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• Revenue: +23.5% (2Q09), +2.0% (1H09)
• Net Profit: +169.5% (2Q09), +158.5% (1H09)
• Outlook: Although the Government has revised its 2009 growth forecast upwards after three downgrades, the local economy still faces many uncertainties.
• The lack of a clear turnaround in the real economy will continue to put a damper on premium growth.
• Underwriting profit margins are expected to be under stress as insurers compete aggressively for business while investment income will be influenced by market sentiments.
• Notwithstanding the challenging environment, the Group remains on track to achieve overall profitability.

FINANCIAL RECORDS

Revenue (SGD '000)

FY 1Q 2Q 3Q 4Q Total
2009 24,013 26,553
2008 28,092 21,503 19,100 14,326 83,021
2007 25,507 16,299 15,415 14,061 71,282
2006 24,205 16,914 13,504 12,807 67,430
2005 25,728 16,415 12,160 11,479 65,782
2004 NA NA NA NA 72,159
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Earnings (SGD '000)

FY 1Q 2Q 3Q 4Q Total
2009 5,244 5,379
2008 2,114 1,996 2,665 2,959 9,734
2007 6,917 7,748 2,672 3,955 21,292
2006 7,157 2,267 5,524 7,386 22,334
2005 3,647 6,087 6,443 4,489 20,666
2004 NA NA NA NA 12,137
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Dividends

FY Interim Final Special (SGD)
2009 0.03
2008 0.03 0.03 NA
2007 0.05 0.12 0.85
2006 0.05 0.15 NA
2005 0.05 0.15 NA
2004 0.05 0.15 NA
2003 0.05 0.15 NA
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Bonus / Rights / Stock Split

Date Type Details
2007-06-15 Rights OFFER OF 1 FOR 2 @ $2.5 / INTERIM SGD 0.85 LESS TAX
1993-09-13 Bonus OFFER OF 1 FOR 2
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Share Data (SGD)

NAV = $3.10
EPS = $0.352 (6M FY09) (Annualised)
No of Shares = 61,155,000
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ANALYSTS' TARGET PRICES

Broker Recommendation Target Price Date
NA