PETALING JAYA: Syarikat Takaful Malaysia Keluarga Bhd reported a net profit of RM80.95 million for the second quarter (Q2) ended June 30, 2019, a 60.5% surge from RM50.42 million recorded in the same quarter in 2018, attributed to the increase in net wakalah fee income.
Revenue for the quarter came in at RM672.98 million, 24.1% higher the RM542.43 million previously.
Its family takaful business recorded gross earned contributions of RM464.6 million in Q2 against RM350.2 million in the same period last year, mainly attributable to higher sales from credit-related products.
On the other hand, its general takaful business generated gross earned contributions of RM166.2 million, 4% higher than the RM160.3 million previously, underpinned mainly by fire and motor classes.
For the first half of the year, Takaful Malaysia’s net profit expanded 47.3% to RM177.39 million against RM120.4 million in the same period last year, while revenue grew 23.5% to RM1.59 billion from RM1.29 billion.
Despite business sentiments remaining cautious in 2019, the group said the takaful industry is expected to outperform the conventional insurers in view of the strong demand in the takaful products.
