Malaysia: PruBSN's new business up 26%

Source: Middle East Insurance Review | Jun 2015

Prudential BSN Takaful’s (PruBSN’s) new business annual contribution equivalent (ACE) grew 26.4% to MYR340.1 million (US$94.8 million) in 2014 from MYR269.2 million the previous year, increasing its market share to 33% from 27% in 2013.

“PruBSN still leads the family takaful market in terms of new business because we are leveraging on technological advances and focused on providing customer centric solutions,” said CEO Azim Mithani in a statement.

The company is implementing a fully digitised payment infrastructure, and aims to deploy the migration in three stages this year beginning with claims payments.

PruBSN has also invested MYR1 million in its mobility platform, a tablet-based mobile solution that allows customers to purchase takaful plans using credit or debit cards.

Mr Mithani said prospects for the takaful market are positive this year with increased customer awareness as well as a growth of market offerings.

MYR1 = US$0.28

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