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MANAGEMENT
DISCUSSION & ANAlYSIS

PERFORMANCE
SUMMARY

As a pioneer in the Islamic insurance industry for over 35 years,
INTEGRATED ANNUAL REPORT 2020 management expertise that fulfils the protection needs of consumers.
Takaful Malaysia has successfully transformed into one of Malaysia’s
leading takaful operators, providing the financial strength and risk
The success story of Takaful Malaysia has created an impact on the overall
outlook of the insurance industry, which resulted in the emergence of a
significant market for the takaful industry to expand over the conventional

Takaful Malaysia’s total assets continued to witness a sterling performance over
[198401019089 (131646-K)] insurance industry.
the last five years, increasing by 14% to RM11.8 billion during the year under
review from RM10.3 billion registered in the last financial year. Net assets per
84 share also augmented to RM1.82 in 2020 from RM1.48 in the previous year.

As a whole, the Takaful Malaysia group recorded a 2% increase in PBZT which was
RM426.8 million for FY2020 compared to RM417.7 million achieved in 2019. Operating
BIMB HOLDINGS BERHAD 199701008362 (423858-X) FY2020, compared to RM2,042.3 million in the corresponding period last year. Sales for the year was
revenue of RM2,957.2 million for FY2020 was lower compared to RM3,124.6 million
recorded in 2019. The decrease in revenue was mainly attributable to lower sales generated
from the Family Takaful business, which generated gross earned contributions of RM1,756.9 million for

mainly attributable to our partnerships with leading Islamic financial institutions for credit-related
services and cross-selling of online and customised takaful solutions to Bank clientele, established
network of treasury business in reaching out to civil servants for Mortgage Takaful coverage, and
its Employee Benefits (“EB”) business portfolio.
However, General Takaful business registered a growth of 7% compared to 2019,
recording higher gross earned contributions of RM756.5 million for FY2020,
compared to RM706.2 million made in FY2019. The growth was driven by
improved customer retention and acquisition in motor portfolio. The
strategic move to actively promote and market the online motor
takaful plan via the digital and social media platforms
has been effective in driving sales to record
double-digit growth of 50%.

Awards and Achievements 2020:
• The Highest Returns to Shareholders Over Three Years award in the financial services category for companies with a market
capitalisation of below RM10 billion at The Edge Billion Ringgit Club 2020
• The Highest Return on Equity Over Three Years award in the financial services category for companies with a market
capitalisation of below RM10 billion at The Edge Billion Ringgit Club 2020
• The Most Attractive Graduate Employers to Work for in 2021 under the insurance category at the annual Graduates’ Choice
Award
• The Best Companies to Work for in Asia 2020 for the third time at the annual HR Asia Best Companies to Work for in Asia
Awards, Malaysia edition