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In , in light of the bearish Malaysian equities market, the Group had realignedthe investment strategy to rebalance the investment portfolios by shifting from equity portfolio to fixed-income securities inlow-risk government securities, Cagamas papers and investment grade corporate bonds in selected industry, with the aim toprotect capital and minimise investment risk.

The downsizing of the equity portfolio to cushion the value of this investment fromdeterioration during has resulted in the Group recording loss from realisation of quoted equity securities. Moving forward the Group will constantly review and revise its strategies and investment portfolio-mix in light of changes in theinvestment environment to ensure that it achieves the benefits of capital preservation, profitability and consistent income flowsto meeting commitments to customers.

The improvement of On 24 April , the Company announced that the headline price was revised to RM On 21 July , the Company announced that the SC approved the Proposed Disposal via its letter dated 20 July which was received on 21 July On 17 November , the Company announced that after further negotiations the headline price was revised to RMmillion subject to adjustments.

The revised headline price was arrived at after taking into consideration the standalone valueof the General Insurance Business without a strategic cooperation arrangement on the takaful business with MAA Takaful. Theprofit for the financial year ended 31 December and prior to the completion date of the General Insurance Business willbe accrued to MAA. An application in respect of the revised terms on the Proposed Disposal was submitted to BNM for approval.

On 12 February , the Company further announced that theSC has approved the revised indicative headline price of RM million subject to adjustments for the Proposed Disposal viaits letter dated 10 February Over the years,the Group has expanded its network to twelve 12 kidney dialysis centres to cater for the needs of the ever-increasing number ofnew patients for such subsidised medical services.

The Group has also adopted The Budimas Charitable Foundation in its objective of providing welfare to the under-privilegedchildren and the poor. Currently, the Foundation has adopted ten 10 homes for under-privileged children and orphans withcontinuous financial support. Lastly, the Group will continue to allocate resources to further the objectives of these charitable activities in the years ahead tofulfill its corporate social responsibility.

Details of its Corporate Social Responsibility activities are discussed separately in the attached pages. The RBC requires insurers to maintain capital adequancy level commensurate with its risk profile. Thisnew framework has changed the landscape of insurers managing their risks and investments to achieve better asset-liabilitymatching of insurance funds moving forward.

Along with the recent consolidation within the insurance industry, mergers and acquisitions are becoming increasingly relevant forinsurance companies that wish to lead in a competitive market place. Further development on this issue will be announced in due course based onprogress of the merger and acquisition and activities undertaken. Furthermore, this positive trend is expected to continue in for the Malaysianeconomy which is projected to grow by 4. The Group expects the operating environment in the financial services sector to remain challenging and competitive, includingachieving sufficient investment return in light of the uncertain economic environment to protect capital, remain profitable andmeet commitments to customers.

Notwithstanding this, the Group will continue its efforts to review, implement and monitor management action plans in addition tothe capital management plans of MAA and also the merger and acquisition of its life insurance fund, to ensure that firstly we arewell capitalised and we manage our risks well, including improvement to asset quality; and secondly our products and servicesremain innovative and competitive to meet the needs of our present and target customers.

I would also like to take this opportunity to extend our appreciation to the regulatory bodies for their continued guidance andsupport; to our valued customers, agents, business associates and the shareholders for their invaluable support, confidence andtrust they have placed in us.

Finally, I would like to thank my fellow Board members for their stewardship and contribution to the Group. Moving forward, MAA will focus on revenue growth through product innovation and distribution creation via recruiting andretaining quality agents. To remain competitive, it will roll-out innovative investment-linked plans suitable to customers in lightof the current economic condition while meeting the needs for personal protection and savings.

Equally important, MAA willcontinue to place primary emphasis on agency recruitment, training and business retention to elevate the level of professionalismand knowledge of its agents, to improve sales productivity and concurrently grow the sales force. Both motor business and non-motor premiums increased by During the year under review, the claim ratio decreased to The improvement was the result of continuousstrategic actions taken since previous years to move away from non-profitable business lines.

Notwithstanding the improvedclaims ratio, the Division recorded a higher net other operating income of RM This fair value gain of quoted investments has contributed to the turn around of the General Insurance Division with a profit beforetax of RM In , the Family Takaful registered gross contribution of RM Moving into its third year of operations, MAA Takaful has formulated strategies towards achieving optimised internal processesand systems, while expanding product offering to ensure that customers attain ultimate benefits in terms of efficient servicesand superior products.

