PETALING JAYA: Syarikat Takaful Malaysia Keluarga Bhd reported a 33.8% increase in net profit to RM112.34 million for the third quarter ended Sept 30, 2019 against RM83.96 million in the previous corresponding period, driven by higher net wakalah fee income.
Revenue for the quarter rose 16.1% to RM753.51 million from RM648.95 million.
Takaful’s nine-month net profit surged 41.8% to RM289.73 million from RM204.35 million in the same period a year, while revenue expanded 21% to RM2.34 billion from RM1.94 billion.
Family takaful business generated gross earned contributions of RM1.51 billion for the nine-month period, a 36% surge compared with RM1.11 billion in the same period last year, mainly attributable to higher sales from credit-related products.
Meanwhile, general takaful business raked in gross earned contributions of RM542.4 million, 4% higher than the same period last year, underpinned by growth in fire and motor classes.
Looking ahead, Takaful Malaysia said the takaful industry is expected to outperform the conventional insurers in view of the strong demand for takaful products.
“Takaful Malaysia is poised to further expand its market share in 2019. To sustain its market leading position, the company will continue with its innovative strategies via the implementation of its digital strategy, introduction of online solutions, expansion of its distribution capabilities, strategic partnerships with leading Islamic banks and brand awareness initiatives.”
