Takaful Malaysia Revenue Up 27% in Third Quarter FY2023

Kuala Lumpur, 23 November 2023 – Syarikat Takaful Malaysia Keluarga Berhad (“Takaful Malaysia”, “Takaful Malaysia Keluarga” or “The Group”), the FIRST takaful operator in Malaysia, reported resilient third quarter financial results ended 30 September 2023 to record takaful revenue of RM639.5 million, an increase of 27% compared to RM501.7 million posted in the corresponding quarter of the previous year. Takaful Malaysia’s profit after zakat and tax for the period under review rose by 25% to RM91.1 million from RM72.9 million posted in the same quarter of the previous year. 

Group Chief Executive Officer of Takaful Malaysia, Nor Azman Zainal

Nor Azman Zainal, Group Chief Executive Officer of Takaful Malaysia, said, “Our business performance for the first three quarters of the year has grown on a positive trend and continues to reinforce our overall business growth. The increase in the Group’s takaful revenue for the quarter under review was mainly attributable to higher takaful revenue earned for takaful services provided for family takaful and general takaful businesses. The Group recorded a profit before zakat and tax of RM130.9 million for the third quarter ended 30 September 2023, higher by 10% compared to RM118.7 million in the same period last year, mainly contributed by higher profit income from fixed income investments.”

“Our family takaful fund recorded takaful revenue of RM523.5 million for the third quarter under review, increased by 17% compared to RM448.5 million in the same period last year, mainly attributable to higher takaful revenue earned for takaful services provided. Our general takaful fund posted a 27% increase in takaful revenue to record RM332.7 million for the quarter under review compared to RM262.3 million registered in the same period of the preceding year. The higher takaful revenue was mainly due to higher contribution income from fire and motor business classes,” said Nor Azman Zainal.  

“We are optimistic about expanding our market share and undertaking our high-performance journey to achieve sustainable top and bottom-line growth. We expect our bancatakaful, treasury, employee benefits and general takaful businesses to continue to perform and generate business growth. 

Our success in bancatakaful business with a strong foothold is because our bank partners trust in our ability to meet and exceed their price, service and expertise expectations. We have attracted 16 banks to partner with us, which is a testimony of our success in delivering our partnership value to grow business together. We work closely with our bank partners in penetrating the existing market segments and exploring new market segments for the sustainability and expansion of the business. With our bank partners’ strategic expansion plan and commitment to grow the retail market, we see greater business potential in advisory family takaful business. Our goal is to strengthen our presence in the retail market by providing Malaysians with greater access to comprehensive and affordable protection solutions, ranging from family to general takaful products.

Our general takaful arm will continue to be an imperative growth area. We will 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. In addition, we will balance our underwriting margins and business growth to increase market share.

In the long run, our strategic direction is to diversify our business portfolio and ensure future sustainable business to complement our existing core businesses. We will continue to capture the next wave of growth and propel Takaful Malaysia to maintain our strong foothold in the family takaful business, expand our general takaful business and seize market opportunities to grow our business in the years to come,” said Nor Azman Zainal in conclusion.