KUALA LUMPUR (May 31): Syarikat Takaful Malaysia Keluarga Bhd's (Takaful Malaysia) first quarter net profit rose 21.13% to RM93.44 million from RM77.14 million a year earlier, thanks to higher income from fixed income investment assets and lower fair value loss on investment assets.

This, however, was partially offset by lower takaful service results due to higher takaful service expenses, and higher net profit expenses from takaful contracts issued.

Earnings per share for the quarter ended March 31, 2023 (1QFY2023) increased to 11.15 sen from 9.23 sen a year earlier, the insurer's bourse filing showed.

Quarterly revenue rose 18.43% to RM757.38 million, from RM639.52 million in 1QFY2022.

No dividend was recommended in the quarter.

Takaful Malaysia said its ongoing strategic focus is to continue diversifying the business portfolio into the retail market with regular contribution offerings.

The group is also looking at further business growth from a multi-distribution strategy to strengthen its presence by providing Malaysians with even greater access to more affordable regular contribution protection products.

“Since 2022, we have harnessed forward momentum in our efforts to reap more market share with encouraging new business growth in regular contribution products through our branches and bank partners. This will certainly be a key focus area moving forward,” it added.

Takaful Malaysia's shares gained 14 sen or 4.32% to RM3.38 on Wednesday (May 31), bringing the group a market value of RM2.83 billion.