Takaful Malaysia Revenue Rises 8% To RM1 8b

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1. Publication Date Headline sme .org.my Section/Page No. Friday, 1 April 2016 Lead Article Takaful Malaysia Revenue Rises 8% To RM1.8b Online PETALING JAYA: Syarikat Takaful Malaysia Bhd saw its operating revenue rise 8% to RM1.79 billion for the financial year ended Dec 31, 2015, mainly due to higher sales from family takaful business, better underwriting results and higher Wakalah fee income. The company’s profit after tax and zakat grew 17.7% to RM163.3 million, from RM138.7 million in the previous financial year, with a return on equity of 24.5%. “Despite the challenging economic scenario and ongoing domestic industry restructuring, Takaful Malaysia recorded a positive top and bottom line growth in 2015,” its group managing director Datuk Seri Mohamed Hassan Kamil said in a statement yesterday. “We continue to further penetrate the corporate sector and increase our market share in the group family takaful and general takaful business,” he added, saying the company’s total asset size increased 5% to RM7.5 billion. Mohamed Hassan said the company has been actively looking into various strategic partnership collaborations and initiatives to increase its market share. He said the company also consistently promotes its proposition of rewarding customers with a 15% cash back for no claims to boost its general takaful business. Last year, Takaful Malaysia paid out a total RM31 million, via the 15% cash back privilege. “Takaful Malaysia also registered another sturdy performance in underwriting activities as a result of our prudent assessment of underwriting risks. “We recorded the highest growth in the employee benefit products as a result of the company’s aggressive initiatives in expanding its leadership position in the market share of the employee benefit business,” he said. On prospects, Mohamed Hassan said the company is cautiously optimistic of recording positive top and bottom line growth this year, as it continues to emphasise the four core areas of customer reach, operational agility, cost competitiveness and stakeholder confidence. Furthermore, he said the company will strengthen its vibrant image through various advertising channels and marketing activities to achieve greater brand visibility, apart from enhancing its product offerings in remaining the best solutions for Malaysians’ insurance needs.