Takaful Malaysia's 2017 net profit grew 17% to cross MYR200-mln mark
Source: Middle East Insurance Review | Mar 2018
Syarikat Takaful Malaysia’s net profit grew 17.3% y-o-y to MYR206.7 million (US$53.1 million) for the financial year ended 31 December 2017, while its operating revenue rose 6.3% y-o-y to MYR2.1 billion thanks to higher sales in both family and general takaful businesses.
In the fourth quarter alone, its net profit surged by 43.4% to MYR56.3 million due to higher net wakala fee income and lower management expenses. Quarterly revenue increased by 5.5% to MYR517.7 million.
“The group’s profit surpassed its target and, for the first time, exceeded MYR200 million since its establishment. This excellent result marks an important milestone for the group as we have been consistently recording an increasing net profit, with cumulative CAGR of 27% since the start of our Transformation Programme in 2009,” Datuk Seri Mohamed Hassan Kamil, CEO of Takaful Malaysia Group, was quoted as saying.
For 2018, Takaful Malaysia said it will remain focused on sustaining its position as the market leader in the family takaful business while seeking to expand its market share in the general takaful segment.
In addition, the takaful operator will continue to enhance its digital capability to increase its product and service accessibility to the consumers by intensifying its online marketing initiatives. It will also embark on multiple digital initiatives to further develop “customer-centric” value propositions to remain competitive in the industry. M
MYR1 = US$0.26