MAA Takaful will continue to roll out extensive training programmes for its agency force to enhanceprofessionalism and productivity. Despite the current challenging economic environment and stiff market competition, MAA Takaful endeavors in rolling outnew innovative products, expanding its customer base, recruiting quality and productive agency force and establishing newdistribution channels. Meanwhile, the value of assets under management by fund managersgrew by SEquity Fund during the year with a total initial approved fund size of million units, bringing the total funds under managementto twenty four In its continuing efforts toprovide the agents and unit holders the leading edge tools to plan, monitor and manage the performance of the unit trustinvestments from anywhere, at anytime, via internet connection, MAA KL has further enhanced its award-winning investmentplanning software, namely MAA KL Home Office with the launch of the third version during the year.

The management proactive strategies to build and strengthen its infrastructure, agency force and distribution network will help toposition MAA KL to expand further along with the improvement in market investment conditions. The company recorded a lower loss before tax of RM1. For the fifth consecutive year, both the general insurance business in Indonesia and the Philippines contributed positively to theresults of the Group , whilst the life insurance business in Indonesia also registered profit for the fifth consecutive year.

The profit arose mainlyfrom unrealised foreign exchange gain on seed capital invested into the Euro and Dollar funds as a result of appreciation ofPeso against Euro and Dollar currencies. The unit trust industry in the Philippines has predominately been monopolised by banksand other established players that have built their capital base. With the limited resources, the Group has not been successful inestablishing its footage in the unit trust sector in the Philippines.

Since , the Group has scaled down its operations in the unittrust business in the Philippines for reasons of costs containment and business viability. Towards this end, the Group has been onthe lookout for interested partied for possibility of divestment of its investment in the unit trust business in the Philippines. The profit arose mainly from a fair value gain of AUD4.

CCAU commenced operations in to carry out the business of retail mortgage lendingand loan securitisation in Australia. The statement below sets out how the Companyhas applied the Principles and the extent of its compliance with the Best Practices under the Code throughout the financial yearended 31 December A brief profile of each of theDirectors is presented separately in the Annual Report.

The Independent Non-Executive Directors provide an unbiased and independent view, advice and judgement to takeinto account the interest, not only of the Group but also of shareholders, employees and communities in which the Group conducts business. The Board met 9 times during the financial year ended 31 December The details of the attendance by each of theDirectors for the financial year ended 31 December are as follows:Members of the Board No.

The Board has unrestricted access to timely and accurate information, which is not only confined to qualitative andquantitative information, but also to other information deemed suitable such as customer satisfaction, products andservices quality, market share and market reaction and macro economic performance. The Directors are regularly updated on new statutory as well as regulatory requirements relating to the duties andresponsibilities of Directors and the operations of the Group.

In selecting a suitable candidate, the Nomination Committee takes into account of the size of the Board with a viewof determining the impact of the number upon its effectiveness, the available vacancy due to retirement or death ofa Director and the required mix of skill, expertise and experience required for an effective Board. The final decision onthe appointment of a candidate recommended by the Nomination Committee rests with the whole Board.

In makingits decision, the Board is guided by a comprehensive Procedure for the Appointment and Removal of Directors, whichit previously adopted. The Board has also implemented a mechanism for the formal assessment on the effectiveness of the Board as a wholeand the contribution of each Director to the effectiveness of the Board. This assessment has been carried out for thefinancial year ended 31 December During the financial year ended 31 December , the Directors have attended and participated in variousprogrammes and forums which they have individually or collectively considered as relevant and useful in contributingto the effective discharge of their duties as Directors.

The remuneration of Directors is decided by the Board on the recommendation of the Remuneration Committee. Non-Executive Directors are evaluated based on their responsibilities and experience and the sizeof the particular companies they participate in. The Board Committees operate on Terms of Reference approved by the Board and makeregular reports to the Board on their activities.

The details of the Board Committees are as follows The principal duties and functions ofthe Audit Committee are as follows:- a to consider the appointment of the External Auditor, the audit fee and any question of resignation or dismissal; b to discuss with the External Auditor before the audit commences, the nature and scope of audit, and ensure coordinationwhere more than one audit firm is involved; c to review the quarterly and year-end financial statements of the Board, focusing particularly on:- i ii any change in accounting policies and practices;significant adjustments arising from the audit; iii the going concern assumption; and iv compliance with accounting standards and other legal requirements.

The activities of the AuditCommittee for the financial year ended are as set out in the Audit Committee Report. The Nomination Committee meets at least once a year, with additional meetings convened as necessary. TheNomination Committee met 2 times during the financial year ended 31 December The primary duties andfunctions of the Remuneration Committee are as follows:- a recommending a policy and framework for determining the remuneration of Directors, Chief Executive Officer andkey senior officers; and b recommending specific remuneration packages for Directors, Chief Executive Officer and key senior officers.

