Annual Report 2014

Transcription

Annual Report 2014

Syarikat Takaful Malaysia Berhad
(131646-K)
LAPO R AN TAHU NAN •
2014 • AN N UAL REPORT
ISI KANDUNGAN
CONTENTS
002 Notis Mesyuarat Agung
Tahunan ke-30
Notice of 30th Annual General
Meeting
006 Penyata Mengiringi Notis
Mesyuarat Agung Tahunan
ke-30
Statement Accompanying Notice of 30th Annual General
Meeting
007 010 012 Struktur Korporat
Corporate Structure
008 Ringkasan Kewangan Lima
Tahun
Five Years Financial Highlights
Maklumat Korporat
Corporate Information
Profil Lembaga Pengarah
Board of Directors’ Profile
025 Jawatankuasa Pengurusan
Management Committee
026 Penyata Urus Tadbir Korporat
Corporate Governance
Statement
Laporan Jawatankuasa Audit
Audit Committee Report
048 Penyata Pengurusan Risiko dan
Kawalan Dalaman
Statement on Risk Management
and Internal Control
053 Maklumat Pematuhan
Tambahan
Additional Compliance
Information
055 Penyata Pengerusi
Chairman’s Statement
069
Penyata Kewangan
Financial Statements
280 Maklumat Hartanah
Particulars of Properties
287 Statistik Pegangan Saham
Shareholding Statistics
020 Profil Badan Penasihat Syariah
Shariah Advisory Body’s Profile
040 291 Rangkaian Cawangan & Syarikat
Subsidiari
Branch Network & Subsidiary
Companies
Borang Proksi
Proxy Form
002
LAPORAN TAHUNAN 2014 ANNUAL REPORT SYARIKAT TAKAFUL MALAYSIA BERHAD
(131646-K)
Notis Mesyuarat Agung Tahunan Ke-30
Notice of 30th Annual General Meeting
DENGAN INI DIMAKLUMKAN bahawa MESYUARAT AGUNG
TAHUNAN SYARIKAT TAKAFUL MALAYSIA BERHAD yang KETIGA
PULUH (30) akan diadakan di Dewan Ahmad Mohamed Ibrahim,
Tingkat 5, Blok Annex, Menara Takaful Malaysia, No. 4, Jalan Sultan
Sulaiman, 50000 Kuala Lumpur pada hari Selasa, 12 Mei 2015, jam
10:00 pagi bagi tujuan-tujuan berikut:
NOTICE IS HEREBY GIVEN that the THIRTIETH (30TH) ANNUAL
GENERAL MEETING of SYARIKAT TAKAFUL MALAYSIA BERHAD will
be held at Dewan Ahmad Mohamed Ibrahim, 5th Floor, Annexe Block,
Menara Takaful Malaysia, No. 4, Jalan Sultan Sulaiman, 50000 Kuala
Lumpur on Tuesday, 12 May 2015, at 10:00 a.m. for the following
purposes:
SEBAGAI URUSAN BIASA
AS ORDINARY BUSINESS
1. Untuk menerima Penyata-penyata Kewangan Beraudit bagi
tahun kewangan berakhir 31 Disember 2014, berserta laporan
Pengarah dan Juruaudit berkaitan dengannya. (Resolusi 1)
1. To receive the Audited Financial Statements for the financial
year ended 31 December 2014, together with the reports of the
Directors and Auditors thereon. (Resolution 1)
2. Untuk meluluskan dividen akhir sebanyak 35% tier tunggal bagi
tahun kewangan berakhir 31 Disember 2014. (Resolusi 2)
2. To approve a final dividend of 35% single tier in respect of the
financial year ended 31 December 2014.
(Resolution 2)
3. Untuk melantik semula Pengarah-pengarah berikut yang bersara
menurut Artikel 62 Tataurusan Pertubuhan Syarikat:
3. To re-elect the following Directors, each of whom retires
pursuant to Article 62 of the Company’s Articles of Association:
3.1 Tan Sri Ismee Ismail
(Resolusi 3)
3.1 Tan Sri Ismee Ismail (Resolution 3)
3.2 Mahadzir Azizan
(Resolusi 4)
3.2 Mahadzir Azizan
(Resolution 4)
3.3 Dato’ Sulaiman Mohd Yusof
(Resolusi 5)
3.3 Dato’ Sulaiman Mohd Yusof
(Resolution 5)
4. Untuk meluluskan bayaran yuran Pengarah-pengarah sebanyak
RM747,000 bagi tahun kewangan berakhir 31 Disember 2014.
(RM696,000 bagi tahun kewangan berakhir 31 Disember 2013) (Resolusi 6)
5. Untuk meluluskan bayaran yuran Ahli-ahli Badan Penasihat
Syariah sebanyak RM168,000 bagi tahun kewangan berakhir 31
Disember 2014. (RM168,000 bagi tahun kewangan berakhir 31
Disember 2013) (Resolusi 7)
6. Untuk melantik semula Tetuan KPMG Desa Megat & Co. sebagai
Juruaudit Syarikat dan memberi kuasa kepada Pengarahpengarah untuk menetapkan bayaran Juruaudit. (Resolusi 8)
4. To approve the payment of the Directors’ fees of RM747,000 for
the financial year ended 31 December 2014. (RM696,000 for the
financial year ended 31 December 2013)
(Resolution 6)
5. To approve the payment of Shariah Advisory Body Members’
fees of RM168,000 for the financial year ended 31 December
2014. (RM168,000 for the financial year ended 31 December
2013)
(Resolution 7)
6. To re-appoint Messrs KPMG Desa Megat & Co. as the Auditors
of the Company and to authorise the Directors to fix their
remuneration. (Resolution 8)
003
SYARIKAT TAKAFUL MALAYSIA BERHAD
LAPORAN TAHUNAN 2014 ANNUAL REPORT
(131646-K)
SEBAGAI URUSAN KHAS
AS SPECIAL BUSINESS
7. Resolusi Biasa - Cadangan Mandat Pemegang-pemegang Saham
bagi Urusniaga-urusniaga yang Berulang dengan Pihak Berkaitan
Berbentuk Hasil atau Perdagangan dengan BIMB Holdings
Berhad dan subsidiari-subsidiarinya (“Kumpulan BHB”).
