Takaful Malaysia plans new products to boost boost growth

PETALING JAYA: Syarikat Takaful Malaysia Bhd, which reported a 43.4% jump in fourth-quarter net earnings, said it will introduce new product solutions to improve its growth rate.

The group said in a statement that it made significant investments in tools, applications and new technologies to improve operational efficiencies and to enhance the customer experience via its digital strategy with online sales portal, Click for Cover where the first tranche of online products are offered to its customers.

For the fourth quarter ended Dec 31, 2017, Takaful Malaysia’s net profit stood at RM56.3 million, 43.4% higher than the RM39.26 million recorded in the previous corresponding period, while revenue increased 5.5% from RM490.82 million to RM517.74 million.
Its full-year net profit soared 17.3% from RM176.28 million to RM206.7 million, with revenue rising 6.3% from RM2.01 billion to RM2.14 billion.

The group declared an interim single tier dividend of 15 sen per share amounting to RM123.5 million on Dec 18, 2017 in respect of the financial year ended Dec 31, 2017.

“The group’s profit surpassed its target and for the first time exceeded RM200 million since its establishment. This excellent result marks an important milestone for the group as we have been consistently recording an increasing net profit, with cumulative compounded annual growth rate of 27% since the start of our Transformation Programme in 2009,” said Takaful Malaysia group CEO Datuk Seri Mohamed Hassan Kamil.

He added that the group takaful business and general takaful gross contribution grew 20% from the previous financial year to close at RM591 million, mainly derived from the fire and motor classes.