The Remuneration Committee meets at least once a year, with additional meetings convened as necessary. TheRemuneration Committee met once during the financial year ended 31 December A Risk ManagementCommittee was established on 29 May to evaluate the principal risks affecting the Company and the Group , assessthe sufficiency of controls to minimise those risks and if necessary recommend a particular risk to be terminated.

The Risk Management Committee met 4 times during the financial year ended 31 December A Communication Policy was also implemented to facilitate effective communicationbetween the Company and its shareholders, stakeholders and to the public in general. The Company holds Investors Briefing every half yearly to update institutional shareholders on the development ofthe Group and invites questions from the floor. The Group publishes full financial statements annually, half yearly and quarterly as required by the Listing Requirements.

Before financial statements are released to Bursa Securities, the financial statements are reviewed by the AuditCommittee and approved by the Board. The system of internal control covers not only financial controls but also controls relating to operations, compliance andrisk management.

The system of internal control, by its nature, can only provide reasonable and not absolute assurance against materialerrors, frauds or losses occuring. A sound system of internal controls can only operate within a defined organisational and policy framework. Themanagement framework of the Company clearly defined the roles, responsibilities and reporting lines of each businessunits and support units. Delegations of authority, control processes and operational procedures are documented anddisseminated to staff.

While all employees have a part to play in upholding the system of internal control, the Companyhas established certain sections to provide independent oversight and control. Internal AuditThe internal audit function is performed by the Internal Audit Department which is independent of the activities it auditsand is performed with impartiality, proficiency and due professional care.

Theinternal audits include evaluation of the processes by which significant risks are identified, assessed and managed. It further monitors the quality of legal services provided by external solicitors and acts as a liaison between theManagement and the external solicitors. The Compliance function has specific accountability for instilling and maintaining a strong compliance culture andframework within the Group.

Risk ManagementThe Risk Management Department assists the Risk Management Committee in instituting an enterprise risk managementframework and infrastructure for the Company and the Group. It further acts as a liaison between the Business Units andthe Risk Management Committee in the reporting of key risks of the Company and the Group.

It is a policy of the Audit Committee to meet with the External Auditors at least twice a year to discuss their auditplan, audit findings and the financial statements. The Audit Committee also meets with the External Auditors without thepresence of the Management whenever it deems necessary.

The Group has implemented an on-going process of identifying, evaluating, monitoring and managing ofrisks that may affect the achievement of its business objectives. The on-going application of an integrated enterprise wide riskmanagement framework is aimed at enhancing the internal control by ensuring that risks related to the Group are managedthrough a systematic and consistent risk management process. Accountability and ResponsibilitiesThe Company believes that clear accountability and responsibilities are crucial for the management of risks.

The risk managementframework is premised with three lines of defence that serves as the guiding principles within the Group The Head of Business Units i. The Business Units are responsible to ensure the execution of appropriate risk reduction action plans. The priority should beaccorded to mitigate high and significant risks in order to ensure that their day-to-day business activities are carried outwithin acceptable risk level.

The Risk Management team facilitates in assessingthe adequacy of the internal control systems. The Board through the Risk Management Committee is ultimately responsible for effective risk oversight andframework within the Group. The Risk Management Committee determines the remit, roles, resources and structurefor risk management functions operate effectively and efficiently.

Risk Management ProcessThe Company has established within its risk management framework a structured approach to enterprise wide risk management. The risk management process encompasses the following four 4 stages Risk EvaluationIn this stage, risks identified are evaluated on their probability of occurrence and their impact severity.

It is at this stage thatthe risk profile for each risk is established. Risk TreatmentThis is the stage where each risk is treated according to the risk appetite of the Business Units. The risks can be acceptedor minimised or transferred or terminated.

Risks are accepted if they are within risk tolerance limits and the controls aresufficient to mitigate the risks. Risks will be minimised if they are within risk tolerance limits and controls can be implementedto minimise the risks. In the case where the risks are not within tolerance limits but the function is important to the businessoperations, the risk will be transferred to a third party through outsourcing.

Where the risks are not within tolerance limitsand the function is not crucial to the business operations, the function will be terminated and discontinued. The progress on the implementation of risk policies arereported to the Risk Management Committee from time to time. The Internal Audit Department of the Company play acrucial role in monitoring compliance with the risk management policies and action plans.

