Takaful companies paid out a total of MYR8.74bn ($1.85bn) in 2023, 24.40% higher than in 2022, according to data released by the Malaysian Takaful Association (MTA).
Maybank Ageas Holdings Berhad (MAHB) reported an unaudited net profit after tax of MYR353.9m [$75m] in 1H2023 (1H22 restated: net loss of MYR95.8m) under the new accounting standard, IFRS 17, notes Fitch Ratings.
The overall profitability of insurance and takaful funds was lower in the second half of 2023 compared to the first half of the year, says Bank Negara Malaysia (BNM) in its report, 'Financial Stability Review: First Half 2023'.
Syarikat Takaful Malaysia Keluarga (Takaful Malaysia) has posted consolidated takaful revenue of MYR2,942.1m ($621m) for the financial year ended 31 December 2023, higher by MYR371.6 m (14%) as compared to 2022.
Manulife Malaysia and its bancassurance partner has launched EliteLife Signature Legacy, a comprehensive yet flexible legacy insurance plan that offers high insurance coverage, extended disability coverage plus loyalty rewards and bonuses. The plan is underwritten by Manulife Insurance Berhad and distributed by its bancassurance partner, Alliance Bank Malaysia. Customers can sign up for this plan at all Alliance Bank branches nationwide.
FWD Group Holdings (FWD Group) yesterday announced the completion of an additional investment of a further 21% stake in FWD Takaful.
Only 23% out of 1,107 Malaysians polled in an insurance literacy survey are confident in their knowledge of insurance and takaful products, while almost one-third (32%) have no insurance protection, according to Sun Life Malaysia.
Generali and the United Nations Development Programme (UNDP) have brought together representatives from the Malaysian Ministry of Finance, Bank Negara Malaysia, the SME Association of Malaysia and the insurance and financial communities to present concrete solutions on how to boost small and medium-sized enterprises' (SMEs) resilience against climate change and other risks.
Malaysia's non-life insurance market is poised for growth in 2024, driven by expanding industries such as technology, manufacturing and renewable energy, according to a report by Howden Markets Asia that provides consulting services in the insurance sector.
The heightened awareness of medical and weather events coverage is likely to stimulate takaful growth but the market will face some headwinds, including the inflationary environment, market volatility, weakening ringgit, and the end of the passenger car tax exemption, says Fitch Ratings.