7. Ordinary Resolution - Proposed Shareholders’ Mandate for
Recurrent Related Party Transactions of a Revenue or Trading
Nature with BIMB Holdings Berhad and its Subsidiaries (“BHB
Group”).
“BAHAWA, tertakluk kepada pematuhan dengan Keperluan
Penyenaraian Bursa Malaysia Securities Berhad, Akta Syarikat
1965, Memorandum dan Tataurusan Pertubuhan Syarikat dan
semua undang-undang, peraturan dan garis panduan yang
berkaitan, kelulusan dengan ini diberikan kepada Syarikat dan
subsidiari-subsidiarinya (“Kumpulan Takaful Malaysia”) untuk
memeterai Urusniaga-urusniaga yang Berulang dengan Pihak
Berkaitan Berbentuk Hasil atau Perdagangan dengan Kumpulan
BHB yang perlu bagi operasi harian Kumpulan Takaful Malaysia
seperti yang dinyatakan dalam Seksyen 2.3 Pekeliling kepada
Para Pemegang Saham bertarikh 17 April 2015 (“Pekeliling”),
dengan syarat bahawa:
(a) the transactions are in the ordinary course of business and
are on terms which are not more favourable to the related
parties than those generally available to the public and on
terms not to the detriment of the minority shareholders of
the Company;
(a) urusniaga tersebut adalah dalam urusan biasa perniagaan
dan mengikut terma yang tidak lebih memihak kepada pihak
berkaitan berbanding yang secara umumnya tersedia kepada
orang ramai dan mengikut terma yang tidak menjejaskan
para pemegang saham minoriti Syarikat;
(b) the transactions are made at arm’s length and on normal
commercial terms; and
(b) urusniaga dilaksanakan secara tulus dan mengikut terma
komersial biasa; dan
(c) the disclosure will be made in the annual report with the
breakdown of the aggregate value of the transactions
conducted pursuant to the mandate during the financial
year.
(c) penzahiran akan dibuat dalam laporan tahunan dengan
pecahan nilai agregat urus niaga yang dijalankan menurut
mandat pada tahun kewangan.
DAN BAHAWA kelulusan tersebut akan bermula serta merta
setelah resolusi ini diluluskan dan akan terus berkuatkuasa
sehingga:
(a) tamat mesyuarat agung tahunan Syarikat yang akan datang,
di mana mandat tersebut akan luput, melainkan kuasa
tersebut diperbaharui melalui satu resolusi yang diluluskan
dalam mesyuarat tersebut;
(b) tamat tempoh di mana mesyuarat agung tahunan berikutnya
selepas tarikh ia dikehendaki untuk diadakan menurut
Seksyen 143(1) Akta Syarikat, 1965 (“AS”) (tetapi tidak
melebihi penangguhan seperti yang dibenarkan menurut
Seksyen 143(2) AS); atau
(c) dibatalkan atau dipinda melalui resolusi yang diluluskan oleh
pemegang saham dalam mesyuarat agung,
yang mana lebih awal”. (Resolusi 9)
“THAT, subject to compliance with the Listing Requirements
of Bursa Malaysia Securities Berhad, Companies Act 1965,
Memorandum and Articles of Association of the Company and all
other applicable laws, rules, regulations and guidelines, approval
be and is hereby given to the Company and its subsidiaries
(“Takaful Malaysia Group”) to enter into the Recurrent Related
Party Transactions of a revenue or trading nature with the BHB
Group which are necessary for the day to day operations of the
Takaful Malaysia Group as set out in Section 2.3 of the Circular to
Shareholders dated 17 April 2015 (“Circular”), provided that:
AND THAT such authority shall commence immediately upon the
passing of this resolution and shall continue to be in force until:
(a) the conclusion of the next annual general meeting of the
Company, at which time it will lapse, unless by a resolution
passed at the meeting, the authority is renewed;
(b) the expiration of the period within which the next annual
general meeting after the date that it is required to be held
pursuant to Section 143(1) of the Companies Act, 1965
(“CA”) (but shall not extend to such extension as may be
allowed pursuant to Section 143(2) of CA); or
(c) revoked or varied by resolution passed by the shareholders in
a general meeting,
whichever is the earlier”. (Resolution 9)
004
(131646-K)
8. Untuk melaksanakan sebarang urusan yang mana notis
sewajarnya telah diberi.
8. To transact any other business for which due notice has been
given.
NOTIS SETERUSNYA DENGAN INI DIBERI BAHAWA untuk tujuan
menentukan ahli yang akan layak untuk menghadiri AGM yang
ke-30, Syarikat akan membuat permohonan kepada Bursa Malaysia
Depository Sdn Bhd, selaras dengan Artikel 41(f)(ii) Tataurusan
Pertubuhan Syarikat dan Seksyen 34(1) Akta Perindustrian Sekuriti
(Depositori Pusat) 1991, untuk menerbitkan Rekod Pendeposit
Mesyuarat Agung pada 5 Mei 2015. Hanya pendeposit yang namanya
tersenarai di dalam Rekod Pendeposit pada 5 Mei 2015 sahaja berhak
untuk menghadiri mesyuarat atau melantik proksi untuk menghadiri
dan/atau mengundi bagi pihaknya.
FURTHER NOTICE IS HEREBY GIVEN THAT for the purpose of
determining a member who shall be entitled to attend this 30th
AGM, the Company shall be requesting Bursa Malaysia Depository
Sdn Bhd, in accordance with Article 41(f)(ii) of the Company’s
Articles of Association and Section 34(1) of the Securities Industry
(Central Depositories) Act 1991, to issue a General Meeting Record of
Depositors as at 5 May 2015. Only a depositor whose name appears
on the Record of Depositors as at 5 May 2015 shall be entitled to
attend the said meeting or appoint proxies to attend and/or vote on
his/her behalf.