The new Framework establishes an organised and integrated approach to support the alignment of the strategy, process,people and technology. The Senior Management of the Business Units are guided by the underlying risk appetite principles in assessing trade-off betweenrisks and returns, define risk tolerance boundary and stress level, evaluation and measurement of risks. This enhances theeffectiveness in detecting significant risk and alerts the Senior Management to take preventive or corrective actions.

The Group Risk Management Department will ensure consistent risk management practices and principles are applied within thegroup of companies, both local and foreign subsidiary companies. With the implementation of the new Strategic ERM Framework, the Group is paving the process to improve the overall risk sensitivityof the capital adequacy framework among the subsidiary companies. This will enhance effectiveness in evaluation of newproduct pricing, underwriting, capital management and strategy formulation.

This exclusion is made pursuant to paragraph However, the system is designed to managerather than eliminate the risk of failure to achieve business objectives. It can therefore only provide reasonable and not absoluteassurance against material misstatement of financial statements or financial losses due to fraud. The Board, through assistance of the Management, has ensured that there is an on-going process for identifying, evaluating,monitoring and mitigating significant risks that may adversely affect the Group.

It has also regularly reviewed the system whichencompassed compliance and management information system, during the financial year to ensure that the Group was able torespond appropriately to changes in the business environment and regulatory requirement. Accordingly, theManagement has adopted Enterprise Risk Management Framework which outlined the vision, mission, policy, structure,responsibilities, processes and corporate risk scorecard.

The framework provides the Board and the Management with a tool toanticipate and manage both existing and potential risks, and the risk profiles were regularly updated to account for changes inbusiness environment, law and regulatory requirement throughout the year. The Board has delegated the responsibility of reviewing the effectiveness of risk management system to the Risk ManagementCommittee, whose authority and responsibility is clearly defined in the terms of reference.

The Group Risk Management functionmonitors and evaluates the system on an ongoing basis and reports to the Risk Management Committee on a quarterly basis. The Chief Risk Officer has communicated the requirement of the framework and trained respective Risk Champion appointed atvarious business and support units to update risk profiles continuously. Business Committee, Investment Committee, Governance Working Committee, Human ResourceCommittee, Information Technology Steering Committee, Risk-Based Capital Committee and Credit Committee are alsoestablished within its term of reference to manage and report on business operation, governance and compliance matters on amonthly or quarterly basis.

It serves to ensure compliance with internal controls, laws and regulations. Regular reviews and updateshave been performed in line with changes in business environment, statutory and regulatory requirements to ensure its relevanceand effectiveness. All the policies and procedures issued during the year have been reviewed by Legal, Compliance, RiskManagement and Internal Audit function before submission for approval.

Annual Business Plan and Performance ReviewRespective business units submits their business plan and budgets to the Board for approval before commencement of a financialyear. Actual performances would be reviewed against the budgets by the Management Committee on a monthly basis thereaftermanagement action plan would be timely carried out.

The Board also reviews the business performance reports and compliancereport from the Management on a quarterly basis, to ensure that the business has been managed according to the corporatestrategies and goals within the regulatory requirements. Internal AuditThe Internal Audit function conducts operational, financial and information system control audit on branches and subsidiarieswithin the Group in accordance with annual audit plan approved by the Audit Committee. The Directors are also responsible for ensuring that the annual audited financial statements of the Company and the Group areprepared with reasonable accuracy from the accounting records of the Company and the Group so as to give a true and fairview of the state of affairs of the Company and the Group as at 31 December In preparing the annual audited financial statements, the Directors have: a applied the appropriate and relevant accounting policies on a consistent basis; b made judgements and estimates that are reasonable and prudent; and c prepared the annual audited financial statements on a going concern basis.

The Committee met according to the schedule of at least onceevery quarter. Notice of meetingwas given to the Audit Committee members accordingly and minutes of meetings were distributed to the Board members andthe Audit Committee Chairman reports to the Board. The Company Secretary, Ms. In response to requirement of revised Malaysian Code of Corporate Governance, the Audit Committee has met twice with theexternal auditor without the presence of the Executive Board members and Senior Management team.

No alternate Director shall be appointed as a member of the Audit Committee. In the event of any vacancy in the Audit Committee resulting in the number of members being reduced to below three 3 , theCompany must fill the vacancy within three months. The Board of Directors must review the term of office and performance of the Audit Committee at least once every three 3 yearsto determine whether the Audit Committee has carried out their duties in accordance with their terms of reference. MeetingsThe Audit Committee meetings shall be conducted at least four 4 times annually, or more frequently as circumstances dictate.

Other Board members and employees may attend meetings upon invitation of the Audit Committee. TheCommittee should meet with the External Auditors without Board members present at least twice every year. The Secretary shall be responsible for drawingup the agenda in consultation with the chairperson and shall be responsible for keeping the minutes of the meeting of theAudit Committee, circulating them to committee members and ensuring compliance with regulatory requirements.

