Takaful Malaysia reported resilient financial results for the financial year ended 31 December 2023 to set a new milestone of recording profit before zakat and tax (PBZT) of RM507.6 million, an increase by 12% from RM453.1 million posted in the previous year. Takaful Malaysia’s profit after zakat and tax increased by 22% in 2023 to RM347.1 million from RM283.4 million in 2022. The Group’s takaful revenue for the financial year under review rose 14% to RM2.94 billion from RM2.57 billion posted in the previous year.
Nor Azman Zainal, Group Chief Executive Officer of Takaful Malaysia, said, “We delivered a commendable performance in 2023 and retained a robust presence through our core businesses in bancatakaful, treasury, employee benefits, and general takaful, reinforcing our leadership in the insurance and takaful industry. The increase in the Group’s takaful revenue for the year under review was mainly attributable to growth in business in both family and general takaful. We set a new milestone of recording the highest profit before tax and zakat for the year under review, contributed by higher takaful coverage in both family and general takaful businesses, and higher investment return during the year.”
“Our family takaful fund recorded takaful revenue of RM1.55 billion for the financial year under review, which increased by 3% compared to RM1.50 billion in the previous year, mainly attributable to higher takaful revenue earned for takaful services provided. We recorded strong growth in our general takaful business and our general takaful fund posted a 26% increase in takaful revenue to record RM1.28 billion for the year under review compared to RM1.02 billion registered in the preceding year. The higher takaful revenue of our general takaful fund was mainly due to higher business captured in the fire and motor classes,” said Nor Azman Zainal.
Takaful Malaysia’s shareholders’ equity increased by 19% to RM1.71 billion as at 31 December 2023, mainly attributed to the net profit generated during the financial year of RM347.1 million. The Group declared an interim single tier dividend of 14.00 sen per ordinary share on 29 December 2023 amounting to RM117. 2 million in respect of the financial year ended 31 December 2023, which was paid on 2 February 2024.
“We remain vigilant and cautious in maintaining our business growth. We are optimistic about strengthening our foothold in the insurance and takaful industry and undertaking our high-performance journey to achieve sustainable top and bottom-line growth. Our solid financial fundamentals and strong operational resilience have supported our market leadership, enabling us to continue with good business performance to support our growth strategies. We leverage our leading market position in credit-related and general takaful business segments, develop advisory family takaful business and focus on retail market expansion through our digital platform, Kaotim, to provide Malaysians with greater access to comprehensive and affordable protection solutions.”
“2024 marks our 40th anniversary as the oldest takaful operator in Malaysia. Takaful Malaysia has come a long way over the past four decades, and we are proud to have had the opportunity to serve our stakeholders throughout this exciting journey, achieving significant milestones in the insurance and takaful industry. As we advance, our strategic direction is to diversify our business portfolio and ensure future sustainable business to complement our existing core businesses in delivering value to our stakeholders,” said Nor Azman Zainal in conclusion.
