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Takaful Malaysia's operating revenue grows 13% to $452 mln

Source: Middle East Insurance Review | Mar 2017

Syarikat Takaful Malaysia Bhd (Takaful Malaysia) saw its operating revenue grow by 12.6% y-o-y to MYR2,013.3 million (US$452.2 million) at the end of 2016, thanks mainly to higher sales generated by both family and general takaful lines, according to its filing with the stock exchange.
 
   During the same period, gross earned contribution rose almost 14% y-o-y to MYR1,728.5 million. 
 
   Takaful Malaysia recorded profit before zakat and taxation of MYR221.0 million in 2016, up 8.2% y-o-y. The higher profit is attributable to higher net wakala fee income.
 
   In terms of current year prospects, Takaful Malaysia said it will continue to emphasise the four core areas of customer reach, operational agility, cost competitiveness and stakeholder confidence to increase its overall market share and improve shareholders’ value. 
 
   The company is also looking to sustain its position as a market leader for the family takaful business through its extensive range of products and services. 
 
   In addition, it will enhance its distribution channel by accelerating digital initiatives to optimise its operations and marketing activities. The statement said: “The Company will actively cultivate its digital presence through an online sales portal and integrated online marketing initiatives as part of its long-term strategy to meet the growing needs of the consumers.” 
 
MYR1 = US$0.22
 
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