KUALA LUMPUR: Syarikat Takaful Malaysia Bhd (Takaful Malaysia) recorded a 30% jump in its net profit to RM44.86 million or 5.47 sen per share for the third quarter ended Sept 30, 2016 (3QFY16), from RM34.42 million or 4.21 sen per share a year earlier. Revenue for the quarter rose 10% to RM426.97 million from RM389.24 million in the previous year.
In a filing with Bursa Malaysia yesterday, the group said its better quarterly performance was due to higher sales generated by both the family takaful and general takaful businesses as well as higher wakalah fee income.
It said family takaful saw gross earned contributions of RM302 million for the quarter, from RM252.43 million in the previous year, driven by higher sales of mortgage-related products. Meanwhile, general takaful saw higher gross earned contributions of RM121.7 million, from RM112.6 million previously, supported by growth in the fire and commercial classes.
For the cumulative nine-month period (9MFY16), net profit climbed 15% to RM137.02 million from RM119.59 million previously, while revenue increased 10% to RM1.52 billion from RM1.34 billion in 9MFY15.
“For 2016, Takaful Malaysia will continue its value proposition of rewarding its customers with a 15% cashback for general takaful products, and establish a strong foothold in the local insurance and takaful arena as the preferred choice for insurance.
“The successful implementation of core initiatives in operational excellence, technology-driven capabilities, product innovation and performance-oriented culture will enable the company to be ahead of its competitors, increase its overall market share and continuously improve shareholder value,” it said.
Takaful Malaysia shares closed down two sen or 0.47% at RM4.22 yesterday, with a market capitalisation of RM3.48 billion.
