KUALA LUMPUR: Syarikat Takaful Malaysia Keluarga Bhd
(Takaful Malaysia) is broadening its portfolio beyond its core strengths in credit-related products and motor takaful by introducing individual life protection offerings.
The family takaful operator said in a statement that the forward-looking move aligns with sustainable living trends and positions Takaful Malaysia to capture new growth opportunities in emerging customer segments.
The group is set to expand its general takaful business beyond motor coverage, identifying significant opportunities to strengthen its presence and gain a competitive edge in a segment with only four active players by offering comprehensive non-motor takaful solutions such as fire, solar, personal accident and other asset protection products.
Group chief executive officer Nor Azman Zainal said these initiatives reflect the company’s proactive approach to future-proofing Takaful Malaysia.
"By investing in innovation, expanding distribution, and diversifying our product mix, we are positioning the group for sustained earnings growth and long-term shareholder value creation.
"Equally, our unwavering focus on strengthening market share will be a key driver in supporting sustainable profitability and maintaining positive market sentiment,” he said.
At the same time, Takaful Malaysia is venturing into the family retail market with a focus on life protection and critical illness coverage, a segment that offers vast potential given its low penetration rate of about 21 per cent.
As part of its strategic expansion, the group is also reaching customers directly through its digital platform, Kaotim, offering Malaysians competitive, comprehensive and affordable online protection plans.
In a major milestone, Takaful Malaysia has secured an exclusive 20-year bancatakaful partnership with RHB Islamic Bank - one of the most significant long-term collaborations in the Malaysian takaful industry.
The agreement grants Takaful Malaysia sole rights to distribute its family and general takaful solutions across RHB’s extensive branch network, while also tapping into RHB’s wealth management clientele.
The partnership further reinforces the group’s leading position in bancatakaful and provides a strong foundation for recurring revenue growth over the next two decades. - Bernama
