Malaysian Re sets sights on billion-dollar target by 2030

Malaysian Re is pushing into new markets while reinforcing its strategic role at home, says CEO Ahmad Noor Azhari Abdul Manaf.

Key points:
Domestic leadership underpins regional growth
Diversification is core to resilience
ASEAN collaboration boosts capacity support

Resilience demands striking the right balance between global ambition and local responsibility. This is the view of Malaysian Re’s president & CEO Ahmad Noor Azhari Abdul Manaf, who told Baden-Baden Today that while international diversification was key to growth, the company’s first duty was to remain a strong and reliable partner at home.

But Ahmad Noor Azhari also has an ambitious target. “We want to be a billion-dollar company by 2030. That will give us the means to enter new markets.” Over the next 12 months, success will be measured by deeper domestic relevance, stronger regional influence and selective global expansion.

“Our business is still on the uptrend.”

The reinsurer has recorded modest, but steady, growth in the past year, a performance that the CEO says reflects discipline in underwriting and a strategy of diversification. “We managed to record good growth, driven by our recalibration of portfolio expansion to the international markets and continued growth in selected fields such as specialty lines,” he explained.

The company’s trajectory remains positive despite investment market volatility and currency fluctuations. “I’m happy to see the performance from the underwriting perspective; our business is still on the uptrend,” Ahmad Noor Azhari said, which was thanks to a commitment to proactive risk management and careful reselection of risks.

Looking ahead to 2026 renewals, Ahmad Noor Azhari described the regional market as “competitive but stable.” He believes the battle will be fought on pricing rather than terms, with capacity continuing to grow, especially from ILS. “For us it is both a concern and an opportunity,” he admitted, emphasising that Malaysian Re’s smaller size allowed it to be more nimble.

That agility is matched by a strategic role closer to home. Ahmad Noor Azhari is clear that Malaysian Re’s mandate is not just financial but developmental. “We look at ourselves as a more strategic partner: we provide expertise to the market, training and new products and are trying to build up the local expertise in managing flood exposure,” he explained. The company is also exploring new solutions such as family retakaful, cyber, agriculture and SME flood covers to close gaps in protection.

These efforts align with the expectations of stakeholders who have pushed for deeper involvement in building national resilience. Malaysian Re has responded by investing in modelling capabilities and forging closer links with peers across ASEAN. “It is one of the biggest economic areas, so there is a real opportunity for us to grow. By taking a leadership role, we will be able to help everybody within the region,” Ahmad Noor Azhari stated.

International ambitions remain high on the agenda. “Historically, our portfolio was heavy on domestic. Now we are slightly bigger on the international front,” Ahmad Noor Azhari noted. He views diversification – both by geography and by line of business – as the bedrock of stability. The reinsurer is now writing more in Europe and Oceania and has its eye on Latin America, while prioritising casualty, liability, family retakaful and health.

Despite this outward push, Ahmad Noor Azhari stressed the importance of retaining dominance at home. “We are the national reinsurer. We cannot forsake the domestic market. We are dominant, with a strong share of the market, and must provide expertise, technical know-how and underwriting capability,” he observed. This domestic leadership provides the consistency and efficiency that clients expect.

ESG considerations are also shaping strategy. Malaysian Re has embedded climate risk management into operations and launched initiatives such as a renewable energy pool to support ASEAN’s transition. “We have aligned ourselves with the regional agenda,” Ahmad Noor Azhari said, citing opportunities in wind and solar energy across Indonesia, the Philippines and Vietnam.

Growth, he insisted, must be balanced with responsibility. “Although we are seeking to be a global player in the future, we still remain in Malaysia. This is the market that we have been in for the past 50 years. We are a leading player here, and we have to be mindful of the challenges ahead, especially climate-related risks,” he concludes. 

From earthquakes in Myanmar to flooding across ASEAN, Malaysian Re sees its role as helping the region face future exposures together.

Ahmad Noor Azhari Abdul Manaf is the president and chief executive officer of Malaysian Re. He can be contacted at: arie@malaysian-re.com.my. 

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