PRUDENTIAL-BSN Takaful Bhd (PruBSN), a takaful joint venture between Prudential plc and Bank Simpanan Nasional Bhd (BSN), aims to grow its contribution by 40 per cent this year, over the first year's collection of RM150 million.
Chief executive officer Mohamad Salihuddin Ahmad said the company is confident of maintaining its pole position in new business regular contributions.
PruBSN has garnered contributions of RM288 million since its inception on August 8 2006. Despite just two years in the business, PruBSN holds a 36 per cent market share among the eight takaful players in the country.
Mohamad Salihuddin said the potential to grow in the takaful industry is still enormous due to the low take-up rate of 7.7 per cent by Muslims compared with 40 per cent for conventional life products.
To drive growth, the takaful operator is banking on its 9,800-strong agents and 58 financial advisers.
To strengthen its position in the industry, PruBSN will introduce two new products this year, including a pure protection product for bancatakful. Also in the pipeline are two new products for 2009.
BSN chairman Datuk Abdul Azim Mohd Zabidi said PruBSN is also exploring opportunities to expand regionally namely to Indonesia, Brunei, Thailand and China.
Locally PruBSN plans to open more offices, with a capital outlay of between RM1 million and RM2 million each. Offices are slated for Shah Alam and Johor Baru this year, and Penang, the East Coast, Sabah and Sarawak in 2009.
On August 8, PruBSN launched its marketing and administration centre in Wangsa Maju, Kuala Lumpur, to help boost its customer service initiatives. - By Rupinder Singh