Takaful Malaysia FY23 net profit rises to RM346.91mil

KUALA LUMPUR: Syarikat Takaful Malaysia Keluarga Bhd’s (Takaful Malaysia) net profit for the financial year ended Dec 31, 2023 (FY2023) jumped to RM346.91 million from RM282.85 million in FY2022.

Revenue soared to RM3.45 billion from RM3.00 billion previously, driven by higher revenue recorded by both the family takaful and general takaful businesses, the insurance provider said in a filing with Bursa Malaysia.

It said the takaful revenue rose 14 per cent to RM2.94 billion from RM2.57 billion in FY2022, mainly attributable to higher contribution income of RM205.7 million, mainly from general takaful.

This was also attributable to the higher amount charged for takaful coverage and wakalah fees for both family takaful and general takaful of RM171.9 million and higher contractual service margin release of RM21.6 million.

Takaful Malaysia said its family takaful generated a takaful revenue of RM1.55 billion in FY2023, up three per cent against RM1.50 billion in the preceding year, mainly due to higher takaful revenue earned for takaful services provided.

For the fourth quarter ended Dec 31, 2023 (4Q FY2023), net profit rose to RM70.31 million from RM67.12 million in 4Q FY2022, while revenue increased to RM1.12 billion from RM1.07 billion previously.

The group said it will continue to grow its business in a sustainable and environmentally friendly manner and has made a commitment to the takaful industry’s initiative on Value-based Intermediation towards building a Sustainable Finance Ecosystem.

"Accordingly, we have adopted an integrated and inter-disciplinary approach to managing sustainability, focusing on four key areas, namely products & services, business process & culture, investment, social and community, to generate sustainable impacts on the economy, community and environment,” it said.

Takaful Malaysia has declared an interim single-tier dividend of 14 sen per ordinary share in respect of the FY2023, which was paid on Feb 2, 2024. - Bernama

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