[%TaUl%]
Research by Kenanga
OUTPERFORM – TP RM15.00

"More Unloading of Reserves”

LPI’s 1HFY24 results met expectations from further reversals of flood reserves of prior years. While these are anticipated to ebb in FY25, LPI may still be favoured for its leading position in the competitive fire class insurance segment. This is particularly supported by backing from Public Bank. Dividend yields of c.6% also appear highly compelling for an insurer. Maintain OUTPERFORM and TP of RM15.00.

Analyst:
Clement Chua 
[%MNmC%]

$KLSE-LPI
Research by Kenanga
OUTPERFORM – TP RM15.00

"More Unloading of Reserves”

LPI’s 1HFY24 results met expectations from further reversals of flood reserves of prior years. While these are anticipated to ebb in FY25, LPI may still be favoured for its leading position in the competitive fire class insurance segment. This is particularly supported by backing from Public Bank. Dividend yields of c.6% also appear highly compelling for an insurer. Maintain OUTPERFORM and TP of RM15.00.

Analyst:
Clement Chua 
clement.chua@kenanga.com.my