Takaful Ikhlas eyes RM1 bil in gross contributions for FY2016

Takaful Ikhlas Bhd, a wholly-owned subsidiary of MNRB Holdings Bhd, is optimistic of raking RM1 billion in gross contributions in 2016 with the recent introduction of a new product, says President/Chief Executive Officer Ab Latiff Abu Bakar.

He said the product addressed the need for protection scheme instead of savings.

"Insurance is not something that is nice to have but a must. It's a question of affordability.

"The new product, Secure Link, starts with a minimum package of RM80 per month onwards (no maximum)," he told reporters after presenting donations to 50 orphans yesterday in conjunction with Ramadhan.

Ab Latiff said for the financial year ending March 31, 2015, the company managed to secure more than RM800 million in gross contributions driven by both general and family products.

Asked about the company's plan to penetrate the European market, he said at present Takaful Ikhlas would focus on growing the business in the domestic market.

The group has a subsidiary, Malaysian Re (Dubai) Ltd in Dubai.

"So whether we want to go to that side, the Asia Pacific or South East Asia, will depend on the group's direction," he said, adding that Takaful Ikhlas planned to venture abroad by 2020.

Ab Latiff also said the company hoped to reduce its motor portfolio mix to 60 percent from its current 70 percent.

On the possibility of being listed on Bursa Malaysia, he said that would be the group decision and direction moving forward.

The group will have its annual general meeting in August.