SYARIKAT Takaful Malaysia Bhd (STMB), the pioneer Islamic insurer in Malaysia, expects to outperform the industry's 25 per cent growth target for 2009, says group managing director Datuk Hassan Kamil.Recovery in the general and family insurance portfolio and improved equity market in the past four months has improved the company's outlook, he said.
STMB has added professional financial advisers to its distribution channels and hopes to expand its customer base to include the middle-upper Malaysian market.
"We want to elevate the company to the next level, targeting more cash from the demand of customers in this income bracket (with higher contributions or premium size)," Hassan said, after the signing ceremony between STMB and Standard Financial Planner (SFP) in Kuala Lumpur yesterday SFP will market STMB's products through its network of more than 300 representatives, who include Bank Negara Malaysia-licensed financial advisers.
The tie-up would improve the company's bottom line by 10 per cent, he added.
For the third quarter ended March 31 2009, the insurer posted a pre-tax loss of RM11.46 million down from a pre-tax profit of RM11.07 million in the same quarter last year.
Revenue also declined to RM187.67 million from RM280.67 million previously.
Hassan also said that STMB is on track to regain its number one position in the market in two years, when it secures more than 50 per cent of RM11 billion assets in the industry, from its current RM4 billion or 40 per cent.
--Business Times
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