KUALA LUMPUR (Nov 10): Syarikat Takaful Malaysia Bhd’s net profit rose 6.2% to RM33.3 million in the third quarter ended Sept 30, 2014, from RM31.6 million in the previous corresponding quarter.

Revenue grew 4.6% to RM394.32 million from RM377.02 million previously.

The higher revenue was attributed to higher gross sales generated by the Group Employee Benefits and Mortgage products and higher net investment income, said Takaful in a filing with Bursa Malaysia.

 
For the nine-month period, net profit expanded 13.6% to RM110.8 million from RM97.5 million a year ago, but revenue fell 6.2% to RM1.25 billion from RM1.33 billion in the same period last year.

Takaful attributed the higher net profit to lower management expenses and expense reserves and better investment income.

The Islamic insurance firm said the lower revenue was mainly due to lower sales generated by Family Takaful Group Credit product, but was partly offset by the increase in sales of group medical and group term products.

On current year prospects, the insurer said it would continue its value proposition of rewarding its customers with 15% cash back.

It will also establish a strong foothold in the local insurance and takaful arena as the preferred choice for insurance.

Takaful fell 14 sen or 1.2% to close at RM11.44 today, translating to a market capitalisation of RM1.86 billion.