The first takaful operator in Malaysia, posted a 22% increase in profit after zakat and tax of RM93.9 million for the first quarter ended 31 March 2023
Federal Territory of Kuala Lumpur, Malaysia, August 3, 2023 -- Syarikat Takaful Malaysia Keluarga Berhad (“Takaful Malaysia” or “Takaful Malaysia Keluarga”), the FIRST takaful operator in Malaysia, posted a 22% increase in profit after zakat and tax of RM93.9 million for the first quarter ended 31 March 2023 compared to RM77.0 million recorded in the same period of the previous year. This is the first time Takaful Malaysia has published its financial results based on MFRS 17.
Nor Azman Zainal, Group Chief Executive Officer of Takaful Malaysia, said, “We posted a profit before zakat and tax of RM129.6 million for the first quarter ended 31 March 2023, higher by 19% compared to the same period of the previous year of RM109.1 million, mainly attributable to higher profit from fixed income investment assets and lower fair value loss on investment assets. Our family takaful business generated takaful revenue of RM232 million for the quarter under review, higher by 17% compared to RM199 million in the same period last year, mainly attributable to the higher amount charged for takaful coverage.”
Group CEO of Takaful Malaysia, Nor Azman Zainal
“Our general takaful arm, Takaful Malaysia Am, recorded takaful revenue of RM291.4 million for the first quarter of 2023, 25% higher compared to RM232.6 million registered in the same period last year. The higher takaful revenue was mainly attributable to higher contribution income from the fire and motor takaful classes of business,” said Nor Azman Zainal.
At a glance
- Company
- Syarikat Takaful Malaysia Keluarga Berhad
- Announcement
- Earnings
- Location
- Federal Territory of Kuala Lumpur, Malaysia
Key figures
- Profit after zakat and tax
- RM93.9 million
- Increase in profit after zakat and tax
- 22%
- Profit before zakat and tax
- RM129.6 million
- Family takaful revenue
- RM232 million
- Family takaful revenue increase
- 17%
- General takaful revenue
- RM291.4 million
People
- Nor Azman ZainalGroup Chief Executive Officer
Products and programs
On the net investment income, Takaful Malaysia Keluarga registered RM83.9 million, which increased by RM45.1 million from RM38.8 million recorded in the same quarter of the previous year, mainly due to higher profit income from fixed-income investments and lower net fair value losses on financial assets. Takaful Malaysia Am’s net investment income for the similar quarter of the year under review increased by RM5.4 million from RM7.8 million recorded in the same period of the preceding year to RM13.2 million, attributable to higher profit income from fixed-income investments.
“We strive to maintain market leadership in our traditionally strong credit-related products, employee benefits and treasury segments, which will continue to perform and generate business growth. We simultaneously leverage healthy growth with our bank partners to sustain our market leadership in the bancatakaful business portfolio, focusing on developing the advisory family takaful business and further penetrating the retail consumer market. Our general takaful arm will continue to be an imperative growth area, reinforced by our multi-distribution strategy and a robustly growing demand for online motor takaful products. In addition, we strengthen our corporate agency force by retaining and recruiting high-potential corporate agents, building our online motor customer base, and penetrating other segments to grow our general takaful business,” said Nor Azman Zainal in conclusion
For mote information, please visit https://www.takaful-malaysia.com.my/
About the company: Syarikat Takaful Malaysia Berhad (“STMB”) was incorporated on 29 November 1984. In accordance with the Islamic Financial Services Act 2013 (“IFSA”), STMB separated its composite license into two (2) licensed entities on 1 June 2018. STMB, now known as Syarikat Takaful Malaysia Keluarga Berhad (“Takaful Malaysia” or “Takaful Malaysia Keluarga”) manages the Family Takaful business whilst Syarikat Takaful Malaysia Am Berhad (“Takaful Malaysia Am”) manages the General Takaful business. Takaful Malaysia Keluarga is the holding company and owns 100% of Takaful Malaysia Am, and the Company has a paid-up capital of RM167.46 million with total assets of RM13.65 billion at the Group level as at 31 December 2022. Both companies operate through the Takaful Malaysia brand with a combined network of branches in 24 locations nationwide.
Contact Info:
Name: Firdaus Nasir
Email: Send Email
Organization: Takaful Malaysia
Website: https://www.takaful-malaysia.com.my/
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In brief
Syarikat Takaful Malaysia Keluarga Berhad reported profit after zakat and tax of RM93.9 million for the first quarter ended 31 March 2023, up 22% from the same period a year earlier. The company said this was its first financial results publication using MFRS 17. Profit before zakat and tax rose 19% to RM129.6 million, which it attributed mainly to higher income from fixed-income investments and lower fair-value losses. Family takaful revenue increased 17% to RM232 million, while general takaful revenue at its subsidiary Takaful Malaysia Am rose 25% to RM291.4 million. The company also described plans to build its family and general takaful businesses, including through bank partnerships, corporate agents and online motor products.
Key takeaways
- Profit after zakat and tax was RM93.9 million, 22% higher year over year.
- Profit before zakat and tax increased 19% to RM129.6 million.
- Family takaful revenue rose 17% to RM232 million; general takaful revenue grew 25% to RM291.4 million.
- The company said these were its first financial results prepared under MFRS 17.
