Revenue also increased 18% to RM757.38 million from RM639.52 million previously, the insurance company said in a filing with Bursa Malaysia today.
The group said its family takaful segment generated 17% higher revenue of RM232 million in Q1 FY2023 from RM199 million in the same period last year, mainly attributable to the higher amount charged for takaful coverage.
Meanwhile, its general takaful segment recorded a revenue of RM291.4 million in 1Q FY2023, or 25% higher, as compared to RM232.6 million in the same period last year.
“The higher takaful revenue was mainly attributable to higher contribution income recorded from the fire and motor class of businesses,” it said.
Looking forward, the group notes that its established core businesses will continue to set a solid foothold to sustain and strengthen its leadership in the takaful industry.
“Our market leadership has been supported by our solid financial fundamentals and strong operational resilience, enabling us to continue with good business performance in the post-pandemic era.
“The group will continue to leverage on our market leadership in these core segments to support our growth strategies and expand (our) market share,” it said.
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