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The MoU, first signed in December 2019, utilises Pacific Life Re’s expertise in technical pricing, underwriting and product development to grow Malaysian Re’s retakaful business. Family takaful is a Malaysian Islamic business term which refers to shariah-compliant life insurance.

According to a press release this week issued by both companies, this collaboration has facilitated knowledge exchange particularly on in-depth technical knowledge and shariah advanced practice.

“Within the first five years of this collaboration, Malaysian Re has expanded not only its takaful business but also the conventional business. We look forward to unlocking new opportunities from the extension of this collaboration,” Ahmad Noor Azhari Abdul Manaf, president & chief executive officer of Malaysian Re, said in the renewal ceremony. 

This collaboration is expected to expand Malaysian Re’s access to international research and data through the using the underwriting technology powered by Pacific Life Re’s subsidiary UnderwriteMe.

According to Allied Market Research, the global takaful insurance market was valued at US$31.7 billion in 2022 and is projected to reach US$126.8 billion by 2032, growing at a CAGR of 15.2% from 2023 to 2032. 

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The company’s best-ever results in its 50-year history were primarily fuelled by strong underwriting performance coupled with robust investment returns, it said. The group, which offers reinsurance as well as general and family takaful business, saw its gross written premiums and gross written contributions (GWP/GWC) increase 17.6% year-on-year to MYR4 billion in FY 2024.

Reinsurance business
Malaysian Re achieved a record-breaking MYR2.5 billion (US$527.2 million) in GWP/GWC in the fiscal year of 2024, surpassing the MYR 2-billion mark for the first time. It reported a combined ratio of 95.5%, a four basis points year-on-year improvement.

The reinsurance/retakaful business’s profit after tax rose by 146% to MYR362.4 million from MYR108.2 million a year ago. Its international business grew by 14.2% to MYR513.5 million in FY2024.

Malaysian Re’s insurance service results climbed to MYR339.2 million in the latest financial year from MYR40.1 million previously.

These results stem from “the strategic business remodelling initiated in 2021, aimed at diversifying Malaysian Re’s business engines and mitigating the impact of prevalent natural catastrophes”, it said.

This included a focus on enhancing portfolio diversification, venturing into select new sectors including speciality lines and renewable and green energy, and optimising capital management, the company said.

Insurance and takaful
Overall revenue rose 21.1% to MYR3.6 billion in FY2024.

Operating revenue from its reinsurance business increased by 23.5% mainly driven by the growth in insurance revenue, by MYR325.3 million, contributed by specialty business, domestic and overseas treaties from the Middle East and North Africa business portfolios, as well as an increase in investment income of MYR55.2 million.

The operating revenue of its retakaful business was up 48.4% to MYR36.1 million, predominantly due to an increase in the family retakaful revenue.

Meanwhile, the general takaful’s operating revenue was at MYR838.4 million, a 33% growth from higher gross contribution from all classes of business.

The improvement in its reinsurance profit is due to “better insurance service result due to better current year claims experience, as compared to the previous year which was affected by catastrophe and large losses, coupled with higher investment income and favourable fair value movements from investments,” according to the company’s filing to Bursa Malaysia.

The growth in the group’s overall operating revenue was also due to an increase in its investment income, by MYR94.1 million.

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