Labuan release full analysis of 2022 growth
The Labuan International Business and Financial Centre (Labuan IBFC)’s Market Report 2022 has been released, updating its year-end 2022 figures and providing analysis of the state of the market.
“We are pleased to note a significant increase in the incorporation of Labuan companies, with a 17% y-o-y increase to 532 from 455 previously,” the Labuan IBFC announced. “This double-digit growth in the jurisdiction’s standard barometer for business activity signifies market recovery for Labuan IBFC as a whole.
The Labuan insurance industry experienced a rally, with underwritten premiums recording a five-year high of $1.7 billion and underwriting margin rebounding by 19.5%. This contributed to the sector’s profitability growing by 6% to $216 million.
Labuan captives experienced growth, with five new entrants approved to underwrite agricultural risks and fire-related perils, bringing the total number of captives to 67. Total gross premiums for the captive sector recorded an increase to $570.9 million.
The reopening of international borders post pandemic lead to a revival of the leasing and capital market sectors. Seven new entities were approved for fund managers and securities licenses, bringing the total number to 45 and 23 respectively, while 18 new leasing companies were approved, involving 144 new leasing transactions.
Datuk Iskandar Mohd Nuli, executive chairman / chief executive of Labuan IBFC, said: “Labuan IBFC will continue promoting the jurisdiction’s key propositions as outlined in the Labuan IBFC Strategic Roadmap 2022-2026 via masterclasses, briefings and seminars. We will also continue to ensure our presence at key regional marketing events as well as sign MoUs with select partners for market development purposes.”