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Thursday March 8, 2012

Takaful M’sia sees 30% jump in revenue in FY2012

KUALA LUMPUR: Syarikat Takaful Malaysia Bhd expects a year-on-year revenue growth of 30% in financial year 2012 (FY2012), driven primarily by its Malaysian operations, said managing director Datuk Hassan Kamil.

“If you look at Malaysia for example, the average industry growth last year was about 26%-28%.

“So for us to continue to grow our market share, we need to grow faster than the percentage growth of the industry.

“We will be looking at nothing less than the industry growth rate for 2012,” Hassan told journalists yesterday at a briefing of its FY2011 financial performance.

“In the last four years we have shown very positive growth and we do hope the trend and momentum will continue for FY2012.

“We are quite optimistic that FY2012 will be a successful year for us,” he said.

Takaful Malaysia had recently reported a net profit at RM78.92mil for FY2011 on the back of revenue of RM1.35bil.

The company said it was not able to provide a year-on-year comparison for its financial performance due to a change in its financial year end to Dec 31 last year.

The company currently derives 95% of its earnings from Malaysia, selling Islamic insurance products to both the Muslim and non-Muslim markets.

In the medium to longer term, however, the insurer believes that its business in Indonesia will experience high growth due to the huge population there.

Takaful Malaysia expects its Indonesian operations to contribute at least half of its revenue and profit in the next five to seven years.

“It will be our internal Vision 2020.

“The country has Vision 2020, and we also have our own vision,” Hassan said.

“Indonesia is a very large market.

“(The potential) is like a time bomb waiting to explode because when it does grow, it will grow rapidly.

“You can see this in Islamic banking and takaful. You will see the momentum picking up in the next one to two years. Since we have been there for 15 years, we believe we are well positioned to capture this growing market,” he added.

Hassan said Takaful Malaysia was in the process of restructuring its Indonesian operations so as to simplify the shareholding structure.

“After this, the holding company will disappear and we will directly own shares in Asuransi Takaful Keluarga, the life insurance company, and Asuransi Takaful Umum, the general insurance company. In this process, some of the other shareholders of the holding company want to sell and other parties want to buy in,” he added.

However, he pointed out that Takaful Malaysia intended to hold at least 51% of the two operating companies.

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