The country’s pioneer in Shariah-based family and general insurance Syarikat Takaful Malaysia Bhd recorded another year of strong growth in 2011, with profits exceeding the RM100 million mark for the first time in its three decades of establishment.
Takaful Malaysia attributed the improvement in profit largely to the improved investment and underwriting results along with strong business growth.
“We aim to continue outpacing the market to grow our market share. The task ahead of us is to capture a sizable portion of the expanding market as the takaful industry is expected to grow between 20% to 30%,” said the company’s group managing director Datuk Mohamed Hassan Kamil in a statement.
“Our competitors are not only the other takaful operators since many are quite recently established. We believe the real competitors are the conventional insurance companies and we need to rise to the challenge of these multinational giants,” said Mohamed Hassan.
“At Takaful Malaysia, our internal research and development (R&D) team will be constantly creating new products to ensure that we remain competitive,” he added, highlighting that the company has recently launched a new comprehensive investment- linked product, Takaful myGenLife — which was expected to achieve RM20 million first-year contributions in 2012.
In Malaysia, Mohamed Hassan said the bancatakaful and group employee benefit business have achieved substantial growth of more than 75% last year.
“This success can be attributed to strong support from our corporate clients, bank partners and loyal customers, as well as initiatives to streamline our systems and operational efficiency which enable us to serve our customers better.”
Meanwhile, he said, takaful subsidiaries in Indonesia are also beginning to show some recovery after a change in management during 2011.
“In the long term, we believe the potential for growth in Indonesia is significant and we are well positioned to capture this majority Muslim market.”
For the financial period ended Dec 31, 2011, net profit soared 204% to RM78.5 million.
The company’s profit before taxation and zakat grew 55% to RM101.4 million from RM65.3 million for the annualised 12 months in financial year 2010 (FY10) — the actual financial period for FY10 was 18 months, while its operating revenue increased by 17% to RM1.4 billion.
“The company’s return on equity continued to improve — up to 19% compared to 10.2% last year; while earnings per share rose to 48.5 sen compared to 23.1 sen for the annualised 12 months in FY10,” said Mohamed Hassan. “Total assets size has risen by about 20% to RM5.9 billion from RM4.9 billion in the period of 12 months.”
Last year, Takaful Malaysia declared an interim dividend of 7%, comprising 5% less 25% income tax and 2% single tier, which was paid on Dec 2, 2011.
Takaful Malaysia was incorporated on Nov 29, 1984, and commenced operations in July 1985. It has an authorised capital of RM500 million and a paid up capital of RM162 million.
The company provides two types of takaful business — family and general — and has over 40 outlets nationwide with total assets of RM5.9 billion at group level.
(MalaysianReserve, 27 Feb2012)
---
Alfalah Consulting - Kuala Lumpur:
www.alfalahconsulting.com
Islamic Investment Malaysia:
www.islamic-invest-malaysia.com
No comments:
Post a Comment