Kuala Lumpur, 6 June 2023 – Syarikat Takaful Malaysia Keluarga Berhad (“Takaful Malaysia” or “Takaful Malaysia Keluarga”), the FIRST takaful operator in Malaysia, posted a 22% increase in profit after zakat and tax of RM93.9 million for the first quarter ended 31 March 2023 compared to RM77.0 million recorded in the same period of the previous year. This is the first time Takaful Malaysia has published its financial results based on MFRS 17.
Nor Azman Zainal, Group Chief Executive Officer of Takaful Malaysia, said, “We posted a profit before zakat and tax of RM129.6 million for the first quarter ended 31 March 2023, higher by 19% compared to the same period of the previous year of RM109.1 million, mainly attributable to higher profit from fixed income investment assets and lower fair value loss on investment assets. Our family takaful business generated takaful revenue of RM232 million for the quarter under review, higher by 17% compared to RM199 million in the same period last year, mainly attributable to the higher amount charged for takaful coverage.”
“Our general takaful arm, Takaful Malaysia Am, recorded takaful revenue of RM291.4 million for the first quarter of 2023, 25% higher compared to RM232.6 million registered in the same period last year. The higher takaful revenue was mainly attributable to higher contribution income from the fire and motor takaful classes of business,” said Nor Azman Zainal.
On the net investment income, Takaful Malaysia Keluarga registered RM83.9 million, which increased by RM45.1 million from RM38.8 million recorded in the same quarter of the previous year, mainly due to higher profit income from fixed-income investments and lower net fair value losses on financial assets. Takaful Malaysia Am’s net investment income for the similar quarter of the year under review increased by RM5.4 million from RM7.8 million recorded in the same period of the preceding year to RM13.2 million, attributable to higher profit income from fixed-income investments.
“We strive to maintain market leadership in our traditionally strong credit-related products, employee benefits and treasury segments, which will continue to perform and generate business growth. We simultaneously leverage healthy growth with our bank partners to sustain our market leadership in the bancatakaful business portfolio, focusing on developing the advisory family takaful business and further penetrating the retail consumer market. Our general takaful arm will continue to be an imperative growth area, reinforced by our multi-distribution strategy and a robustly growing demand for online motor takaful products. In addition, we strengthen our corporate agency force by retaining and recruiting high-potential corporate agents, building our online motor customer base, and penetrating other segments to grow our general takaful business,” said Nor Azman Zainal in conclusion.