TAKAFUL Nasional Sdn Bhd has projected a 31% growth in contribution from its family takaful business and 53% increase in its general takaful business for the current financial year ending March 31, 2004.
President and chief executive officer Aminuddin Mohd Desa said the projections would translate to a pre-tax profit of RM59mil for the company, compared with the RM42.8mil recorded for the year ended March 2003.
Overall, we are on track, judging by our six-month performance, he told a press conference to announce the company's 2002/2003 results in Kuala Lumpur yesterday.
He said the encouraging prospects were due to a low claims ratio compared with the industry and a better investing climate, which resulted in higher investment returns.
We had a 5.1% return last year and we should be able to yield 6.5% this year with the improved scenario of the equity market and our internal revamp of investment management, he said.
Takaful Nasional said a number of programmes had been identified to help achieve its growth forecast, including development and promotion of new products, increase professionalism of its agency force and an information technology (IT) upgrade to support the business.
Aminuddin said the company had launched two new products and two enhanced versions of existing products.
Takaful Nasional is also strengthening its agency force with trainings aimed at creating a pool of agents that are professional, efficient and competent to help it achieve its goals this year and beyond, he said.
The company has been aggressively beefing up its agency force since the beginning of the year.
Apart from new products, Takaful Nasional has installed a RM12.5mil IT system, called PentaTakaful, specifically for its family takaful business.
Being a leader in the takaful industry, Takaful Nasional strives to be the main contributor to the targeted 20% takaful share of the combined insurance and takaful market by 2010 as laid out in the financial sector master plan, he said.
He added that the company would also attempt to secure at least 6.5% market share from the current 2.8%.
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