Kuala Lumpur, 29 August 2023 – Syarikat Takaful Malaysia Keluarga Berhad (“Takaful Malaysia” or “Takaful Malaysia Keluarga”), the FIRST takaful operator in Malaysia, delivered a resilient financial performance to record a profit after zakat and tax of RM91.9 million for the second quarter ended 30 June 2023, an increase of 40% compared to RM65.8 million posted in the same period of the previous year.

Nor Azman Zainal, Group Chief Executive Officer of Takaful Malaysia, said, “For the second quarter ended 30 June 2023, we registered a profit before zakat and tax of RM131.8 million higher by 30% compared to the same period last year of RM101.7 million, mainly contributed by higher profit from fixed income investment assets and lower fair value loss on investment assets. Our family takaful fund recorded takaful revenue of RM314.9 million for the second quarter under review, increased by 27% compared to RM248.1 million in the same period last year, mainly attributable to higher revenue earned for takaful services provided.”

“Takaful Malaysia’s general takaful fund posted a 25% increase in takaful revenue and recorded RM308.3 million for the second quarter of 2023 compared to RM245.9 million registered in the same period of the preceding year. The higher takaful revenue was mainly attributable to higher contribution income from fire and motor business classes,” said Nor Azman Zainal.

On net investment income, Takaful Malaysia recorded RM129.9 million, which increased by RM63.7 million from RM66.2 million registered in the same quarter of the previous year, mainly due to higher profit income from fixed income investments and lower net fair value losses on financial assets.

“In a strategic move to sustain our market leadership in the takaful industry, we strive to strengthen our market presence in the credit-related products, treasury, employee benefits and general takaful business segments. We make great strides towards maintaining our strong foothold in the bancatakaful business, capitalizing on business opportunities in advisory family takaful business, and further penetrating the retail consumer market.

Our general takaful business remains one of our key growth drivers, underpinned by a multi-channel distribution strategy and constant demand for comprehensive and affordable takaful products. We are progressively growing our general takaful business, reinforcing our corporate agency force by recruiting high-potential corporate agents, and penetrating other business segments. Ultimately, we want to keep our positive momentum to deliver sustainable value to our stakeholders and to achieve the targets set for 2023,” said Nor Azman Zainal in conclusion.