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[ 20-08-2014 ]
Takaful Industry To See 5 Pct Growth This Year - PruBSN
KUALA LUMPUR, Aug 8 (Bernama) -- The takaful industry is expected to strengthen further and is projected grow at five per cent this year, supported by higher awareness by Malaysians.

Prudential BSN Takaful Bhd (PruBSN) Chief Executive Officer Azim Mithani said the growth in the takaful industry would also be driven by the increase in the number of takaful agents.

"Due to higher awareness, we see the number of Malaysian subscribers are increasing from time to time. As for PruBSN agents, we maintained our 12,000 agents for the first quarter of 2014," Azim told Bernama after PruBSN Hari Raya open house today.

Earlier, it was reported that the growth of the insurance and takaful sectors for this year would remain stable amid domestic demand.

The strong growth prospects and improved risk management would lead to increased demand for insurance and takaful among the public at large.

Meanwhile, Azim also said PruBSN had recorded 31.7 per cent market share in the first quarter of 2014, and its new business annual contribution equivalence (ACE) was at RM76 million.

As at Dec 31, 2013, PruBSN's market share stood at 27.1 per cent while new business ACE was at RM269.2 million.

Asked on the company's outlook for this year, Azim said the Shariah-compliant financial services provider was positive on its performance for the year, however, it was too early to determine as the second quarter results was not yet released.

"It's hard to make a prediction, but high productivity will lead to better performance. For second half of this year, PruBSN will launch two products, adding to our current three core products," he added.

PruBSN is a joint-venture between Bank Simpanan Nasional and Prudential Plc which hold 51 per cent and 49 per cent stake respectively.

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