KUALA LUMPUR: Malaysia's financial services achieved a 10.6 per cent combined annual growth from 2015 to 2022, said the Department of Statistics Malaysia (DOSM).

The DOSM said that data from its Economic Census 2023 showed that active financial establishments increased from 15,945 in 2015, to 32,245 in 2022.

It said that in 2022, other financial service activities and activities auxiliary to financial services recorded the highest number of establishments with 26,633, contributing 82.6 per cent.

"This is followed by insurance and takaful, reinsurance and retakaful and pension and provident funding activities (2,942 establishments; 9.1 per cent share) and monetary intermediation activities (2,389 establishments; 7.4 per cent share)," it said.

DOSM said that the gross output value of financial services increased 5.0%, from RM122.4 billion in 2015 to RM172.0 billion in 2022.

"Monetary intermediation activities were the main contributor to the gross output value, accounting for RM87.9 billion (51.1 per cent).

"This is followed by other financial service activities and activities auxiliary to financial services (RM43.1 billion; 25.1 per cent), insurance and takaful, reinsurance and retakaful, and pension and provident funding activities (RM40.1 billion; 23.3 per cent).

In terms of value-added services, DOSM said an increase of 5.1 per cent was recorded in 2022 with RM110.1 billion, compared to only RM77.6 billion in 2015.

"Monetary intermediation activities contributed the highest value-added (services) compared to other activities, which amounted to RM64.8 billion (58.9 per cent).

"[This was] followed by [the] insurance and takaful, reinsurance and retakaful, pension and provident funding activities (segment) (RM25.7 billion; 23.3 per cent); [and] other financial service activities and activities auxiliary to financial services (segment), with a share of 17.2 per cent (RM19.0 billion)," it said.

DOSM said the value of fixed assets in financial services increased 3.6 per cent, from RM245.6 billion in 2015 to RM314.8 billion in 2022.

"The other financial service activities and activities auxiliary to financial services segment was the main contributor to the value of fixed assets, amounting to RM287.8 billion (91.4 per cent).

"[This was] followed by monetary intermediation activities (RM17.2 billion; 5.5 per cent), [and] insurance and takaful, reinsurance and retakaful, and pension and provident funding activities (RM9.5 billion; 3.0 per cent)," it added.