LPI Capital Bhd is involved in the general insurance business ranging from fire and motor to marine and property insurance. LPI operates across Malaysia, Singapore, and Cambodia. The majority of its revenue (94.4%) was derived from Malaysia in 2019. Tan Sri Dato’ Sri Dr. Teh Hong Piow, one of Malaysia’s richest men, is the largest shareholder of both LPI and Public Bank Berhad. LPI relies on its agency salesforce that targets mainly corporate customers and relationship with Public Bank for its bancassurance business that serves as a wide distribution network to reach its customers. LPI continues to grow in tandem with Public Bank but faces headwinds like profit margin erosion from competition ever since the phased liberalisation of motor and fire insurance tariffs. Here are seven things I learned from the LPI Capital’s 2020 AGM: 1. Revenue increased 5.9% to RM1.6 billion year-on-year in 2019. Likewise, net profit grew 2.6% to RM322.4 million year-on-year over the same period despite rising claim costs and ongoing...