To review the adequacy of the scope, functions, resources and competency and ensure that it has the necessaryauthority to carry out its work;ii. To assess internal audit programmes, processes, results of the audit and whether or not appropriate action has beentaken on the recommendations;To evaluate the appraisal on performance and remuneration of Internal Auditors; andTo approve the appointment or termination of Chief Audit Executive and take cognizance of resignation of senior staffmembers.

To consider the appointment of the External Auditor, the audit fee and any question of resignation or dismissal and makerecommendations to the Board;ii. To assess the objectivity, independence, competency and effectiveness of the External Auditors;To review with the External Auditors, the audit scope and plan, major audit findings raised by the external auditorsincluding finding on their evaluation on the system of accounting control;To ensure adequate assistance given to External Auditors without any restrictions on the scope of work or access torequired information;v.

To monitor and approve non-audit services provided by External Auditors. Changes in accounting policies and practices;ii. Significant adjustments arising from the audit;iii. Going concern assumptions and unusual events; andiv. Compliance with applicable accounting standards and other legal and regulatory requirements. Total cost incurred for maintaining Internal Audit function was approximately RM1. GIAD assists the Board, Audit Committee and Senior Management in discharging their duties and responsibilities by providing anindependent and objective assurance on the adequacy and effectiveness of the internal control system, risk management andgovernance processes.

The annual audit plan was developed based on assessment of the significance of potential risk exposureof respective auditable areas. The audit scope covers operational, financial, compliance and information system control. It seeksto ensure that internal controls embedded in respective business processes are adequate and effective in mitigating associatedrisks to the level acceptable to the Management. The results of the audit are reported to the Audit Committee on a quarterlybasis to highlight major audit internal control issues with significant risk exposure and effectiveness of the existing mitigating internalcontrols.

Follow-up audit would also be carried out to report on the progress of implementation of audit recommendations to theAudit Committee. Our agents,consultants and staff, form a vital component of our organisation. Mandatory training programmesfor the staff are planned to enhance and augment skills and competencies at all levels. Training is organised internally.

The purpose of the training was to provide MAA T Consultants with technicalknowledge which covers the basic understanding of conventional Insurance and Takaful, the Takaful Act and updates inthe Takaful industry. Depending on theyears of service rendered, some of the benefits include Education incentives and reimbursements, loans for Education andHousing, Industrial Training opportunities, Outpatient medical expenses, retirement gratuity, Sports Club membership andTerm Life Insurance cover.

Numerous activities were held throughout the year for its members. The HeadOffice has a well-equipped gymnasium and swimming pool. Members also enjoy free yoga lessons and aerobic sessions. Employee Communications Channels MAA staff is amongst the few in an insurance industry who enjoy a unionised structure, both at the clerical and executivelevels. There are continuous and open channels of communications between Management and committee members ofboth Unions. Staff also has access to the Industrial Relations Officer in the HR department to discuss issues pertaining to theirwork.

In , a new dimension was added when elements of innovation and creative problem solving were included in theprojects. We believe that the true spirit of givingand caring, goes beyond just donations. In , MAA took it as an honour to be part of thisinitiative. Each year, companies are required to develop joint-activities with these schools which are regularlymonitored by BNM.

The objective is to expose thestudents to the business and finance articles to ensure a more financially-savvy generation is created. With this contribution, Budimas was able to continue with itsmission to help care and feed over children in 10 homes throughout Malaysia. A total of seven 7 joint fund-raising activitieswere undertaken by MAA in support of Budimas in Today, there are 12 satellitedialysis centres nationwide providing treatment at hugely subsidised fees.

The event was officiated bythe Patron of the Fund, D. The event was officiated by Y. MAA is of the firm opinion that many important stakeholders are found in the marketplace; our shareholders, suppliers andcustomers; various organisations, governmental bodies and regulatory bodies. We believe in interacting responsibly with these stakeholders by developing good products with excellent support service as wellas engaging in ethical procurement practices. The principal activities of the Group consist of general and life insurance businesses, family takaful and all classes of general takaful businesses, investmentholding, hire purchase, leasing and other credit activities, unit trust, property management, fund management and investmentadvisory, security and consultancy services.

There have been no significant changes in the nature of these activities for the Group and the Company during the financial year. None of the other Directors in office at the end of the financial year held any interest in shares in, or debentures of, the Companyor its related corporations during the financial year.

