PETALING JAYA: Syarikat Takaful Malaysia Bhd’s (STMB) first-quarter net profit to March 31 rose 0.29% to RM46.62mil on the back of a 12.58% jump in revenue to RM633.25mil.
The almost flattish earnings was mainly attributable to a lower tax expense, which was partially offset by a lower net investment income, said the company in a filing with Bursa Malaysia.
Meanwhile, the higher revenue was contributed by higher sales generated by both the family takaful and general takaful business.
Earnings per share increased to 5.71 sen from 5.67 sen previously.
For the period, the company’s cash position improved to RM666.2mil from RM547.31mil in the same quarter the previous year. “For 2016, STMB will continue its value proposition of rewarding its customers with a 15% cash-back for general takaful products and establish a strong foothold in the local insurance and takaful arena as the preferred choice for insurance,” STMB told Bursa Malaysia.
Through its extensive range of products and services, STMB said it continued to be the market leader in the group family takaful business.