Takaful Malaysia Q2 earnings up 12% on higher fee income

PETALING JAYA: Syarikat Takaful Malaysia Bhd's (Takaful Malaysia) net profit for the second quarter ended June 30, 2018 rose 12% to RM50.42 million from RM45.07 million a year ago, mainly attributable to increase in net wakalah fee income.
Revenue also jumped 12% to RM542.43 million compared with RM485.34 million in the previous year's corresponding quarter, mainly attributable to higher sales generated by family and general takaful business.
For the six-month period, its net profit increased 18% to RM120.40 million from RM101.82 million a year ago, while revenue went up 13% to RM1.29 billion from RM1.15 billion.
Takaful Malaysia said it remains focused on sustaining its position as the market leader in the family takaful business whilst expanding its market share in the general takaful business to establish a strong foothold in the industry.
"The company will continue to enhance its digital capability to increase its product and service accessibility to the consumers by intensifying its online marketing initiatives. The company will also embark on multiple digital initiatives to further develop 'customer centric' value propositions to remain competitive in the industry," it said.
It will carry out its key initiatives, including an active management strategy as well as prudent investment and underwriting activities to deliver sustainable results for its shareholders and promote financial security to its customers.
"Takaful Malaysia will continue to emphasise the four core areas of customer reach, operational agility, cost competitiveness and stakeholder confidence to firmly establish the company as the preferred choice for insurance amongst the consumers."
Its shares closed unchanged at RM3.90 with 30,400 shares changing hands.