At the date of this report, the Directors are not aware of any circumstances: a b c which would render the amounts written off for bad debts or the amounts of the allowance for doubtful debts in the financialstatements of the Group and Company inadequate to any substantial extent; orwhich would render the values attributed to current assets in the financial statements of the Group and Company misleading;orwhich have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group andCompany misleading or inappropriate.

No contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve monthsafter the end of the financial year which, in the opinion of the Directors, will or may affect the ability of the Group or the Companyto meet their obligations when they fall due. For the purpose of the above paragraph, contingent or other liabilities do not include liabilities arising from contracts of insuranceunderwritten in the ordinary course of business of the insurance subsidiary companies of the Company.

At the date of this report, there does not exist: a any charge on the assets of the Group or Company which has arisen since the end of the financial year which secures theliability of any other person; or b any contingent liability of the Group or Company which has arisen since the end of the financial year.

At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or the financialstatements which would render any amount stated in the financial statements misleading. On 17 November , the Company announced that after further negotiations, the headline price was revised to RMmillion subject to adjustments.

The revised headline price was arrived at after taking into consideration the standalonevalue of the General Insurance Business without a strategic co-operation arrangement on the takaful business with MAA Takaful. An application in respect of the revised terms of the Proposed Disposal was submitted to BNM for approval. On 12 February , the Company further announced that theSC had approved the revised indicative headline price of RM million subject to adjustments for the Proposed Disposalvia its letter dated 10 February The sale was completed on 6 April Signed on behalf of the Board of Directors in accordance with their resolution dated 29 April Thisresponsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentationof financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriateaccounting policies; and making accounting estimates that are reasonable in the circumstances.

We conducted our audit in accordancewith approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.

The procedures selected depend on our judgement, including the assessment of risks of material misstatement of the financialstatements, whether due to fraud or error. An auditalso includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates madeby the Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. OpinionIn our opinion, the financial statements have been properly drawn up in accordance with MASB Approved Accounting Standardsin Malaysia for Entities Other than Private Entities and the Companies Act, so as to give a true and fair view of the financialposition of the Group and of the Company as at 31 December and of their financial performance and cash flows for thefinancial year then ended.

We do not assume responsibility to any other person for the content of this report. The principal activitiesof the Group consist of general and life insurance businesses, family takaful and all classes of general takaful businesses,investment holding, hire purchase, leasing and other credit activities, unit trust, property management, fund managementand investment advisory, security and consultancy services.

There have been no significant changes in the nature of these activities for the Group and the Company during the financialyear. The Company is a public limited liability company, incorporated and domiciled in Malaysia and listed on the Main Board ofthe Malaysia Securities Exchange Berhad.

The registered office and principal place of business of the Company are as follows:Registered officeSuite The impact of adopting this new accounting policy to the Group is disclosed in Notes 2 p , 2 q and 21 to the financialstatements. The preparation of financial statements in conformity with the FRS requires the Directors to make estimates andassumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities atthe date of the financial statements, and the reported amounts of revenues and expenses during the reported financialyear.

The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates aresignificant to the consolidated financial statements are disclosed in Note 3 to the financial statements. MAA however has sufficient assets to cover the vested guaranteed liabilities inboth the Life Par fund and Life Annuity fund as at 31 December Following the implementation of the measures stated in 1 and 2 above, the requirements of Section 41 of theInsurance Act, were subsequently met as of the balance sheet date, 31 December In addition, on 10 April , the Directors of the Company and a significant shareholder have provided undertakingsto the insurance regulatory authority that they will carry out certain merger and acquisition activities, including thepotential sale of MAA , within 12 months of the aforementioned regulatory approval.

Part of the proceeds from thisexercise will be used to inject capital into MAA to strengthen its capital base, and the repayment of borrowings asstated in Note 2 a ii to the financial statements. As disclosed in Note 2 a i above, the Directors of the Company have provided undertakings to the insuranceregulatory authority, which are subject to the consent of the lenders of the respective borrowings. The Companywill obtain the necessary consent in due course. The Directors of the Company have assessed the cash flow projections of the Company for the financial yearsending 31 December and 31 December , and are of the opinion that, there will be sufficient cash flowsto enable the Company to meet its financial obligations as and when they fall due, including full repayment of theborrowings if necessary on the basis of the successful completion of the aforementioned merger and acquisitionexercise.

Accordingly, the Directors have prepared the financial statements of the Group and the Company on a goingconcern basis. The revised standard continuesto apply the acquisition method to business combinations, with some significant changes.

For example, all paymentsto purchase a business are to be recorded at fair value at the acquisition date, with contingent payments classifiedas debt subsequently re-measured through the income statement. All acquisition-related costs should be expensed.

