Takaful Malaysia's net profit slips to RM86.77mil in 1Q

KUALA LUMPUR: Syarikat Takaful Malaysia Keluarga Bhd’s (Takaful Malaysia) net profit decreased to RM86.77 million in the first quarter ended March 31, 2022 (Q1FY22) from RM101.14 million in the same quarter last year.

Revenue, however, rose to RM997.39 million from RM915.49 million previously.

In a filing with Bursa Malaysia today, the insurance company said it recorded operating revenue of RM997.4 million for the quarter, up by nine per cent as compared to RM915.5 million in the same period of the preceding year.

"The increase was mainly attributable to higher sales from both family takaful and general takaful businesses,” it said.

During the quarter, it said the family takaful business’ generated gross earned contributions grew by 11 per cent year-on-year (y-o-y) to RM531.4 million mainly attributable to higher sales from credit-related products.

It said general takaful business’ generated gross earned contributions expanded by 16 per cent y-o-y to RM252.5 million mainly attributable to motor, fire and liability class of business.

Meanwhile, Takaful Malaysia said its Indonesian operations saw operating revenue increased marginally to RM39.4 million in Q1FY22 compared with RM31.5 million in the same period of the preceding year.

It said the gross earned contribution for the period was higher at RM33.7 million as compared with RM25.1 million in the same period of the preceding year.

On prospects, Takaful Malaysia said it would continue to leverage its market-leading position in single contribution products whilst focusing on retail regular contribution products for the retail market via bancatakaful and digital distribution channels to further diversify its business portfolio.

"The group’s focus in 2022 is to further tap on the established strategic bancatakaful partnerships with leading Islamic financial institutions by introducing new savings and protection products,” it added. - Bernama