KUALA LUMPUR, Oct 24 -- Syarikat Takaful Malaysia Keluarga Bhd’s (Takaful Malaysia) net profit for the third quarter (Q3) ended Sept 30, 2019 rose to RM112.34 million from RM83.96 million posted a year ago.
Its revenue increased to RM753.51 million compared to RM648.95 million previously, mainly due to higher sales generated by family takaful business.
In a filing with Bursa Malaysia today, the company said for the quarter under review, family takaful business recorded gross earned contributions of RM543.7 million as compared with RM436.7 million in the same period last year.
"The increase was mainly attributable to higher sales from credit-related products," it said.
It said the family takaful business also recorded net benefits and claims of RM206.8 million for Q319, an increase of one per cent, mainly due to higher surrender claims.
The segment's investment income for the quarter rose to RM70.4 million compared to RM65.4 million in the corresponding quarter last year, mainly due to higher profit from Islamic debt securities.
However, it noted that the segment recorded fair value losses of RM9.4 million, decreased by RM20.2 million as compared to a year ago, mainly due to the equity market performance.
Meanwhile, Takaful Malaysia said its general takaful business generated gross earned contributions of RM171.9 million, a decreased by three per cent, from RM177.1 million recorded in the corresponding quarter of the preceding year, mainly attributable to fire and motor classes.
It said the segment recorded net benefits and claims of RM49 million for the quarter under review, a slight increase as compared to RM48.8 million previously.
It added the segment also generated a higher investment income of RM7.8 million from RM7.3 million recorded a year ago, mainly due to higher profit from Islamic debts securities.