Takaful Malaysia grows net profit by 8%

Source: Middle East Insurance Review | Apr 2015

Takaful Malaysia registered a profit before zakat and taxation of MYR188 million (US$50.8 million) for the year ended 31 December 2014, up 8.2% y-o-y due to lower management expenses, commissions and expense reserves.

The company said its operating revenue fell 3.5% to MYR1.7 billion, mainly due to lower sales generated by family takaful business. Family takaful recorded gross earned contributions of MYR958.1 million from MYR1.09 billion a year earlier, due to lower sales from group family products.

Surplus transfer for the year under review from family takaful dropped by MYR43.6 million over the year to MYR71.2 million due to lower underwriting and investment results.

General takaful gross earned contributions rose 7.6% y-o-y to MYR457.4 million. Surplus transfer for the year from general takaful was MYR59 million compared with MYR49.3 million a year ago, mainly due to lower claims incurred.

MYR1 = US$0.27

Comment | Print

Name*

Email*

Comment*

Code Verification*

Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.