Takaful Malaysia achieves strong growth in 2024 with higher revenue, profit

SHAH ALAM - Takaful Malaysia Keluarga Berhad (Takaful Malaysia or the Group) delivered a strong financial performance for the year ending Dec 31, 2024.

Profit after zakat and tax (PAZT) rose by nine per cent to RM378.1 million, up from RM347.1 million in 2023. The growth was primarily attributed to an improvement in takaful services results.

The Group’s takaful revenue rose 22 per cent to RM3.58 billion from RM2.94 billion in the previous year, reflecting higher contributions from both family and general takaful businesses, as well as increased takaful coverage.

Takaful Malaysia Group chief executive officer Nor Azman Zainal highlighted the significant growth in both segments.

"Our family takaful business generated takaful revenue of RM1.99 billion in 2024, increased by 28 per cent compared to RM1.55 billion in 2023, mainly attributable to higher takaful revenue earned for takaful services provided," he said.

Meanwhile, the Group’s general takaful business recorded a 14 per cent increase in revenue, rising to RM1.46 billion from RM1.28 billion in 2023.

"This was mainly due to higher contribution release from fire and motor class of businesses," Azman added.

The Group continues to strengthen its market position through its core business segments, including bancatakaful, treasury, employee benefits and general takaful.

A key driver of growth has been its digital platform and brand, Kaotim, which offers a suite of affordable and accessible protection plans.

"We delivered a commendable performance in 2024 through our core business portfolios. Our digital platform and brand, Kaotim, has delivered positive results.

"Aligned with evolving market demands, we focus on expanding our presence in the retail segment to provide Malaysians with greater access to comprehensive and affordable protection solutions," Azman said.

Recognising the importance of affordability in financial security, he reaffirmed the company’s commitment to offering products that met customers’ needs.

In line with its Environmental, Social and Governance (ESG) principles, Takaful Malaysia has actively implemented corporate sustainability initiatives in 2024.

These included climate risk management, environmental stewardship practices, responsible investment and community empowerment programmes.

The Group is also set to introduce a youth leadership initiative, the "Takaful Malaysia 100 Youth Leadership Programme" as part of its long-term sustainability efforts.

Looking ahead, Azman emphasised that Takaful Malaysia remained focused on long-term sustainable growth by diversifying its business portfolio and leveraging digital transformation.

"As we move forward, our strategic direction is to diversify our business portfolio and drive long-term sustainable growth, complementing our core businesses while delivering greater value to our stakeholders.

"A key priority is advancing our digital transformation agenda, with a strong focus on investments in technology and innovation.

"Ultimately, we aim to build a lasting and resilient legacy, ensuring that Takaful Malaysia remains a trusted Islamic financial institution for generations to come," he added.