NOTIS PENERIMAAN DAN PEMBAYARAN DIVIDEN
NOTICE OF DIVIDEND ENTITLEMENT AND PAYMENT
NOTICE IS ALSO HEREBY GIVEN THAT subject to shareholders’
approval at the 30th Annual General Meeting of the Company to be
held on Tuesday, 12 May 2015, a final dividend of 35% single tier in
respect of the financial year ended 31 December 2014 will be paid on
25 May 2015 to Depositors registered in the Record of Depositors at
the close of business on 6 May 2015.
NOTIS DENGAN INI JUGA DIBERI BAHAWA tertakluk kepada
kelulusan para pemegang saham pada Mesyuarat Agung Tahunan
Syarikat ke-30 yang akan diadakan pada hari Selasa, 12 Mei 2015,
dividen akhir sebanyak 35% tier tunggal bagi tahun kewangan
berakhir 31 Disember 2014, akan dibayar pada 25 Mei 2015 kepada
para Pendeposit yang berdaftar di dalam Rekod Pendeposit pada
penutupan perniagaan pada 6 Mei 2015.
NOTIS SETERUSNYA DENGAN INI JUGA DIBERI BAHAWA seorang
Pendeposit adalah layak untuk menerima dividen hanya dalam
keadaan:
(a) Saham yang telah dipindahkan ke dalam Akaun Sekuriti
Pendeposit sebelum 4:00 petang pada 6 Mei 2015 berhubung
pindahan; dan
(b) Saham yang dibeli di Bursa Malaysia Securities Berhad dengan
asas kelayakan menurut Peraturan Bursa Malaysia Securities
Berhad.
Atas Arahan Lembaga Pengarah
MOHAMAD ASRI YUSOFF (MIA 14171)
Setiausaha Syarikat
Kuala Lumpur
17 April 2015
FURTHER NOTICE IS HEREBY GIVEN THAT a Depositor shall qualify
for entitlement to the dividend only in respect of:
(a) Shares transferred into the Depositor’s Securities Account before
4:00 p.m. on 6 May 2015 in respect of transfers; and
(b) Shares bought on the Bursa Malaysia Securities Berhad on a
cum entitlement basis according to the Rules of Bursa Malaysia
Securities Berhad.
By Order of the Board
MOHAMAD ASRI YUSOFF (MIA 14171)
Company Secretary
Kuala Lumpur
17 April 2015
005
(131646-K)
Nota-Nota:
Notes:
1. Pelantikan Proksi
1. Appointment of Proxy
(i) Seorang ahli Syarikat yang berhak menghadiri dan mengundi
di mesyuarat ini layak untuk melantik tidak lebih daripada
dua (2) proksi untuk menghadiri dan mengundi bagi pihaknya
pada mesyuarat yang sama dan proksi itu tidak semestinya
seorang ahli Syarikat.
(i) A member of the Company entitled to attend and vote at this
meeting is entitled to appoint not more than two (2) proxies
to attend and to vote instead of him at the same meeting
and a proxy need not be a member of the Company.
(ii) Sekiranya ahli Syarikat melantik dua (2) proksi, pelantikan
tersebut akan menjadi tidak sah melainkan beliau menyatakan
nisbah pegangan yang akan diwakili oleh setiap proksi.
(ii) Where a member of the Company appoints two (2) proxies,
the appointments shall be invalid unless he specifies the
proportions of his holdings to be represented by each proxy.
(iii) Sekiranya ahli Syarikat adalah nomini berkecuali yang
dibenarkan seperti yang ditakrifkan di bawah Akta
Perindustrian Sekuriti 1991 (Depositori Pusat) yang memegang
saham-saham biasa Syarikat untuk beberapa pemilik
benefisial dalam satu akaun sekuriti (“akaun omnibus”), tidak
ada had untuk bilangan proksi yang boleh dilantik oleh nomini
berkecuali yang dibenarkan bagi setiap akaun omnibus yang
dipegangnya.
(iii) Where a member of the Company is an exempt authorised
nominee as defined under the Securities Industry (Central
Depositories) Act 1991 which holds ordinary shares in the
Company for multiple beneficial owners in one securities
account (“omnibus account”), there is no limit to the
number of proxies which the exempt authorised nominee
may appoint in respect of each omnibus account it holds.
(iv) Suratcara pelantikan proksi bagi individu hendaklah
ditandatangani oleh pelantik atau peguamnya dan dalam hal
perbadanan, ia mestilah dimeterai atau ditandatangani oleh
seorang pegawai atau peguamnya yang telah diberi kuasa
sewajarnya.
(iv) The instrument appointing a proxy in the case of an individual
shall be signed by the appointer or his attorney and in the
case of a corporation, must be under seal or under the hand
of an officer or attorney duly authorised.
(v) Suratcara pelantikan seorang proksi mestilah dihantar ke
Pejabat Berdaftar Syarikat di Tingkat 26, Blok Annex, Menara
Takaful Malaysia, No. 4, Jalan Sultan Sulaiman, 50000 Kuala
Lumpur, tidak lewat dari empat puluh lapan (48) jam sebelum
waktu yang ditetapkan bagi mengadakan mesyuarat atau
sebarang penangguhannya.
(v) The instrument appointing a proxy must be deposited at the
Registered Office of the Company at Tingkat 26, Blok Annex,
Menara Takaful Malaysia, No. 4, Jalan Sultan Sulaiman,
50000 Kuala Lumpur not less than forty eight (48) hours
before the time for holding the meeting or any adjournment
thereof.
(vi) Hanya ahli yang tersenarai di dalam Rekod Pendeposit pada
5 Mei 2015 yang layak untuk hadir, bersuara dan mengundi
pada AGM atau melantik seorang proksi (proksi-proksi) untuk
hadir, bersuara dan/atau mengundi bagi pihak mereka.
(vi) Only members whose names appear in the Record of
Depositors on 5 May 2015 shall be eligible to attend, speak
and vote at the AGM or appoint proxy(ies) to attend, speak
and/or vote on their behalf.
2. Nota Penerangan kepada Urusan Khas
(i) Cadangan Mandat Pemegang-pemegang Saham bagi
Urusniaga-urusniaga yang Berulang dengan Pihak Berkaitan
Berbentuk Hasil atau Perdagangan.
