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ATR KimEng Financial Corp. (ATRK)

vgal0579 · 2 · 1415

vgal0579

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Maybank ATR KimEng profit climbs 6%

FINANCIAL services firm Maybank ATR KimEng Financial Corp.’s net income rose by 6% in 2011, supported by hefty gains by its insurance business, its top official said on Friday.
According to the annual report filed at the stock exchange on Friday, Maybank ATR KimEng’s net income attributable to shareholders rose to P324 million last year from P305 million a year earlier.

"The biggest growth in our income for 2011 came from the improved advisory and underwriting activity of the investment house, but the largest contributors were the insurance businesses and the securities brokerage firm," said Maybank ATR KimEng President Manuel N. Tordesillas in a phone interview.

Insurance premiums climbed by 10% to P1.495 billion last year from P1.363 billion in 2010.

"The growth came from the increase in both new accounts and renewed accounts, particularly in the group health policies of ALGA (AsianLife and General Assurance Corp.) [that rose by] 11% or P120 million to P1.252 million," Maybank ATR KimEng said in the report.

ALGA is a composite insurance company, offering both life and non-life products. Maybank ATR KimEng also owns Asian Life Financial Assurance Corp. (ALFA), a life insurer.

Banclife Insurance Co. Inc., a subsidiary of Philippines First Group of Companies owned by businessman Eusebio H. Tanco, is currently negotiating with Maybank ATR KimEng to acquire ALFA.

The insurance premiums of the two insurance companies accounted for 52% of the firm’s total revenues.

ALGA’s net written premiums jumped by 11% to P1.252 billion from P1.132 billion while those of ALFA climbed by 5% to P243 million from P231 million.

ATR KimEng Capital Partners, Inc., the listed firm’s investment banking arm, reported a 34% growth in advisory and underwriting fees to P88 million.

Assets under management (AUMs) by ATR KimEng Asset Management, Inc. grew by 6% to P1.57 billion from P1.482 billion in the year before due to higher asset values and more investments in different funds.

ATR KimEng Land, Inc. posted a 6% jump in its net income to P11 million from P10 million, as real estate sales rose by 5% to P105 million.

"For this year, the growth areas I see for the company are debt issuances and retail stockbroking," Mr. Tordesillas said.

Maybank ATR KimEng shares closed at P20 apiece on Friday, 14.53% or P3.40 lower than on Thursday. -- Ann Rozainne R. Gregorio


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Is this why MAKE  is 15% up so far? Hinihintay ko sumayad sa 18, hangang 20 lang pala...


 


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