Takaful market continues to enjoy growthOctober 24 2017 by InsuranceAsia News Staff
The growth momentum of the takaful market in Malaysia is continuing, ending the month of September on a high note.
Data gathered by Kenanga Research showed that takaful firms’ net profits in the month hit M$48.6 million (US$11.48 million).
Their core net profit was pegged at M$150.4 million, which accounted for 77% and 76% of Kenanga Research’s and consensus full-year forecasts.
In a statement, the research firm said there was no dividend declared for the quarter ended September.
Statistics further revealed that the family takaful and general takaful businesses had higher sales coming from higher gross earned contributions (GEC), which lifted operating revenues by about 7%.
Contributing about 70% of GEC, family takaful revenue swelled 5%, thanks to a surge in sales of mortgage products.
As for general takaful, the growth was registered at 9%, which was attributed to higher sales of fire and motor insurance products.
- August 17
The move aims to boost its takaful and general insurance brand within the region.
- August 7
The Insurance Commission has said that the country is not yet ready to introduce Islamic insurance.
- July 9
Firms have not been able to differentiate themselves adequately from conventional insurance companies.
- June 4
The company is splitting into two entities, one focused on family takaful and one on general takaful.