The Group andCompany will apply this standard from financial periods beginning on 1 January The improvement to FRS 8 effective from 1 January clarifies that entities that do not provide information about segment assets to the chief operating decision-makerwill no longer need to report this information. Prior year comparatives must be restated.

The Group and Company willapply this standard from financial periods beginning on 1 January All non-owner changes in equity will be required to be shown in a performance statement, but entities canchoose whether to present one performance statement the statement of comprehensive income or two statements the income statement and statement of comprehensive income.

Where entities restate or reclassify comparative information, they will be required to present a restated balance sheetas at the beginning comparative period in addition to the current requirement to present balance sheets at the endof the current period and comparative period. The Group and Company will apply this standard from financial periodsbeginning on 1 January and it is likely that both the income statement and statement of comprehensive incomewill be presented as performance statements.

The option of immediatelyexpensing those borrowing costs is removed. The improvement to FRS clarifies that the definition of borrowing costsincludes interest expense calculated using the effective interest method defined in FRS The Group and Companywill apply this standard from financial periods beginning on 1 January The standard also specifies the accounting whencontrol is lost.

Any remaining interest in the entity is re-measured to fair value, and a gain or loss is recognised in theincome statements. The Group and Company will apply this standard from financial periods beginning on 1 January One of theminimum criteria is that the amount of the insurance liability is subject to a liability adequacy test.

The Group will applythis standard from financial periods beginning on 1 January This FRS is not applicable to the Company. The improvement FRS 7 clarifies that entities must not present total interest income and expense as a net amount withinfinance costs on the face of the income statement.

The Group and Company will apply this standard from financialperiods beginning on 1 January The Group and Company will apply this standard fromfinancial periods beginning on 1 January Hedge accounting is permitted under strict circumstances. The amendments to FRS provide furtherguidance on eligible hedged items.

The amendments provide guidance for two situations. On the designation ofa one-sided risk in a hedged item, the amendment concludes that a purchased option designated in its entirety asthe hedging instrument of a one-sided risk will not be perfectly effective.

The designation of inflation as a hedgedrisk or portion is not permitted unless in particular situations. The amendment on reclassification of financial assetspermits the reclassifications of financial assets upon meeting certain criterias and introduces extensive disclosurerequirements relating to assets reclassified.

The improvement to FRS clarifies that the scope exemption in FRS only applies to forward contracts but not options for business combinations that are firmly committed to beingcompleted within a reasonable timeframe. The Group and Company will apply this Standard from financial periodsbeginning on 1 January Subsequent reassessment is prohibited unlessthere is a change in the terms of the contract that significantly modifies the cash flows that otherwise would berequired under the contract, in which case reassessment is required.

The amendment to IC Interpretation 9 andFRS clarifies that if an asset is reclassified under the recent reclassifications amendment, it must be assessed forembedded derivatives at the date of reclassification. The improvement to IC Interpretation 9 effective from 1 July clarifies that this interpretation does not apply to embedded derivatives in contracts acquired in a businesscombination, businesses under common control or the formation of a joint venture.

The Group and Company will apply thisstandard from financial periods beginning on 1 January FRS 5 has also been amended to require assets to be classified as held for distributiononly when they are available for distribution in their present condition and the distribution is highly probable. The Group and Company will apply this standard from financial periods beginning on 1 January The Group and Company will apply this standard from financial periodsbeginning on 1 January The Group and Company will apply this standard from financial periods beginning on1 January A consequential amendment to FRS states that cash flows arising from purchase, rental and sale of those assets are classified as cash flows fromoperating activities.

As a result, leases of land should be classifiedas either finance or operating, using the general principles of FRS The definition of return on plan assetshas been amended to state that plan administration costs are deducted in the calculation of return on plan assetsonly to the extent that such costs have been excluded from measurement of the defined benefit obligation. Reversals of impairment are recorded as anadjustment to the carrying amount of the investment to the extent that the recoverable amount of the associateincreases.

The improvementalso clarifies that where fair value less costs to sell is calculated on the basis of discounted cash flows, disclosuresequivalent to those for value in use should be made. This means that an expense will be recognised for mail order catalogues when theentity has access to the catalogues and not when the catalogues are distributed to customers.

It confirms thatthe unit of production method of amortisation is allowed. Where the fair value model is applied, such property is measured at fair value. However,where fair value is not reliably measurable, the property is measured at cost until the earlier of the date constructionis completed and fair value becomes reliably measurable.

