TAKA­FUL MALAYSIA NET PROFIT UP BY 37%

Source: The Malaysian Re­serve, 13 Au­gust 2012

Insurance - - COMPANY CORNER -

Higher sales from fam­ily taka­ful and higher in­vest­ment in­come saw Syarikat Taka­ful Malaysia Bhd’s net profit in­crease by 36.8% to RM22.58 mil­lion, or 13.9 sen per share, in the sec­ond-quar­ter ended 30 July 2012, from the RM16.51 mil­lion recorded in the same pe­riod a year ago.

The in­surance com­pany said its fam­ily taka­ful por­tion recorded a gross earned con­tri­bu­tion of RM280.8 mil­lion against RM167.6 mil­lion recorded last year. Gen­eral taka­ful gen­er­ated a gross earned con­tri­bu­tion of RM118.3 mil­lion com­pared to RM97.3 mil­lion in the cor­re­spond­ing quar­ter of the pre­ced­ing year.

For the six months, the com­pany’s net profit was up 37.6% to RM53.54 mil­lion from the RM38.89 mil­lion recorded in 2011. Its rev­enue in the same pe­riod surged 37.6% to R875.17 mil­lion from the RM636.21 mil­lion recorded in the pre­ced­ing year’s cor­re­spond­ing pe­riod.

The com­pany has given RM350,990 to Lem­baga Tabung Haji (LTH) as part of its “no claim re­bate” pol­icy. It claims to be the only taka­ful op­er­a­tor of­fer­ing this ben­e­fit to its clients where 15% of pre­mi­ums paid on all gen­eral taka­ful prod­ucts are re­funded if no claims are in­curred dur­ing the cov­er­age pe­riod.

LTH has been Taka­ful Malaysia’s client since 1987. The RM350,990 pay­ment is the to­tal re­bate for the three prod­ucts which LTH par­tic­i­pated in fire and al­lied per­ils, group term fam­ily and pri­vate car fleet seg­ments.

Taka­ful Malaysia has been paying out an av­er­age of 15% no claim re­bate since the late 1980s. Fol­low­ing favourable re­sponse, for poli­cies ex­pir­ing in 2012, the com­pany will pay an ad­di­tional 5%. Ad­di­tion­ally, on av­er­age, RM20 mil­lion in re­bates are paid each year.

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