Life insurance, takaful funds see profit decline in 2H24 amid weaker investment, rising medical payouts

Quick Summary:

KUALA LUMPUR: The overall profitability of life insurance and family takaful funds declined in the second half of 2024 (2H 2024) to RM4.1 billion compared to 1H 2024's RM8.4 billion due to weaker investment performance and larger net underwriting losses.

This is compared with the 6.8 per cent growth reported in 2H 2023 and the 9.1 per cent half-yearly average from 2019 to 2023.

"The measures taken by ITOs to provide short-term relief to policyholders or participants from the repricing of MHIT premiums are also expected to weigh on the financial performance of the industry,” it said.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaMali

Topics: BNM Takaful Family Insurance /Business/Business News Financial Stability Review

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-24 @ 18:07:00 (5 days ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 560 words

Reading Time: 4 minutes read

Sentences: 17 lines

Sentence Length: 33 words per sentence (average)

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Copyright Owner: © The Star

News ID: 27273297

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