Syarikat Takaful enjoys strong earnings growth

Mohd Azmi Abu Bakar, CEO Syarikat Takaful

KUALA LUMPUR: Earnings at Syarikat Takaful Malaysia Bhd (STMB) jumped 16.9% to RM45.53mil in the second quarter ended June 30, buoyed by better performance from both the family and general takaful businesses.

STMB, a subsidiary of Lembaga Tabung Haji-controlled BIMB Holdings Bhd, told Bursa Malaysia on Wednesday that this was achieved on 6.6% higher revenue of RM462.21mil.

For the six-month financial period, the takaful operator’s bottom line improved 8.2% to RM92.16% as revenue grew 10% to RM1.095bil.

Family takaful recorded 14.4% higher gross earned contributions of RM599.6mil for the half-year, while general takaful’s gross earned contributions rose 3.5% to RM257.5mil.

The better results for family takaful was attributed mainly to higher sales of group medical and mortgage-related products.   

The growth for general takaful, meanwhile, was mainly from fire and commercial classes.

In a separate statement, STMB announced the appointment of Tan Sri Ahmad Fuzi Abdul Razak, the secretaryn general of the World Islamic Economic Foundation secretary-general, as chairman.

Ahmad Fuzi, 67, was previously ambassador-at-large at the Foreign Affairs Ministry.