KUALA LUMPUR, Jan 26 — Syarikat Takaful Malaysia Bhd posted a record net profit for the financial year ended Dec 31, 2017, with an 18 per cent increase in profit after tax and zakat (PATZ) to RM205.1 million from RM174.5 million in the previous financial year.
During the year under review, the company’s operating revenue rose 8 per cent to RM1.99 billion from RM1.84 billion previously, while the total gross contribution recorded an increase of 8 per cent to RM1.70 billion, compared to RM1.58 billion in 2016.
In a statement today, Group chief executive officer Datuk Seri Mohamed Hassan Kamil said the group’s profit surpassed its target and for the first time exceeded RM200 million since its establishment.
“This excellent result marks an important milestone for the group as we have been consistently recording an increasing net profit, with cumulative compounded annual growth rate of 27 per cent, since the start of our Transformation Programme in 2009.
“The net return on equity came in at 26.7 per cent as compared to 24.9 percent reported in the financial year 2016, which is the highest return on equity (ROE) among all Government-Linked Companies,” he added.
Mohamed said the group’s results were largely attributable to higher earnings generated by both the Family and General Takaful businesses.
He said the group sustained its position as the market leader in the Takaful business and their General Takaful gross contribution grew by an impressive 20 per cent from the previous financial year to close at RM591.0 million, mainly derived from the fire and motor classes.
He also said the result was a clear reflection of the group's operating ability and strength during times of persistent headwinds facing the insurance industry and a testimony to the effective execution of its strategy and strong foundation they have built over the years.
The group had made significant investments in tools, applications and new technologies to improve operational efficiencies and enhance the customer experience via its digital strategy and continued to build on the strong bancassurance relationship with numerous bank partners, with the introduction of new product solutions to improve the growth rate and stay ahead of the curve.
The company declared a single tier interim dividend of 15.0 sen per ordinary share amounting to RM123.5 million on Dec 18, 2017. — Bernama
