KUALA LUMPUR: Great Eastern Holdings Ltd expects RM1 billion in contributions by 2015 from its new takaful business via its new joint venture company, Great Eastern Takaful Sdn Bhd.
"We aim to achieve RM180 million annualised premium in the first year of operations and we hope to have RM1 billion by 2015, which translates to roughly 3,000 policies a month," Great Eastern Takaful executive director and CEO Mohamad Salihuddin Ahmad said at the launch on Friday, Dec 10.
The company is a joint venture between Great Eastern Holdings' subsidiary, I Green Capital Holdings Sdn Bhd and Koperasi Angkatan Tentera (M) Bhd, with an initial capital set up of RM100 million.
I Green Capital Holdings will own 70% of the company and Koperasi Angkatan Tentera the remaining 30 per cent.
Mohamad Salihuddin said the market penetration rate for takaful business or Islamic insurance in Malaysia was still relatively low and about 8% of the population had takaful policies.
"The low penetration rate represents a large untapped market which correspondingly translates into a strong potential for growth for us," he said.
He also anticipates the local takaful industry to grow by 15%-20% with more developments from the Islamic finance sector.
The company is the first to launch its takaful product lineup after receiving its licence for family takaful from Bank Negara.
It is among four joint venture entities led by foreign and local insurance companies that had received their licenses in September.
Meanwhile at the event, Great Eastern Holdings chairman Fang Ai Lian presented a mock cheque worth RM1 million to be donated to the International Centre for Education in Islamic Finance (INCEIF), to fund its talent development and research programmes. - Bernama
"We aim to achieve RM180 million annualised premium in the first year of operations and we hope to have RM1 billion by 2015, which translates to roughly 3,000 policies a month," Great Eastern Takaful executive director and CEO Mohamad Salihuddin Ahmad said at the launch on Friday, Dec 10.
The company is a joint venture between Great Eastern Holdings' subsidiary, I Green Capital Holdings Sdn Bhd and Koperasi Angkatan Tentera (M) Bhd, with an initial capital set up of RM100 million.
I Green Capital Holdings will own 70% of the company and Koperasi Angkatan Tentera the remaining 30 per cent.
Mohamad Salihuddin said the market penetration rate for takaful business or Islamic insurance in Malaysia was still relatively low and about 8% of the population had takaful policies.
"The low penetration rate represents a large untapped market which correspondingly translates into a strong potential for growth for us," he said.
He also anticipates the local takaful industry to grow by 15%-20% with more developments from the Islamic finance sector.
The company is the first to launch its takaful product lineup after receiving its licence for family takaful from Bank Negara.
It is among four joint venture entities led by foreign and local insurance companies that had received their licenses in September.
Meanwhile at the event, Great Eastern Holdings chairman Fang Ai Lian presented a mock cheque worth RM1 million to be donated to the International Centre for Education in Islamic Finance (INCEIF), to fund its talent development and research programmes. - Bernama
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