Thursday, March 27, 2008

P&O sees higher revenue from motor insurance

KUALA LUMPUR: Pacific & Orient Bhd (P&O) expects to see increased revenue contribution from its traditional motor insurance market as well as from its other markets such as oil and gas, and indemnity.

The motor insurance market was undergoing significant changes and improvement this year including better pricing, chief executive officer Chan Thye Seng said after the company AGM recently.

P&O had a 5% market share in motor insurance, which contributes about 80% to its revenue, Chan said, adding that he expected the market share to improve this year.

Chan said P&O had also made significant inroads in the non-motor insurance market.

P&O posted a pre-tax loss of RM2.35mil on revenue of RM63.08mil for the first quarter ended Dec 31. That compared with a pre-tax profit of RM16.39mil on revenue of RM57.31mil in the previous corresponding period. – Bernama




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