It also clarifies that if a valuation obtained for aninvestment property held under lease is net of all expected payments, any recognised lease liability is added backin order to determine the carrying amount of the investment property under the fair value model. The Group andCompany will apply this improvement from financial periods beginning on 1 January The existence and effect of potential voting rights that are currentlyexercisable or convertible are considered when assessing whether the Group controls another entity.

Subsidiarycompanies are consolidated from the date on which control is transferred to the Group and are de-consolidatedfrom the date that control ceases. Under the merger method of accounting prescribed by MAS 2, the results of the subsidiary companies are presentedas if the merger had been effected throughout the current and previous financial years. On consolidation, thedifference between the carrying values of the investment in the subsidiary company over the nominal value of theshares acquired is taken to merger reserve.

Accordingly, business combinations entered into prior to 1 January have not been restated tocomply with this Standard. In addition, FRS 3 requires business combinations to be accounted for using purchaseaccounting method. Under the purchase method of accounting, the results of subsidiary companies acquired or disposed off duringthe financial year are included from the date of acquisition up to the date of disposal. The cost of acquisition ismeasured at the fair values of the assets given, equity instruments issued and liabilities incurred or assumed at thedate of exchange, plus costs directly attributable to the acquisition.

Identifiable assets acquired and liabilities andcontingent liabilities assumed in a business combination are measured initially at their fair values at the acquisitiondate, irrespective of the extent of any minority interests. If the cost of acquisition is less than the fairvalues of the net assets of the subsidiary company acquired, the difference is recognised directly in the incomestatements. Intragroup transactions, balances and unrealised gains on transactions between Group companies are eliminated.

Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accountingpolicies of subsidiaries have been changed to ensure consistency of accounting policies with those of the Group. The Group applies a policy of treating transactions with minority interest as transactions with parties external tothe Group.

Disposals to minority interest result in gains and losses for the Group that are recorded in the incomestatements. Purchases from minority interest result in goodwill, being the difference between any considerationspaid and the relevant shares acquired of the carrying values of net assets of the subsidiary company.

Significant influence is the power toparticipate in the financial and operating policy decisions of the associated companies but not control over thosepolicies. Investments in associated companies are accounted for in the consolidated financial statements usingthe equity method of accounting.

Thecumulative post-acquisition movement in reserves is adjusted against the carrying amount of the investment. Where necessary, in applying the equity method, adjustments aremade to the financial statements of associated companies to ensure consistency of accounting policies with those ofthe Group. Dilution gains and losses in associates are recognised in the income statements.

For incremental interest in associated company, the date of acquisition is the date at which significant influence isobtained. Goodwill is calculated at each purchase date based on the fair values of assets and liabilities identified. Thepreviously acquired stake is stepped up to fair values and the share of profits and equity movements for the previouslyacquired stake are not recognised since they are embedded in the step-up.

Costs include expenditure that is directly attributed to the acquisition of the asset. Land and buildingsare shown at fair values, based on periodic, but at least triennial, valuations by external independent valuers, lesssubsequent depreciation and impairment losses.

The Group may perform additional valuations during the interveningperiods where market conditions indicate that the carrying values of the revalued assets are materially higher than themarket values. All other property, plant and equipment are statedat cost less accumulated depreciation and impairment loss. The carrying amount of the replaced part is derecognised. Surplus arising on revaluation are credited to revaluation reserve.

Any deficit arising from the revaluation is chargedagainst the revaluation reserve to the extent of a previous surplus held in the revaluation reserve for the same asset. Freehold land is not depreciated as it has an infinite life. Assets under construction are not depreciated until they areready for their intended use. Other property, plant and equipment are depreciated on a straight line basis to write offthe cost of the assets, or their revalued amounts, to their residual values over their estimated useful lives.

At each balance sheet date, the Group assesses whether there is any indication of impairment. If such indicationsexist, an analysis is performed to assess whether the carrying amount of the asset is fully recoverable. A write down ismade if the carrying amount exceeds the recoverable amount. See accounting policy Note 2 h on impairment ofnon-financial assets. Investments properties are initially stated at cost including related and incidental expenditure incurred and aresubsequently carried at fair values.

Fair value is based on active market prices, adjusted if necessary, for any differencein the nature, location or condition of the specific asset. If this information is not available, the Group uses alternativevaluation methods such as recent prices on less active markets or discounted cash flow projections.

The fair values ofinvestment properties are reviewed annually, and a formal valuation by an independent professional valuer is carriedout once in every three years or earlier if the carrying values of the investment properties are materially higher than thefair values. Property located on land that is held under an operating lease is classified as investment property as long as it is heldfor long term yields and is not occupied by the Group.

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