Continued good performance by Progressive Insurance
Published on: Thursday, May 26, 2016
Kota Kinabalu: The State Government is pleased with its government-linked company, Progressive Insurance Berhad, for being consistent in profit making with a profit after tax amounting to RM15.44 million last year. Chief Minister Datuk Seri Musa Aman (pic) said he considered the figure, although a slight drop from the previous year, as one that was good in the wake of a challenging economy last year plus some major disasters such as the earthquake here, floods in the peninsula and the local haze."As one of your main shareholders, the State Government applauds you for putting in a lot of dedication and applying the correct measure in order to remain relevant in the competitive insurance sector.
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"Although the insurance sector faced a challenging economy downturn last year, to stay on the ball, Progressive Insurance continued to consciously weed out bad risks as part of your efforts to consolidate business."This in turn allows Progressive Insurance to make timely and accurate decisions for the benefit of your customers and shareholders," he said.Musa said this at the Progressive Insurance Berhad dinner and presentation of its dividend to the State Government, Wednesday.He said he was delighted that Progressive Insurance has been consistent in declaring dividends to their shareholders including the State Government which received a dividend payment of RM6,723,734.
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"It is through the dividends that we receive including from Progressive Insurance that we are able to carry out more socio-economic programmes for the people and further develop Sabah."As a key shareholder, the State Government supports decisions that Progressive Insurance takes including through their action plans in order to remain resilient and relevant," he said.
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Musa who is also Finance Minister said Sabah is on track to grow well economically with projects under the Sabah Development Corridor, Economic Transformation Programme and the 11th Malaysia Plan being rolled out as planned.In light of this, he said the growing interest among foreign investors to come to Sabah is a positive development that Progressive Insurance should take advantage of and he is confident that Progressive Insurance will do well this year and beyond.Given the past economic challenges and natural disasters, Musa said it is crucial for insurance companies to be innovative and to always come up with new and more suitable products to meet market needs and to attract new clients."I understand that Progressive Insurance has done well in responding to feedback from customers and I believe this is a contributing factor to your on-going success. "I am pleased to note that Progressive Insurance is on track to achieving its goals thanks to efficient management and commitment to your core business.Stay up-to-date by following Daily Express’s Telegram channel.
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