Takaful Malaysia delivered a resilient financial performance for the financial year ended 31 December 2024. The Group reported a profit after zakat and tax (“PAZT”) of RM378.1 million for the financial year under review, an increase of 9% from RM347.1 million posted in 2023, mainly due to the increase in takaful services results. The Group’s takaful revenue for the financial year under review rose 22% to RM3.58 billion from RM2.94 billion recorded in the same period the previous year. Higher contributions from the family and general takaful businesses and increased takaful coverage across both businesses resulted in an increase in the Group’s takaful revenue.
Nor Azman Zainal, Group Chief Executive Officer of Takaful Malaysia, said, “Our family takaful business generated takaful revenue of RM1.99 billion in 2024, increased by 28% compared to RM1.55 billion in 2023, mainly attributable to higher takaful revenue earned for takaful services provided. Our general takaful business registered takaful revenue of RM1.46 billion for the financial year under review, 14% higher compared to the preceding year of RM1.28 billion, mainly due to higher contribution release from fire and motor class of businesses.”
“We delivered a commendable performance in 2024 through our core business portfolios in bancatakaful, treasury, employee benefits, and general takaful. Our digital platform and brand, Kaotim, which offers a comprehensive suite of affordable and accessible protection plans, has delivered positive results. Aligned with evolving market demands, we focus on expanding our presence in the retail segment to provide Malaysians with greater access to comprehensive and affordable protection solutions. Recognising the important role affordability plays in our customers’ lives for financial security, we are committed to offering products and coverage that meet their needs,” said Nor Azman Zainal.
In line with Takaful Malaysia’s commitment to Environmental, Social, and Governance (“ESG”) principles, the Group has actively implemented various corporate sustainability initiatives in 2024, including climate risk management, environmental stewardship practices, responsible investment, and community empowerment programs. These initiatives reflect the Group’s strategic focus on environmental preservation, positive social impact and governance practices. As part of the Group’s ongoing future-proof sustainability initiatives, Takaful Malaysia is set to introduce a youth leadership program, the Takaful Malaysia 100 Youth Leadership Program, which reflects the Group’s aspirations and essential role in nation-building.
“We remain vigilant in sustaining our business growth to achieve sustainable top and bottom-line growth. As we move forward, our strategic direction is to diversify our business portfolio and drive long-term sustainable growth, complementing our core businesses while delivering greater value to our stakeholders. A key priority is advancing our digital transformation agenda, with a strong focus on investments in technology and innovation to enhance operational efficiency, improve customer experience, and maintain our competitive edge in the industry. Ultimately, we aim to build a lasting and resilient legacy, ensuring that Takaful Malaysia remains a trusted Islamic financial institution for generations to come,” said Nor Azman Zainal.
