SYARIKAT TAKAFUL MALAYSIA KELUARGA POSTS HIGHER 3Q NET PROFIT OF RM100.65 MLN

KUALA LUMPUR, Nov 29 (Bernama) -- Syarikat Takaful Malaysia Keluarga Bhd has posted a higher net profit of RM100.65 million in the third quarter ended Sept 30, 2024 (3Q 2024) compared to RM91.10 million in the same period last year.

In a filing with Bursa Malaysia today, the insurer said revenue improved to RM1.12 billion from RM919.52 million previously.

For the first nine months of its financial year ending Dec 31, 2024 (9M FY2024), its net profit grew to RM296.05 million compared to RM276.60 million a year ago, mainly attributable to the higher takaful coverage and higher profit from general takaful.

“Revenue rose to RM3.07 billion versus RM2.54 billion previously,” it said, adding that the group reported that loans and receivables increased from RM2.15 billion to RM2.54 billion.

Meanwhile, cash and cash equivalents decreased from RM851.4 million to RM653.8 million as at Sept 30, 2024.

“The decline was mainly due to an increase in placement in fixed and call deposits at licensed institutions with maturity more than three months arising from business growth,” it said.

On prospects, the company said it would focus on the group's core businesses in bancatakaful, treasury, employee benefits and general takaful as the key drivers of their success in leading the takaful industry.

It said the group would also focus on diversifying into the digital segment, in particular targeting the retail general and family takaful market, including their flagship digital platform, Kaotim, which has achieved positive results since its launch in late 2023.

“The group remains steadfast in its commitment to growing its business and progressing on our sustainability and environmental responsibilities.

“Our approach to sustainability is holistic, encompassing strong governance, environmental stewardship, responsible investments, and meaningful social contributions,” it said.

-- BERNAMA