PETALING JAYA: Syarikat Takaful Malaysia Keluarga Bhd (Takaful Malaysia), the first takaful operator in Malaysia, continued to deliver healthy performance and consistent growth for the second quarter ended June 30, 2024.
The group posted an increase in takaful revenue to RM862.5 million for the second quarter under review compared to RM717.2 million recorded in the same period last year. The growth in takaful revenue was mainly due to higher contributions recognised from family and general takaful businesses, and increased takaful coverage across both takaful businesses.
Takaful Malaysia Group CEO Nor Azman Zainal, said, “We maintained our strong foothold in the competitive insurance and takaful industry to deliver resilient financial results in the first half of the year. We registered a profit before zakat and tax of RM286.9 million for the half-year ended June 30, 2024, higher by 10% compared to the same period of the previous year of RM261.4 million, mainly attributable to higher contractual service margin release and higher profit from our general takaful business.
“In addition to strengthening our core operations in bancatakaful, treasury, employee benefits, and general takaful, we are focusing on expanding our general takaful business beyond the motor segment and diversifying our portfolio in the retail market through comprehensive and affordable product offerings to ensure sustained growth and long-term business goals.”
Takaful Malaysia’s profit after zakat and tax for the half-year ended June 30, 2024 rose to RM196 million from RM185.7 million during the same period last year.
The group recorded RM345.5 million in net investment income during the half-year ended June 30, 2024, compared with RM251.9 million for the same period last year. This was mainly due to higher net fair value gains on equity and higher profit income from fixed income investments.
Nor Azman Zainal said, “As we commemorate our 40th anniversary and as a pioneer in the country’s Islamic insurance industry, we continue to strengthen our competitive edge by expanding our retail market presence through our digital platform and brand, Kaotim, which offers a comprehensive suite of affordable and accessible protection plans.
“We drive sustainable value creation within our core business portfolios, aligning growth with environmental responsibility to deliver consistent value to our stakeholders. We are steadfast in our commitment to our digital agenda, which encompasses the integration of cutting-edge technologies, optimisation of business operations, and enhancement of the customer journey – all essential to ensuring the future sustainability of our business.”
