond portfolio.

B4.

Current period prospect

Malaysia's economy is projected to grow between 4% and 4.5% in 2026, driven by strong stable macroeconomic conditions, domestic demand and private consumption. Initiatives like Visit Malaysia 2026 and the Government's commitment under Belanjawan 2026 to allocate significant resources to high-impact sectors such as construction, technology and electronics manufacturing services electrical which will further reinforce Malaysia's growth prospects. The global (re)insurance and (re)takaful industry faces a mixed outlook due to market volatility and softening growth, yet remains promising for resilient players. In Malaysia, the industry is expected to maintain its growth trajectory, supported by regulatory enhancements, increased demand for financial protection, and government initiatives under Belanjawan 2026. These include affordable insurance products, healthcare reforms, and expanded financial inclusion efforts. The reinsurance and retakaful segment is poised to benefit from stable market conditions, favorable pricing, and rising awareness of climate-related risks. The Group remains optimistic about its long-term prospects, leveraging strategic diversification and disciplined underwriting to enhance financial performance. Continued innovation and adaptability are also key to navigating global pressures and capturing emerging and untapped opportunities, particularly in the overseas market. The Group remains confident in the long-term growth of its reinsurance and retakaful businesses, supported by its portfolio diversification strategy focused on sustainable profitability. At the same time, the Group continues to strengthen its commitment to sustainability, including its target to become a Net Zero Carbon Organisation by 2050. Its Sustainability Strategy and Roadmap are being enhanced to align with regulatory requirements, entity-level priorities, and emerging EESG best practices.

B5.	Explanatory note for variance from profit forecast
	There was no profit forecast issued by the Group during the period ended 31 December 2025.

B6.	Status of corporate proposal
	There is no corporate proposal announced but not completed as at the date of this announcement.

B7.	Off balance sheet financial instruments
	There were no financial instruments with material off balance sheet risk as at the date of this report.

B8.	Material litigation
	There was no pending material litigation as at the date of this announcement.

PART B: EXPLANATORY NOTES PURSUANT TO THE MAIN MARKET LISTING REQUIREMENTS OF BURSA SECURITIES (CONT'D.) B9. Investment results Current quarter Three months ended Current quarter Nine months ended

	31.12.2025 RM'000	31.12.2024 RM'000		31.12.2025 RM'000		31.12.2024 RM'000
Interest income/profit revenue calculated using the effective interest/profit method Interest income/profit revenue	32,076	47,081		122,712		155,043
	32,076	47,081		122,712		155,043
Other investment income Interest income/profit revenue	73,075	48,171		191,616		133,416
Dividend income	4,351	(130)		16,833		36,648
Net amortisation of premiums on investments	(140)	(446)		(227)		(1,156)
Investment expenses	(616)	(50)		(2,152)		(1,762)
	76,670	54,791		206,070		174,392
Net realised gains/(loss) Government investment issues	(3,773)	4,240		5,619		(5,063)
Malaysian Government Securities	91	124		2,531		124
Unquoted islamic private debt securities	(2,661)	636		(4,391)		(267)
Quoted shares in Malaysia	6,081	2,549		(5,418)		24,200
Corporate debt securities	455	(1,673)		909		(2,927)
Shariah approved unit trust funds	151	9		(8,653)		495
Property and equipment	234	(53)		4,621		(284)
	578	5,832		(4,782)		16,278
Net fair value (losses)/gains on financial assets at fair value through profit and loss Unquoted corporate debt securities	(4,279)	5,057		8,033		5,356
Government investment issues	(7,163)	(7,339)		32,438		3,170
Unquoted islamic private debt securities	(4,045)	(15,059)		3,485		(12,734)
Quoted shares in Malaysia	18,603	(4,613)		77,194		18,612
Shariah approved unit trust funds	5,199	17,864		35,854		39,020
Malaysian government securities	(571)	(1,416)		4,189		742
	(5,726)	(14,114)		147,723		45,558
Net foreign exchange (losses)/gain on investments	(17,538)	83,371		(58,893)		(79,186)
Reversal/(allowance) for impairment losses on financial assets	82	(34)		14		(50)
Investment results	86,142	176,927		412,844		312,035

B10. Taxation Current quarter Three months ended Current quarter Nine months ended

	31.12.2025 RM'000	31.12.2024 RM'000		31.12.2025 RM'000		31.12.2024 RM'000
Profit before zakat and taxation	171,732	140,096		493,612		352,494
Taxation: Current tax	(18,467)	(9,696)		(54,873)		(41,105)
Deferred tax	(1,788)	(14,012)		(6,312)		(9,333)
	(20,255)	(23,708)		(61,185)		(50,438)
Effective tax rate	12%	17%		12%		14%

The effective tax rate was lower than the statutory tax rate of 24% due to reinsurance/retakaful operating profit being taxed at 8%.

B11. Borrowings and debt securities

The Group borrowings were as follows:

Unsecured long term borrowings:

Sukuk Murabahah due on 22 March 2029

31.12.2025 31.03.2025 RM'000 RM'000

420,000 420,000

Subordinated Debt due on 26 October 2032 200,000 200,000

620,000 620,000 PART B: EXPLANATORY NOTES PURSUANT TO THE MAIN MARKET LISTING REQUIREMENTS OF BURSA SECURITIES (CONT'D.) B12. Earnings per share

		31.12.2025 RM'000	31.12.2024 RM'000		31.12.2025 RM'000		31.12.2024 RM'000
	Net profit for the period (RM'000)	150,967	115,860		431,660		300,804
	Number of ordinary shares in issue ('000)	783,088	783,088		783,088		783,088
	Basic earnings per share (sen)	19.28	14.80		55.12		38.41
B13.	Additional disclosures for the income statement

Current quarter Three months ended Current quarter Three months ended Current quarter Nine months ended Current quarter Nine months ended 31.12.2025 31.12.2024 31.12.2025 31.12.2024 RM'000 RM'000 RM'000 RM'000

Depreciation and amortisation

By Order of the Board LENA ABD LATIF Company Secretary License No. LS0008766 SSM Practicing Cert. No. 201908002386 Kuala Lumpur Dated: 13 February 2026

(7,642) (13,387) (27,430) (24,972)