This article first appeared in The Edge Financial Daily, on April 20, 2016.

KUALA LUMPUR: Syarikat Takaful Malaysia Bhd reported a flat net profit of RM46.62 million or 5.71 sen a share for the first financial quarter ended March 31, 2016 (1QFY16), from RM46.22 million or 5.67 sen a share a year ago, mainly attributable to lower tax expenses during the quarter.

In a filing with Bursa Malaysia yesterday, Syarikat Takaful announced a revenue of RM633.25 million in 1QFY16, which was 12.6% higher than its 1QFY15 revenue of RM562.46 million, thanks to higher sales generated by both the Family Takaful and General Takaful businesses.

As for its prospects for FY16, the group said it will continue its value proposition of rewarding its customers with a 15% cashback for General Takaful products, and establish a strong foothold in the local insurance and takaful arena as the preferred choice for insurance.

“Through its extensive range of products and services, the company continues to be the market leader in the Group Family Takaful business.

“The successful implementation of core initiatives in operational excellence, technology-driven capabilities, product innovation and performance-oriented culture will enable the company to be ahead of its competitors, increase its overall market share and continue improving shareholder value,” said Syarikat Takaful.