Nor Azman said Takaful Malaysia’s general takaful business remains one of its key growth drivers.
PETALING JAYA: Syarikat Takaful Malaysia Keluarga Bhd
aims to sustain its market leadership in the takaful industry by striving to strengthen its market presence in the credit-related products, treasury, employee benefits and general takaful business segment.
Takaful Malaysia group chief executive officer Nor Azman Zainal said the group is making great strides towards maintaining its strong foothold in the bancatakaful business.
The takaful operator also aims to capitalise on business opportunities in the advisory takaful business and further penetrate into the retail consumer market.
Nor Azman said Takaful Malaysia’s general takaful business remains one of its key growth drivers, underpinned by a multi-channel distribution strategy and constant demand for comprehensive and affordable takaful products.
The group is progressively growing its general takaful business, reinforcing its corporate agency force by recruiting high-potential corporate agents, as well as penetrating other business segments, he added.
“Ultimately, we want to keep our positive momentum to deliver sustainable value to our stakeholders and to achieve the targets set for 2023,” he said.
Being the first takaful operator in Malaysia, Takaful Malaysia delivered a resilient performance in the second quarter of 2023 (2Q23), posting a profit after zakat and tax of RM91.9mil, which was 40% higher compared to the RM65.8mil profit it posted last year for the same quarter.
Its pre-tax profit for the quarter amounted to RM131.8mil as compared to RM101.7mil in the consequent year. The 30% hike for the group’s profit before zakat and tax was attributable to the higher profit from fixed income investment assets and lower fair value loss on investment assets.
Its family takaful fund’s revenue rose to RM314.9mil in the quarter mainly due to higher revenue earned for takaful services provided.
Takaful Malaysia’s fire and motor business also posted a 25% higher revenue of RM308.3mil for the quarter.
Takaful Malaysia collected RM129.9mil in net investment income in the period, which was an increase of RM63.7mil from the previous year, mainly due to higher profit income from fixed income investments and lower net fair value losses on financial assets.
