www.thesundaily.com - KUALA LUMPUR (Feb 24, 2012): Syarikat Takaful Malaysia Bhd (Takaful Malaysia) recorded another year of strong growth with profit before taxation and zakat exceeding the RM100 million mark for the first time since its establishment in 1984.
For the financial year ended Dec 31 2011 (FY11), profit before taxation and zakat grew 55% to RM101.4 million from the previous year, while operating revenue increased 17% to RM1.4 billion. (source)
Profit after tax and zakat increased by 204% to RM78.5 million, largely due to the improved investment and underwriting results along with strong business growth.
"The company's return on equity continued to improve and stood at 19% in FY11 compared with 10.2% a year ago and earnings per share rose to 48.5 sen from 23.1 sen for the annualised 12 months period ended Dec 31 2010. Total assets size has also risen by about 20% to RM5.9 billion from RM4.9 billion," Takaful Malaysia group managing director Datuk Mohamed Hassan Kamil said in a statement.
The Board has declared an interim dividend of 7%. This comprises 5% less 25% income tax and 2% single tier, which was paid on Dec 2 2011.
"Our 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," said Mohamed Hassan.
He added that in Malaysia, Takaful Malaysia's bancatakaful and group employee benefit business saw a growth of 75% last year, thanks to strong support from its corporate clients, bank partners and customers, as well as initiatives to streamline its systems and operational efficiency which had enabled the company to serve its customers better.
"At Takaful Malaysia, our internal research and development will be constantly creating new products to ensure that we remain competitive. 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.
"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% and 30%," he said.
Source: http://www.thesundaily.my/news/304322 - Feb 24, 2012
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