Malaysia - Takaful Malaysia sees 30% rise in 3Q net profit
Source: Middle East Insurance Review | Nov 2016
Syarikat Takaful Malaysia has recorded a 30% jump in net profit to MYR44.9 million (US$10.7 million) for the third quarter ended 30 September, compared to MYR34.4 million a year earlier.
Revenue for the quarter rose 10% to MYR427 million from MYR389.2 million in the previous year.
The group said its improved performance for the quarter was due to higher sales generated by both the family takaful and general takaful businesses as well as higher wakalah fee income.
It said family takaful saw gross earned contributions of MYR302 million for the quarter from MYR252.43 million in the previous year, driven by higher sales from mortgage-related products.
Meanwhile, general takaful saw higher gross earned contributions of MYR121.7 million from MYR112.6 million previously, supported by growth in fire and commercial classes.
For the cumulative nine-month period (9MFY16), net profit climbed 15% to MYR137.02 million from MYR119.59 million, while revenue increased 10% to MYR1.52 billion from MYR1.34 billion in 9MFY15.
MYR1 = US$0.24