Takaful eyes above-average contribution growth

Kuala Lumpur: Syarikat Takaful Malaysia Bhd expects contributions in 2015 to grow faster than the industry average of 11 per cent, said Group Managing Director Datuk Seri Mohamed Hassan Kamil. He said the business trend and success rate in securing new customers look positive compared to the previous year especially in the Employee Benefit business, which has seen a shift from conventional to Takaful insurance.

The group expects about 20 per cent growth in contributions for employee benefit from RM300 million registered last year, and aims to secure up to 600,000 policy holders, up from 400,000 recorded in 2014, said Mohamed Hasan.

"Moving forward, I believe this year will be a good one for us," he told reporters after the company's annual general meeting and extraordinary general meeting (EGM) here Tuesday.

For the financial year ended Dec 31, 2014, the group's profit after tax grew three per cent to RM138.7 million from RM134.4 million in the previous year, while revenue decreased by 3.5 per cent to RM1.65 billion.

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Mohamed Hassan said the improved profit was largely due to lower management expenses and favourable claims ratio in the General Takaful business, adding the company's return on equity remained at 24 per cent, one of the highest among financial institutions in the country.

Takaful Malaysia registered total gross contributions of RM958.1 million for the Family Takaful business in FY2014, a decline of about nine per cent from FY2013 due to lower new business sales from credit-related products.

The company's General Takaful gross contributions increased by five per cent from the previous financial year to close at RM451.3 million.

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"The group remained the market leader in the Group Family Takaful business, capturing a 23 per cent market share, and was the market leader in the Family Takaful business with a 21 per cent market share.

"Our company is also the second largest General Takaful operator with a 19 per cent share of the General Takaful business," he said. – Bernama

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