Takaful Malaysia Reports a 12% Year-on-Year Decline in Net Profit in 3Q 2021

Due to reduced net Wakalah fee income, Syarikat Takaful Malaysia Keluarga (Takaful Malaysia) reported a 12% decline in net profit to MYR 72.6 million (USD 17.2 million) for the third quarter ended the 30th of September 2021 (3Q 2021), from MYR 82.6 million (USD 19.6 million) a year before. No dividend was declared for the quarter.

Why it Matters?

According to Takaful Malaysia, as the recovery of economic activity takes time, job security remains heightened, and consumers are more cautious with their spending during COVID-19 pandemic. it will remain vigilant and cautious in managing operating costs, business growth and the risk profile of its portfolio.

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