Cadangan Resolusi No. 9 jika diluluskan, akan memberi kuasa
kepada Syarikat untuk melaksanakan Urusniaga-urusniaga
yang Berulang dengan Pihak Berkaitan Berbentuk Hasil
atau Perdagangan yang perlu bagi operasi harian Kumpulan
Takaful Malaysia dan akan menghapuskan keperluan untuk
menjalankan mesyuarat agung yang berasingan dari masa ke
semasa untuk mendapatkan kelulusan para pemegang saham.
Butiran Cadangan Mandat Pemegang-pemegang Saham bagi
Urusniaga-urusniaga yang Berulang dengan Pihak Berkaitan
Berbentuk Hasil atau Perdagangan ada dinyatakan di dalam
Pekeliling kepada Pemegang Saham bertarikh 17 April 2015.
2. Explanatory Note on Special Business
(i) Proposed Shareholders’ Mandate for Recurrent Related
Party Transaction of a Revenue or Trading Nature.
The proposed Resolution 9, if passed, will empower the
Company to conduct recurrent related party transactions
of a revenue or trading in nature which are necessary for
the Takaful Malaysia Group’s day to day operations and will
eliminate the need to convene separate general meetings
from time to time to seek shareholders’ approval. The details
on the Proposed Shareholders’ Mandate for Recurrent
Related Party Transactions of a Revenue or Trading Nature
are set out in the Circular to Shareholders dated 17 April
2015.
006
(131646-K)
Penyata Mengiringi Notis Mesyuarat Agung Tahunan Ke-30
Statement Accompanying Notice of 30th Annual General Meeting
PENYATA MENGIRINGI NOTIS MESYUARAT AGUNG TAHUNAN
KETIGA PULUH MENGIKUT PERENGGAN 8.27 (2) KEPERLUAN
PENYENARAIAN PASARAN UTAMA BURSA MALAYSIA SECURITIES
BERHAD
STATEMENT ACCOMPANYING NOTICE OF THIRTIETH
ANNUAL GENERAL MEETING PURSUANT TO PARAGRAPH
8.27 (2) OF THE MAIN MARKET LISTING REQUIREMENTS
OF BURSA MALAYSIA SECURITIES BERHAD
Tiada individu yang dilantik sebagai Pengarah (selain daripada
pengarah yang bersedia untuk dilantik semula iaitu Tan Sri Ismee
Ismail, Mahadzir Azizan dan Dato’ Sulaiman Mohd Yusof) dalam
Mesyuarat Agung Tahunan Syarikat Takaful Malaysia Berhad yang
Ketiga Puluh akan datang.
There is no individual standing for election as Director (other than
directors standing for re-election i.e. Tan Sri Ismee Ismail, Mahadzir
Azizan and Dato’ Sulaiman Mohd Yusof) at this forthcoming
Thirtieth Annual General Meeting of Syarikat Takaful Malaysia
Berhad.
007
(131646-K)
Struktur Korporat
Corporate Structure
Syarikat-Syarikat Subsidiari / Subsidiary Companies
56.00%
63.09%
*
52.67%
57.24% 42.73%
47.08%
* in members’ voluntary liquidation
008
(131646-K)
Ringkasan Kewangan Lima Tahun
5 Years Financial Highlights
Jumlah Sumbangan Kasar Takaful Keluarga (RM’000) / Total Family Takaful Gross Contribution (RM’000)
Kumpulan / Group
2010*
2011
Syarikat / Company
839,909
2010*
699,344
2011
973,005
2012
1,052,493
2013
958,060
2014
679,831
567,736
848,711
2012
932,169
2013
852,331
2014
Jumlah Sumbangan Kasar Takaful Am (RM’000) / Total General Takaful Gross Contribution (RM’000)
Kumpulan / Group
Syarikat / Company
606,354
2010*
2011
2012
2013
2014
441,889
2011
401,437
2012
428,406
499,491
2010*
383,316
349,547
386,635
2013
451,319
418,459
2014
Jumlah Aset (RM’000) / Total Assets (RM’000)
Kumpulan / Group
2010*
2011
2012
2013
2014
Syarikat / Company
5,366,657
2010*
5,845,979
6,371,644
6,924,543
7,164,788
2011
2012
2013
2014
4,966,219
5,440,049
5,963,150
6,543,726
6,743,602
009
(131646-K)
Ringkasan Kewangan Lima Tahun
5 Years Financial Highlights
Keuntungan Sebelum Cukai Selepas Zakat (RM’000) / Profit Before Taxation After Zakat (RM’000)
Kumpulan / Group
Syarikat / Company
2010*
97,370
2010*
92,664
2011
100,685
2011
93,485
124,458
2012
127,031
2012
177,787
2013
186,308
2014
181,014
2013
188,966
2014
Dividen yang Dibayar / (Ditolak Cukai) (RM’000) /
Dividend Paid / (Net of Taxation) (RM’000)
Pulangan atas Ekuiti (%) / Return on Equity (%)
Kumpulan / Group
2010*
Syarikat / Company
10.2
2010* 17,096
18.4
2011
2011 25,644
21.3
2012
2012
25.9
2013
24.3
2014
Aset Bersih Sesaham (RM) / Net Assets Per Share (RM)
2011
2012
2013
2014
84,665
2013
130,329
2014
Pendapatan Sesaham (Sen) / Earnings Per Share (Sen)
Kumpulan / Group
2010*
40,704
Kumpulan / Group
2.42
2010*
2.77
2011
3.07
2012
3.51
3.58
34.60
47.20
62.18
2013
85.37
2014
86.27
* 18 months financial period
010
(131646-K)
Maklumat Korporat
LEMBAGA PENGARAH / BOARD OF DIRECTORS
BADAN PENASIHAT SYARIAH /
SHARIAH ADVISORY BODY
JAWATANKUASA AUDIT /
AUDIT COMMITTEE
Pengerusi / Chairman
MAHADZIR AZIZAN
TAN SRI ISMEE ISMAIL
Pengarah Bukan Eksekutif Bukan Bebas /
Non-Independent Non-Executive Director
DR. AHMAD SHAHBARI @
SOBRI SALAMON
Ahli-ahli / Members
Ahli-ahli / Members
DATO’ SRI MOHAMED HASSAN KAMIL
Pengarah Urusan Kumpulan /
Group Managing Director
DATO’ MOHD. BAKIR HJ.
