Page 324 - Full Book_24.4.2021

NOTES TO THE
FINANCIAL STATEMENTS

for the financial year ended 31 december 2020 (continUed)

50 TAkAFUL RISk MANAGEMENT
(a) Family Takaful Fund
the family takaful contracts consist of:
(i) Family Takaful non-investment-linked contracts

the family takaful non-investment-linked contracts are mainly credit related takaful products, group takaful
inteGrated annUal rePort 2020 (ii) Group term takaful and Group medical takaful.
schemes, yearly renewable individual ordinary medical plans, regular contribution individual ordinary plans and
annuity plans. the main product types are mortgage reducing term takaful (“mrtt”), Group credit takaful,

Family Takaful investment-linked contracts

the family takaful investment-linked contracts are mainly made up of regular contribution investment-linked
products. the main products are takaful myinvest and takaful myGenlife.
The key coverage for the Family Takaful contracts
the key coverage for the family takaful contracts are death, total and permanent disability, hospital and surgical
318 benefits, personal accident benefits, daily hospitalisation cash allowance benefits, dread disease benefits, waiver of
contribution benefits and survival benefits (for annuity).

Concentration of Family Takaful risk
bimb holdinGS berhad 199701008362 (423858-X) 2020 Note 1,139,676 Retakaful 1,136,134
the following gives details of Syarikat takaful malaysia Keluarga berhad (“takaful malaysia”) Group’s concentration of
risks based on outstanding actuarial reserves by main product categories:
Group
Net
Gross
RM’000
RM’000
RM’000
(3,542)
term
(172)
851,714
851,886
endowment
mortgage
–
288,693
288,693
annuity
5,625,441
Total Family actuarial liabilities 22(c) 3,691,306 (342,406) 3,348,900
(346,120)
5,971,561
2019
term 1,108,400 – 1,108,400
endowment 1,114,604 (202) 1,114,402
mortgage 3,074,991 (315,412) 2,759,579
annuity 295,309 – 295,309
Total Family actuarial liabilities 22(c) 5,593,304 (315,614) 5,277,690