IslamicFinance.de

Takaful Malaysia plans to introduce new product solutions to improve its growth rate. The company said it made significant investments in tools, applications and new technologies to improve operational efficiencies and customer experience. For the fourth quarter ended Dec 31, 2017, Takaful Malaysia’s net profit stood at RM56.3 million, 43.4% higher than the RM39.26 million recorded in the previours period. Revenue increased 5.5% from RM490.82 million to RM517.74 million. Its full-year net profit soared 17.3% from RM176.28 million to RM206.7 million, with revenue rising 6.3% from RM2.01 billion to RM2.14 billion. Takaful Malaysia group CEO Datuk Seri Mohamed Hassan Kamil said the group’s profit surpassed its target and for the first time exceeded RM200 million since its establishment. He added that the group takaful business and general takaful gross contribution grew 20% from the previous financial year to close at RM591 million, mainly derived from the fire and motor classes.

Syarikat Takaful Malaysia Bhd expects contributions in 2015 to grow faster than the industry average of 11 per cent, said Group Managing Director Datuk Seri Mohamed Hassan Kamil. He said the business trend and success rate in securing new customers look positive compared to the previous year especially in the Employee Benefit business, which has seen a shift from conventional to Takaful insurance. The group expects about 20 per cent growth in contributions for employee benefit from RM300 million registered last year, and aims to secure up to 600,000 policy holders, up from 400,000 recorded in 2014, said Mohamed Hasan. For the financial year ended Dec 31, 2014, the group's profit after tax grew three per cent to RM138.7 million from RM134.4 million in the previous year, while revenue decreased by 3.5 per cent to RM1.65 billion.