MANSOR
DATO’ SULAIMAN MOHD
YUSOF
ZAKARIA ISMAIL
DATO’ OTHMAN ABDULLAH
DR. AIDA OTHMAN
DATUK ROZAIDA OMAR
PROFESSOR DR. MUHAMAD
RAHIMI OSMAN
JAWATANKUASA PEMILIHAN /
NOMINATION COMMITTEE
MAHADZIR AZIZAN
Pengarah Bukan Eksekutif Bebas Kanan /
Senior Independent Non-Executive Director
DATO’ WAN MOHAMAD
DATO’ SHEIKH ABDUL AZIZ
MAHADZIR AZIZAN
DATO’ SULAIMAN MOHD YUSOF
Pengarah Bukan Eksekutif Bebas /
Independent Non-Executive Director
Setiausaha / Secretary
ZAKARIA ISMAIL
DATO’ JOHAN ABDULLAH
ZAKARIA ISMAIL
MOHAMAD ASRI YUSOFF
DATUK ROZAIDA OMAR
YUSOF
JAWATANKUASA GANJARAN /
REMUNERATION COMMITTEE
ZAKARIA ISMAIL
MAHADZIR AZIZAN
Setiausaha / Secretary
MOHAMAD ASRI YUSOFF
(MIA 14171)
DATUK ROZAIDA OMAR
011
(131646-K)
Maklumat Korporat
JAWATANKUASA RISIKO
LEMBAGA PENGARAH /
BOARD RISK COMMITTEE
ZAKARIA ISMAIL
MAHADZIR AZIZAN
YUSOF
PENGURUSAN /
MANAGEMENT
DATO’ SRI MOHAMED
HASSAN KAMIL
Pengarah Urusan Kumpulan /
LEE HIN SZE
Ketua Pegawai Kewangan /
Chief Financial Officer
AZIAN KASSIM
Ketua Pegawai Pelaburan /
Chief Investment Officer
LEEM WHY CHONG
Pengurus Besar, Aktuari &
Aktuari Dilantik /
General Manager, Actuarial &
Appointed Actuary
SHUHAIBAHTULASLAMIAH
HURMUZAN
Pengurus Besar, Sumber
Manusia /
General Manager, Human
Resource
NORAZLIN MOHD DAHARI
Pengurus Besar, Perniagaan
Korporat /
General Manager, Corporate
Business
NORLIDA SAID
Korporat /
Business
MOHD SUHAIMI AHMAD
Runcit /
General Manager, Retail
Business
MARK ANTHONY NATHAN
Pengurus Besar, Bankatakaful /
General Manager, Bancatakaful
PATRICK WONG CHANG YANG
Ketua Pegawai Informasi /
Chief Information Officer
MOHAMAD ASRI YUSOFF
Pengurus Besar, Hal Ehwal
Korporat / Setiausaha Syarikat
Affairs / Company Secretary
JURUAUDIT / AUDITORS
KPMG Desa Megat & Co.
(AF 0759)
Chartered Accountants
Level 10, KPMG Tower
8, First Avenue
Bandar Utama
47800 Petaling Jaya
Selangor Darul Ehsan
Tel : +603-7721 3388
Fax : +603-7721 3399
PEJABAT BERDAFTAR /
REGISTERED OFFICE
Tingkat 26, Blok Annex
Menara Takaful Malaysia
No. 4, Jalan Sultan Sulaiman
50000 Kuala Lumpur
Tel : +603-2268 1984
Fax : +603-2274 2864
Email :
[email protected]
Website :
www.takaful-malaysia.com.my
PENDAFTAR / REGISTRAR
Symphony Share Registrars Sdn
Bhd (378993-D)
Level 6, Symphony House
Pusat Dagangan Dana 1
Jalan PJU 1A/46
47301 Petaling Jaya
Selangor
Tel : +603-7849 0777
Fax : +603-7841 8151/52
Email :
[email protected]
Website :
www.symphony.com.my
TEMPAT DITUBUHKAN DAN
DOMISIL /
PLACE OF INCORPORATION
AND DOMICILE
Malaysia
PENYENARAIAN BURSA
SAHAM /
STOCK EXCHANGE LISTING
Pasaran Utama Bursa Malaysia
Securities Berhad pada 30 Julai
1996 /
Main Market of Bursa
Malaysia Securities Berhad on
30 July 1996
Kod Stok / Stock Code:
6139
Nama Stok / Stock Name:
TAKAFUL
012
(131646-K)
Tan Sri Ismee Ismail, berusia 50 tahun, adalah warganegara Malaysia
dan telah dilantik sebagai Pengerusi Bukan Eksekutif Bukan Bebas
Takaful Malaysia pada 16 Disember 2009.
Tan Sri Ismee Ismail, aged 50, is a Malaysian citizen and was appointed to
the Board on 16 December 2009 as a Non-Independent Non-Executive
Chairman of Takaful Malaysia.
Beliau adalah ahli fellow Chartered Institute of Management
Accountants (CIMA) dan ahli Institut Akauntan Malaysia (MIA).
Beliau kini merupakan Pengarah Urusan Kumpulan dan Ketua Pegawai
Eksekutif Lembaga Tabung Haji. Sebelum itu, beliau merupakan
Ketua Pegawai Eksekutif ECM Libra Securities Sdn Bhd dan Pengarah
ECM Libra Capital Sdn Bhd. Beliau juga pernah berkhidmat dengan
beberapa organisasi dalam pelbagai kapasiti antaranya selaku
Pengurus Besar Kanan Kewangan, Lembaga Tabung Haji; Ketua
Akauntan di Pengurusan Danaharta Nasional Berhad; Pengurus Besar
Pembangunan Perniagaan di Arab Malaysian Development Berhad
dan beberapa jawatan berkaitan kewangan di syarikat-syarikat Shell
di Malaysia. Beliau juga adalah Pengarah BIMB Holdings Berhad,
Bank Islam Malaysia Berhad, TH Plantations Berhad dan beberapa
syarikat lain.
