Malaysia: Syarikat Takaful's profit before tax & zakat up 12.3% to $27.7 mln in 1H
Source: Middle East Insurance Review | Oct 2017
Syarikat Takaful Malaysia Bhd Group, a unit of BIMB Holdings Bhd, posted a profit before tax and zakat of MYR131.6 million in the first six months of financial year 2017, up 13.2% from MYR116.3 million (US$27.7 million) in the same period last year, thanks to higher net wakalah fee income.
The takaful operator’s operating revenue grew by 4.5% to MYR1.14 billion during the six months of the financial year, owing to higher sales generated by both family and general takaful businesses.
Family takaful generated gross earned contributions of MYR645 million compared to MYR599.6 million in the corresponding period of last year, attributable mainly to higher sales from family takaful mortgage-related products.
General takaful recorded gross earned contributions of MYR272.8 million compared to MYR257.5 million in the corresponding period of last year, mainly from fire and motor classes.
BIMB CEO Khairul Kamarudin said Syarikat Takaful will continue to emphasise on four core areas of customer reach, operational agility, cost competitiveness and stakeholder confidence to increase its overall market shares and improve shareholders’ value.
He added that Syarikat Takaful will also undertake an enhanced approach to its distribution channel by accelerating digital initiatives to optimise its operations and marketing activities.
“Syarikat Takaful 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,” he was quoted as saying. M
MYR1 = US$0.24