Takaful Malaysia 1Q24 net profit rises to RM102.29mil


KUALA LUMPUR: Syarikat Takaful Malaysia Keluarga Bhd’s (Takaful Malaysia) net profit for the first quarter of 2024 ended March 31, 2024 (1Q 2024), rose to RM102.30 million from RM93.44 million in 1Q 2023.

Revenue increased to RM1.02 billion from RM757.38 million previously, driven by higher revenue recorded by both the takaful and takaful service results, it said in a filing with Bursa Malaysia.

It said the takaful revenue rose 40 per cent to RM892.2 million from RM635.3 million in the same quarter last year, mainly attributable to a higher contribution of RM67 million, mainly from general takaful.

This was also attributable to the higher amount charged for takaful coverage and wakalah fees for family takaful and general takaful by RM188.6 million, and the higher contractual service margin release of RM6.7 million.

Family Takaful generated takaful revenue of RM449.6 million for 1Q 2024 which increased by 57 per cent as compared to RM286.5 million in the same period last year, mainly attributable to higher takaful revenue earned for takaful services provided.

The group continues to grow its business in a sustainable and environmentally friendly manner, and it has also committed to the Takaful industry’s initiative on Value-based Intermediary to build a Sustainable Finance Ecosystem. - Bernama

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