Beliau tidak mempunyai perhubungan kekeluargaan dengan
mana-mana pengarah/pemegang saham utama Takaful Malaysia
dan tidak mempunyai percanggahan kepentingan dengan Takaful
Malaysia. Beliau tidak pernah disabitkan dengan apa-apa kesalahan
dalam tempoh sepuluh (10) tahun yang lalu dan telah menghadiri
kesemua sembilan (9) mesyuarat Lembaga Pengarah yang diadakan
dalam tahun kewangan berakhir 31 Disember 2014.
He is a fellow member of Chartered Institute of Management
Accountants (CIMA) and a member of the Malaysian Institute of
Accountants (MIA).
He is currently the Group Managing Director and Chief Executive
Officer of Lembaga Tabung Haji. Prior to that, he was the Chief
Executive Officer of ECM Libra Securities Sdn Bhd and a Director of
ECM Libra Capital Sdn Bhd. He has also served several organisations
in various capacities including that of Senior General Manager of
Finance, Lembaga Tabung Haji; Chief Accountant at Pengurusan
Danaharta Nasional Berhad; General Manager of Business
Development at Arab Malaysian Development Berhad and has held
several finance-related positions at Shell companies of Malaysia.
He is also a Director of BIMB Holdings Berhad, Bank Islam Malaysia
Berhad, TH Plantations Berhad and several other companies.
He has no family relationship with any other directors/major
shareholders of Takaful Malaysia and has no conflict of interest
with Takaful Malaysia. He has no conviction for offences within the
past ten (10) years and has attended all nine (9) Board of Directors’
meetings held during the financial year ended 31 December 2014.
013
(131646-K)
Pengarah Urusan Kumpulan / Group Managing Director
Dato’ Sri Mohamed Hassan Kamil, berusia 52 tahun, adalah warganegara
Malaysia dan dilantik sebagai Pengarah Bukan Eksekutif Bukan Bebas
Takaful Malaysia pada 1 September 2006. Beliau kini adalah Pengarah
Urusan Kumpulan bagi Takaful Malaysia sejak 1 April 2007. Beliau juga
merupakan Pengerusi Lembaga Komisaris P.T. Syarikat Takaful Indonesia
dan P.T. Asuransi Takaful Keluarga.
Dato’ Sri Mohamed Hassan Kamil, aged 52, is a Malaysian citizen and
was appointed to the Board on 1 September 2006 as a Non-Independent
Non-Executive Director of Takaful Malaysia. He is currently the Group
Managing Director of Takaful Malaysia since 1 April 2007. He is also
the Chairman of the Board of Commissioners of P.T. Syarikat Takaful
Indonesia and P.T. Asuransi Takaful Keluarga.
Beliau merupakan graduan Sarjana Muda Sains dalam bidang Sains
Aktuari dan Sarjana Pentadbiran Perniagaan dari University of Iowa,
USA. Beliau juga adalah Fellow of the Society of Actuaries, USA dan
Chartered Life Underwriter.
He graduated with a Bachelor of Science in Actuarial Science and a
Master in Business Administration from the University of Iowa, USA.
He is a Fellow of the Society of Actuaries, USA and a Chartered Life
Underwriter.
Beliau telah bekerja di Amerika Syarikat sebagai Aktuari dari tahun
1987 hingga 1994 sebelum pulang ke Malaysia sebagai Timbalan
Pengurus Besar di Malaysia National Insurance. Pada tahun 1996,
beliau menyertai ING Insurance Berhad sebagai Naib Presiden
Kanan dan Ketua Aktuari. Pada tahun 2004, beliau menjadi Timbalan
Pengurus Besar bagi P.T. AIA Indonesia.
He worked in the United States as an Actuary from 1987 to 1994 prior
to returning to Malaysia as Deputy General Manager at Malaysia
National Insurance. In 1996, he joined ING Insurance Berhad as
Senior Vice President and Chief Actuary. In 2004, he became the
Deputy General Manager for P.T. AIA Indonesia.
014
(131646-K)
DATUK ROZAIDA OMAR
Datuk Rozaida Omar, berusia 52 tahun, adalah warganegara Malaysia
dan telah dilantik sebagai Pengarah Bukan Eksekutif Bukan Bebas Takaful
Malaysia pada 15 Mei 2007. Beliau juga merupakan ahli Jawatankuasa
Pemilihan dan Jawatankuasa Ganjaran.
Datuk Rozaida Omar, aged 52, is a Malaysian citizen and is a NonIndependent Non-Executive Director of Takaful Malaysia and was
appointed to the Board on 15 May 2007. She is also a member of the
Nomination Committee and Remuneration Committee.
Beliau adalah Akauntan Bertauliah (M) dan merupakan ahli
Association of Chartered Certified Accountants (ACCA) United
Kingdom sejak tahun 1986.
She is a Chartered Accountant (M) and a member of the Association
of Chartered Certified Accountants (ACCA) United Kingdom since
1986.
Beliau memulakan kerjayanya sebagai Akauntan Kewangan di
FELDA pada tahun 1986. Pada tahun 1990, beliau menjadi Pengurus
Kredit di Citibank Berhad sehingga tahun 1991. Beliau kemudiannya
menyertai Guthrie Trading Sdn Bhd pada tahun 1992 sebagai
Pengurus Kewangan sehingga tahun 1993. Selepas itu, beliau menjadi
Pengarah Kewangan di Glaxo SmithKline Consumer Healthcare
Sdn Bhd dari tahun 1994 sehingga tahun 2003. Kini beliau adalah
Ketua Pegawai Kewangan Kumpulan di Lembaga Tabung Haji sejak
tahun 2004. Beliau juga merupakan Pengarah Pelikan International
Corporation Berhad dan BIMB Holdings Berhad.
She started her career as a Financial Accountant at FELDA in 1986.
In 1990, she became a Credit Manager at Citibank Berhad until
1991. She then joined Guthrie Trading Sdn Bhd in 1992 as a Finance
Manager until 1993. After that, she became a Finance Director of
Glaxo SmithKline Consumer Healthcare Sdn Bhd from 1994 until
2003. She is currently the Group Chief Financial Officer of Lembaga
Tabung Haji since 2004. She is also a Director of Pelikan International
Corporation Berhad and BIMB Holdings Berhad.
