Mandarin Re Successfully Completes Independent Audit by Deloitte, Marking a Year of Financial Growth and Expansion

Mandarin Re is pleased to announce the successful completion of its independent audit for the financial year ended December 31, 2023. The audit was conducted by Deloitte PLT, one of the world’s leading professional services firms, reaffirming Mandarin Re’s commitment to financial transparency, governance excellence, and regulatory compliance.

 Receiving an unqualified (clean) audit opinion from Deloitte underscores the company’s strong financial position and operational integrity, confirming full compliance with Malaysian Financial Reporting Standards (MFRS) and International Financial Reporting Standards (IFRS).

 The past year has been transformative for Mandarin Re, with the company delivering outstanding financial results. For 2023, Mandarin Re reported a net profit of USD 1.66 million. Reinsurance service results reached USD 4.12 million, supported by disciplined underwriting and strong portfolio management, while net investment income stood at USD 1.77 million, reflecting sound financial stewardship.

 Mandarin Re also strengthened its overall financial position, closing the year with total assets of USD 41.57 million, an increase from USD 30.35 million in the previous year. The company’s cash and bank balance grew to USD 7.54 million, while shareholder equity rose to USD 16.5 million, further solidifying its financial stability.

 As part of its strategic expansion, Mandarin Re continued to extend its global reach with the incorporation of its US subsidiary, Manit LLC. Manit LLC provides advanced software solutions tailored for insurance and reinsurance companies, positioning Mandarin Re at the forefront of digital transformation in the industry. By leveraging technology-driven solutions from Manit LLC, Mandarin Re aims to enhance underwriting efficiency, streamline claims processing, and improve overall operational agility. The integration of innovative software capabilities will enable Mandarin Re to optimize risk assessment, improve data analytics, and offer more responsive and tailored solutions to its clients.

 Additionally, Mandarin Re successfully transitioned to MFRS 17, demonstrating its proactive approach to evolving regulatory standards and commitment to financial reporting excellence. The company also maintained strong liquidity and cash flow throughout the year, with net cash from operations amounting to USD 6.1 million and a cash reserves growth of USD 4.8 million. Its stable working capital and liquidity position reflect a disciplined financial strategy that ensures resilience and long-term sustainability.

 With a clean audit opinion from Deloitte and a strong financial performance in 2023, Mandarin Re has reinforced its reputation as a trusted and reliable reinsurance partner. The company remains committed to delivering value to its stakeholders, strengthening its market presence, and driving sustainable growth as it continues its journey of expansion and innovation in the global reinsurance industry.

For more information, visit www.mandarinre.com or contact us at:

Email: info@mandarinre.com
Phone: +603 9213 1577