April 19, 2024

Takaful Malaysia’s 1Q net profit rises to RM93.44mil

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Syarikat Takaful Malaysia Keluarga Bhd’s (Takaful Malaysia) net profit rose to RM93.44 million in the first quarter ended March 31, 2023 (1Q FY2023) from RM77.14 million in the same quarter last year.

Revenue also increased to RM757.38 million in 1Q from RM639.52 million previously, the insurance company said in a filing with Bursa Malaysia today.

It also said its family takaful segment generated higher revenue of RM232.0 million in 1Q FY2023 from RM199.0 million in the same period last year, mainly attributable to the higher amount charged for takaful coverage.

Meanwhile, its general takaful recorded revenue of RM291.4 million in 1Q FY2023, or 25 per cent higher, as compared to RM232.6 million in the same period last year.

“The higher takaful revenue was mainly attributable to higher contribution income recorded from fire and motor class of businesses,” it said.

On prospects, the group noted that its established core businesses in bancatakaful, treasury, employee benefits and general takaful business segments continue to set a solid foothold to sustain and strengthen its leadership in the takaful industry.

“Our market leadership has been supported by our solid financial fundamentals and strong operational resilience, enabling us to continue with good business performance in the post-pandemic era.

“The group will continue to leverage on our market leadership in these core segments to support our growth strategies and expand market share,” it said.

— BERNAMA

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