She has no family relationship with any other directors/major
with Takaful Malaysia. She has no conviction for offences within the
015
(131646-K)
MAHADZIR AZIZAN
Pengarah Bukan Eksekutif Bebas Kanan /
Senior Independent Non-Executive Director
Mahadzir Azizan, berusia 66 tahun, adalah warganegara Malaysia yang
telah dilantik sebagai Pengarah Bukan Eksekutif Bebas Takaful Malaysia
pada 1 September 2007. Beliau telah dilantik sebagai Pengarah Bukan
Eksekutif Bebas Kanan pada 2 Jun 2011.
Mahadzir Azizan, aged 66, is a Malaysian citizen and is an Independent
Non-Executive Director of Takaful Malaysia who was appointed to the
Board on 1 September 2007. He was appointed as Senior Independent
Non-Executive Director on 2 June 2011.
Beliau juga merupakan Pengerusi Jawatankuasa Audit dan
Jawatankuasa Pemilihan dan ahli Jawatankuasa Risiko Lembaga
Pengarah dan Jawatankuasa Ganjaran. Beliau juga merupakan ahli
Lembaga Komisaris P.T. Asuransi Takaful Keluarga.
He is also the Chairman of the Audit Committee and Nomination
Committee and a member of Board Risk Committee and Remuneration
Committee. He is also a member of the Board of Commissioners of
P.T. Asuransi Takaful Keluarga.
Beliau memperolehi kelulusan Barrister-At-Law dari Lincoln’s Inn,
London, United Kingdom dan diterima masuk ke English Bar pada
tahun 1978.
He is a Barrister-At-Law from Lincoln’s Inn, London, United Kingdom
and was called to the English Bar in 1978.
Beliau telah memegang pelbagai jawatan penting di dalam sektor
awam dan swasta. Selepas tamat pengajian, beliau telah menyertai
perkhidmatan Perundangan dan Kehakiman Kerajaan Malaysia
sebagai Timbalan Pendakwaraya dan Penasihat Undang-Undang.
Beliau kemudiannya menyertai sektor swasta dan berkhidmat di
Malaysian International Shipping Corporation (“MISC”) dan Island &
Peninsular Berhad, syarikat hartanah Permodalan Nasional Berhad
(“PNB”) selama 24 tahun. Semasa di sektor swasta, beliau juga telah
berkhidmat sebagai Ahli Majlis MARA dan juga sebagai Pengarah di
pelbagai syarikat berkaitan Kerajaan. Kini, beliau juga merupakan
Pengarah ECM Libra Financial Group Berhad, Libra Invest Berhad, RCE
Capital Berhad dan beberapa syarikat lain.
lapan (8) mesyuarat Lembaga Pengarah yang diadakan dalam tahun
kewangan berakhir 31 Disember 2014.
He has held key positions both in private and public sector. After
graduation, he joined the Judicial and Legal Service of the Malaysian
Government as a Deputy Public Prosecutor and Federal Counsel and
subsequently ventured into the private sector and served Malaysian
International Shipping Corporation (“MISC”) and Island & Peninsular
Berhad, the property arm of Permodalan Nasional Berhad (“PNB”)
for 24 years. Whilst in the private sector, he also served as Ahli Majlis
MARA as well as various other directorships in government linked
companies. Currently, he is also a Director of ECM Libra Financial
Group Berhad, Libra Invest Berhad, RCE Capital Berhad and several
other companies.
past ten (10) years and has attended eight (8) Board of Directors’
016
(131646-K)
DATO’ SULAIMAN MOHD YUSOF
Dato’ Sulaiman Mohd Yusof, berusia 64 tahun, adalah warganegara
Malaysia dan telah dilantik sebagai Pengarah Bukan Eksekutif Bebas
Takaful Malaysia pada 1 Januari 2008. Beliau juga merupakan ahli
Jawatankuasa Audit, Jawatankuasa Pemilihan dan Jawatankuasa Risiko
Lembaga Pengarah. Beliau juga merupakan Pengerusi Asean Retakaful
International (L) Ltd. (dalam pembubaran secara sukarela oleh ahli).
Dato’ Sulaiman Mohd Yusof, aged 64, is a Malaysian citizen and is an
Independent Non-Executive Director of Takaful Malaysia and was
appointed to the Board on 1 January 2008. He is also a member of the
Audit Committee, Nomination Committee and Board Risk Committee.
He is also the Chairman of Asean Retakaful International (L) Ltd. (in
members’ voluntary liquidation).
Beliau memperolehi Ijazah Sarjana Muda Undang-undang (LLB) dari
University of Buckingham, United Kingdom pada tahun 1984 dan
diterima masuk ke Malaysian Bar pada tahun 1986.
He graduated with a Bachelor of Law (LLB) from the University
of Buckingham, United Kingdom in 1984 and was called to the
Malaysian Bar in 1986.
Beliau memulakan kerjayanya sebagai Pelatih Wartawan Kadet
dengan Agensi Berita Bernama pada tahun 1969. Seterusnya pada
tahun yang sama, beliau menyertai Polis Di Raja Malaysia. Beliau
menjawat pelbagai jawatan dalam Polis Di Raja Malaysia seperti
Timbalan Superitendan Personel, Setiausaha yang bertanggungjawab
kepada Ketua Polis Negara, Tun Haniff Omar, Pegawai Polis Daerah
Sentul, Alor Setar dan Sungai Petani dan Penolong Pesuruhjaya
Penyelidikan dan Perancangan di Bukit Aman. Pada tahun 2002,
beliau menjadi Timbalan Pengarah Pengurusan (Disiplin), Timbalan
Pengarah Jabatan Narkotik pada tahun 2003, Ketua Polis Negeri
Sembilan pada tahun 2004, Timbalan Pengarah, Jabatan Siasatan
Jenayah Komersial pada tahun 2005 dan sebagai Ketua Polis Kuala
Lumpur pada tahun 2006 sehingga persaraan beliau. Pada bulan
April 2007, beliau membuka syarikat guamannya sendiri, sekarang
ini dikenali sebagai Sulaiman, Jamellah & Clement. Beliau juga
merupakan Pengarah AWC Berhad dan beberapa syarikat sendirian
berhad yang lain.
