Takaful Malaysia consistently delivered commendable performance and demonstrated steady growth for the first nine (9) months ended 30 September 2024. The Group’s takaful revenue surged to RM2.66 billion, marking a substantial 23% increase compared to RM2.17 billion recorded in the corresponding period last year. This significant growth was mainly driven by higher contributions from family and general takaful businesses, and increased takaful coverage across both businesses.
Nor Azman Zainal, Group Chief Executive Officer of Takaful Malaysia, said, “We maintained delivering robust financial results in the first nine months of the year. We achieved a profit before zakat and tax of RM435.2 million for the nine months ended 30 September 2024, an 11% increase compared to the same period of the previous year of RM392.3 million. This growth was primarily driven by higher takaful coverage from family takaful and increased profit from our general takaful business.”
Takaful Malaysia’s profit after zakat and tax for the nine months ended 30 September 2024 rose to RM296.5 million from RM276.8 million recorded in the same period last year.
The Group also declared an interim single-tier dividend of 17 sen per ordinary share on 29 November 2024, amounting to RM142.3 million for the financial year ending 31 December 2024, an increase of 21% compared to 14 sen totaling RM117.2 million in 2023.
“We are committed to strengthening our position in bancatakaful, treasury, employee benefits, and general takaful while strategically expanding our general takaful business beyond the motor segment. Our digital platform and brand, Kaotim, which offers a comprehensive suite of affordable and accessible protection plans, has been well-received and has delivered positive results. We aim to achieve sustained growth and long-term business goals by diversifying our portfolio in the retail market. Our efforts prioritise sustainable value creation across our core business portfolios, integrating growth initiatives with environmental responsibility to consistently deliver value to our stakeholders. We remain unwavering in advancing our digital agenda, an essential pillar for ensuring the future sustainability of our business,” said Nor Azman.
In conjunction with the 40th anniversary of Takaful Malaysia as the pioneer financial Islamic institution in Malaysia’s insurance and takaful industry, the Group hosted a gala dinner to commemorate its significant milestones in the industry while fostering stronger relationships with key stakeholders. The gala dinner was attended by Takaful Malaysia’s Board of Directors, prominent figures in the Islamic finance industry, the present and past senior management, and employees.
In welcoming remarks, Nor Azman said, “As a progressive, resilient, and viable Islamic financial institution, Takaful Malaysia has recorded solid and consistent growth since its establishment forty (40) years ago. We remain competitive amidst intense competition through a comprehensive and affordable range of products and services, which has supported robust and commendable annual growth. Over the past four decades, Takaful Malaysia has achieved numerous milestones and received recognition at both national and international levels. This 40th anniversary is an achievement to celebrate and a symbol of our challenging and successful journey together.”
The founding Chief Executive Officer of Takaful Malaysia, Dato’ Mohd Fadzli Yusof, was honoured with a lifetime achievement award for his pivotal role in laying the groundwork since the company’s establishment in 1984, his visionary leadership and contributions, which were instrumental in shaping Takaful Malaysia and the industry.
During the 40th Anniversary celebration, Nor Azman also announced that the Group will introduce a youth leadership program, Takaful 100 Youth Leadership Program, as part of its future-proof sustainability initiatives, which reflects Takaful Malaysia’s aspirations and essential role in nation-building.
“Moving forward, we are committed to our digital agenda by focusing on investments in technology and digital innovation to ensure the sustainability of our business and to remain competitive in the insurance and takaful industry, which aligns with current market demands. Let us strive to build a sustainable legacy that ensures Takaful Malaysia remains relevant, resilient, and a leader in the industry for generations to come. This milestone is a celebration of past achievements and a call to action for continued excellence, innovation, and our unwavering commitment to our core values,” said Nor Azman.
