KUALA LUMPUR: Syarikat Takaful Malaysia Keluarga Bhd’s net profit expanded to RM101.59 mil in the first quarter ended March 31 from RM96.44 mil a year earlier.
However, revenue slid to RM913.04 mil from RM918.16 mil previously due mainly to lower sales from the family takaful business, it said in a filing with Bursa Malaysia today.
It said the group recorded a higher profit before zakat and tax of RM114.2 mil in 1Q20 compared to RM113.3 mil in the same period last year due to lower expenses due to reduced spend from medical takaful products.
On its performance outlook, Takaful Malaysia said it would continue with its innovative strategies via the implementation of its digital strategy, introduction of online solutions, expansion of its distribution capabilities, strategic partnerships with leading Islamic banks, and brand awareness initiatives.
“As a pioneer in transforming the insurance/ takaful business in Malaysia, we will advance to the next level of digital strategy by adopting artificial intelligence with big data analytics and machine learning algorithms to manage the risks and opportunities in marketing, underwriting, customer service and claims processing,” it said.
Takaful Malaysia said the Covid-19 pandemic and associated economic impact posed huge challenges and raised many uncertainties but the group is prepared for a very different market and operating landscape after the Movement Control Order period as concerns on job security would remain heightened and consumers would be more cautious in their spending. – May 18, 2020, Bernama
