Syarikat Takaful 2Q16 earnings up 17 per cent to RM45.53 mln

KUCHING: Syarikat Takaful Malaysia Bhd’s (Syarikat Takaful) earnings for the second quarter of 2016 (2Q16) ended June 2016 increased by 17 per cent yearon-year (y-o-y) to RM45.53 million from RM38.95 million recorded in 2Q15.

The company in a filing to Bursa Malaysia yesterday said 2Q16 revenue grew by 6.6 per cent y-o-y to RM462.21 million from RM433.53 million generated in 2Q15.

For the first half of 2016 (1H16) ended June 2016, Syarikat Takaful said revenue gained by 10 per cent y-o-y to RM1.095 billion from RM995.99 million in 1H15.

Syarikat Takaful in its accounts notes filed to the stock exchange explained that the higher contribution in 1H16 was attributed to higher sales generated by both family takaful and general takaful business.

The company added for 2Q16, its family takaful business recorded gross earned contributions of RM310.9 million as compared to RM287.3 million in the same period last year.

For six months period ended June 2016, Syarikat Takaful noted its family takaful business generated gross earned contributions of RM599.6 million as compared to RM524.3 million in the corresponding period last year.

The company observed that the increase was due to higher sales from family takaful group medical and family takaful mortgage related products.

Additionally, Syarikat Takaful said in 2Q16, its general takaful business generated gross earned contributions of RM119.4 million as compared to RM112.6 million in the corresponding quarter of preceding year.

For the six months period ended June 2016, Syarikat Takaful noted its general takaful business recorded gross earned contributions of RM257.5 million as compared to RM248.8 million in the corresponding period last year.

The insurance company noted the growth was from fire and commercial classes.

Moreover, Syarikat Takaful said its income after zakat and tax for 1H16 improved by 8.2 per cent y-o-y to RM92.16 million from RM85.17 million recorded in 1H15.

The higher income after zakat and tax for 1H16 was attributed to higher wakalah fee income.

Commenting on the group’s prospects, Syarikat Takaful said it will continue its value proposition of rewarding its customers with 15 per cent cash back for general takaful products and establish a strong foothold in the local insurance and takaful arena as the preferred choice for insurance.”