[%DVCy%] 
Research by Kenanga
Outperform – TP of MYR15.00

“Fewer Reserves Needed” 

LPI’s 1QFY24 results beat expectations as net claims appeared lower following reversal of past claims provisions, prompting us to raise our FY24F-FY25F earnings by 13%-4%. We see that there could be more intensive competition especially in the fire class insurance segment, but are not overly deterred by LPI’s position, thanks to their backing from a leading bank. We maintain OUTPERFORM call but raise our TP to RM15.00 (from RM14.70) as we roll over our valuations.

Analyst(s):
Clement Chua 
[%UUPv%]

$KLSE-LPI 
Research by Kenanga
Outperform – TP of MYR15.00

“Fewer Reserves Needed” 

LPI’s 1QFY24 results beat expectations as net claims appeared lower following reversal of past claims provisions, prompting us to raise our FY24F-FY25F earnings by 13%-4%. We see that there could be more intensive competition especially in the fire class insurance segment, but are not overly deterred by LPI’s position, thanks to their backing from a leading bank. We maintain OUTPERFORM call but raise our TP to RM15.00 (from RM14.70) as we roll over our valuations.

Analyst(s):
Clement Chua 
clement.chua@kenanga.com.my