STMB’s business improving on the back of reopening of economy

KUCHING: Syarikat Takaful Malaysia Keluarga Bhd’s (STMB) business performance has been viewed as improving, driven by the reopening of the economy, analysts observed.

In a report, the research team at Hong Leong Investment Bank Bhd (HLIB Research) noted that given tighter restrictions on movement and businesses in the third quarter of 2021 (3Q21), it expected gross earned contribution (GEC) to be weak (q-o-q and y-o-y dip).

However, it pointed out that it should not be as severe as seen back in 2Q20’s lockdown. It highlighted that the company’s overall business has started to build up steam again on the back of economic reopening.

“In general, business has started to pick up steam again on the back of economic reopening and we are now less concern of MFRS17 accounting standard adoption,” it highlighted.