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Published: Thursday May 3, 2012 MYT 2:41:00 PM

Takaful Malaysia sees possible consolidation in industry

KUALA LUMPUR: Syarikat Takaful Malaysia Bhd says there is a possibility that there could be consolidation among small Takaful players under the risk-based capital framework.

In a statement issued on Thursday after its AGM, it said the development would be bigger but smaller players in the industry.

However, Takaful Malaysia expected this would augur well for as it could expand its market share.

For the financial year ended Dec 31, 2011, its profit after tax and zakat increased by 98.4% to RM76.4mil from a year ago.

At the AGM, the shareholders approved a final dividend of 10% single tier for FY2011 amounting to RM16.3mil.

"The significant improvement in profit is largely due to the improved investment and underwriting results along with strong business growth," its group managing director Datuk Mohamed Hassan Kamil told reporters after the shareholders meeting.

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