KUALA LUMPUR, Feb 24 — Syarikat Takaful Malaysia Keluarga Bhd’s (Takaful Malaysia) net profit rose to RM411.42 million in the financial year ended December 31, 2021 (FY2021) from RM362.42 million in the preceding a year.

Revenue increased to RM3.18 billion from RM2.96 billion previously, driven by higher sales from both the family takaful and general takaful businesses.

In a filing with Bursa Malaysia today, the insurance provider said the family takaful business’ gross earned contributions inched up to RM1.88 billion in FY2021 from RM1.76 billion in FY2020 due to higher sales from credit related products.

Meanwhile, the general takaful business recorded a 16 per cent rise in gross earned contributions to RM8.78 billion from RM7.56 billion in same period of the preceding year, attributed to motor, fire and engineering classes.

On prospects, Takaful Malaysia said the group would further tap into the established strategic bancatakaful partnerships with leading Islamic financial institutions by introducing new savings and protection products.

"The company will continue to leverage on its market leading position in single contribution products whilst focusing on retail regular contribution products for the retail market via bancatakaful and digital distribution channels to further diversify its business portfolio.

"We will continue to embrace new digital technologies in support of future growth, and further intensify the marketing of our affordable and innovative online takaful protection solutions, and strengthen and explore partnerships with various partners with a large customer base to market basic protection products,” it added. — Bernama