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Great Eastern Takaful Expects i-BR1M To Contribute RM400 Million To Takaful Industry

KUALA LUMPUR, Dec 11 (Bernama) -- Great Eastern Takaful Bhd expects the government's i-BR1M (1Malaysia People's Group Takaful Insurance) will add close to RM400 million in premium contribution to the takaful (Islamic insurance) industry.

Chief Executive Officer Zafri Ab Halim said the closing date for the i-BR1M proposal submission is on Friday.

"If this really kicks in, our market share will be able to grow by up to 20 per cent from the 10 per cent currently," he told a media briefing on the company's 2013 performance here on Wednesday.

In Budget 2014, the government introduced the i-BR1M, which will benefit 7.9 million 1Malaysia People's Aid (BRIM) household recipients, who will receive protection of up to RM30,000 in the event of death or permanent disability.

Zafri said the company, which celebrated its third anniversary yesterday, aims to be profitable by end-December and be among the top three players in the local takaful business.

"Looking at the November numbers, we are optimistic of registering profits by year-end.

"During the third quarter of this year, we registered a 189 per cent growth in Total Weighted New Business Contribution (Jumlah Sumbangan Berjajar) compared with the same quarter last year," he said.

He said growth was mainly attributed to vast improvements from its corporate agency as well as its bancatakaful channel.

Moving forward, Great Eastern Takaful will continue growing its agency distribution via direct and dual agency as a key distribution channel as well as develop and launch innovative products catered primarily for the Muslim market.

On industry outlook, Zafri said the takaful industry has huge growth potential next year, given that its current penetration level was only at 11 per cent, as compared to insurance, which had already reached over 50 per cent.

Great Eastern Takaful, a joint-venture company between Great Eastern Holdings Ltd unit, I Great Capital Holdings Sdn Bhd and Koperasi Angkatan Tentera (M) Bhd, yesterday changed its status from a private to a public company in line with the requirement of the Islamic Financial Services Act 2013.



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Source: Bank Negara Malaysia

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