He started his career as a Cadet Reporter Trainee with Bernama
News Agency in 1969. Later in the same year, he joined Royal
Malaysia Police. He assumed various positions at the Royal Malaysia
Police such as Deputy Superintendent of Personnel, Secretary
responsible for the IGP, Tun Haniff Omar, Police Officer for District
of Sentul, Alor Setar and Sungai Petani and Assistant Commissioner
of Research and Planning at Bukit Aman. In 2002, he became the
Deputy Director, Management (Discipline), in 2003 as Deputy
Director, Narcotics Department, in 2004 as the Chief Police Officer
of Negeri Sembilan, in 2005 as Deputy Director, Commercial Crime
Investigation Department and in 2006 as the Chief Police Officer of
Kuala Lumpur until his retirement. In April 2007, he started his own
legal firm, currently known as Sulaiman, Jamellah & Clement. He is
also a Director of AWC Berhad and other private limited companies.
017
(131646-K)
Dato’ Johan Abdullah, berusia 58 tahun, adalah warganegara Malaysia
dan merupakan Pengarah Bukan Eksekutif Bukan Bebas Takaful
Malaysia dan telah dilantik pada 15 Ogos 2008. Beliau juga merupakan
ahli Jawatankuasa Pemilihan, Jawatankuasa Risiko Lembaga Pengarah
dan Jawatankuasa Ganjaran.
Dato’ Johan Abdullah, aged 58, is a Malaysian citizen and is a NonIndependent Non-Executive Director of Takaful Malaysia and was
appointed to the Board on 15 August 2008. He is also a member of
the Nomination Committee, Board Risk Committee and Remuneration
Committee.
Beliau memperolehi Diploma Perbankan dari Universiti Teknologi
MARA, Shah Alam pada tahun 1983, Ijazah Sarjana Muda Pentadbiran
Perniagaan (Kewangan) dari Eastern Michigan University, USA pada
tahun 1985 dan Ijazah Sarjana Pentadbiran Perniagaan (Kewangan)
dari Morehead State University, USA pada tahun 1986.
He obtained a Diploma in Banking from University Technology MARA,
Shah Alam in 1983, a Bachelor of Business Administration (Finance)
from Eastern Michigan University, USA in 1985 and a Master in
Business Administration (Finance) from Morehead State University,
USA in 1986.
Beliau memulakan kerjaya profesionalnya pada tahun 1987 di Kuala
Lumpur Stock Exchange (sekarang ini dikenali sebagai Bursa Malaysia
Securities Berhad) sebagai Pegawai Penyenaraian. Pada tahun
1989, beliau menyertai bahagian Kewangan Korporat di Bumiputra
Merchant Bankers Berhad dan meletak jawatan pada awal tahun
1995 sebagai Pengurus Kanan. Beliau kemudiannya menyertai
Damansara Realty Berhad sebagai Pengurus Besar, Perancangan
Korporat. Seterusnya pada tahun 1999, beliau menyertai semula
Bursa Malaysia Securities Berhad dan telah memegang pelbagai
jawatan kanan termasuk Deputy Chief Regulatory Officer, Group
Regulation. Beliau menyertai BIMB Holdings Berhad (“BHB”) sebagai
Pengarah Urusan Kumpulan/Ketua Pegawai Eksekutif pada Mei 2008
dan berkhidmat dengan kumpulan tersebut selama lebih dari enam
tahun. Pada Januari 2015, beliau dilantik sebagai Timbalan Pengarah
Urusan Kumpulan dan Ketua Pegawai Eksekutif di Lembaga Tabung
Haji. Pada Februari 2015, beliau juga telah dilantik sebagai Pengarah
BHB. Beliau juga merupakan Pengarah Bank Islam Malaysia Berhad
dan anak-anak syarikat di dalam kumpulan BHB.
He started his professional career in 1987 with Kuala Lumpur Stock
Exchange (now known as Bursa Malaysia Securities Berhad) as Listing
Officer. In 1989, he joined Corporate Finance division of Bumiputra
Merchant Bankers Berhad and left the bank in early 1995 as Senior
Manager. Later he joined Damansara Realty Berhad as General
Manager, Corporate Planning. Subsequently in the year 1999, he
rejoined Bursa Malaysia Securities Berhad and took up various senior
positions including that of Deputy Chief Regulatory Officer, Group
Regulation. He joined BIMB Holdings Berhad (“BHB”) as the Group
Managing Director/Chief Executive Officer in May 2008 and served
the group for more than six years. In January 2015, he was appointed
as Deputy Group Managing Director and Chief Executive Officer of
Lembaga Tabung Haji. In February 2015, he was also appointed as a
Director of BHB. He is also a Director of Bank Islam Malaysia Berhad
and other subsidiaries within BHB Group.
018
(131646-K)
ZAKARIA ISMAIL
Zakaria Ismail, berusia 63 tahun, adalah warganegara Malaysia dan
merupakan Pengarah Bukan Eksekutif Bebas Takaful Malaysia dan
telah dilantik pada 15 Mei 2010. Beliau juga merupakan Pengerusi
Jawatankuasa Ganjaran dan Jawatankuasa Risiko Lembaga Pengarah
dan ahli Jawatankuasa Audit dan Jawatankuasa Pemilihan.
Zakaria Ismail, aged 63, is a Malaysian citizen and is an Independent
Non-Executive Director of Takaful Malaysia and was appointed to the
Board on 15 May 2010. He is also the Chairman of the Remuneration
Committee and Board Risk Committee and a member of Audit
Committee and Nomination Committee.
Beliau memperolehi Ijazah Sarjana Muda Ekonomi (Kepujian)
dari Universiti Malaya pada tahun 1974 dan Sarjana Pentadbiran
Perniagaan dan Sarjana Sastera dalam Ekonomi dari Boston
University, Amerika Syarikat, masing-masing pada tahun 1981 dan
1983. Beliau juga merupakan ahli bersekutu The Institute of Bankers,
London.
Beliau memulakan kerjayanya di Bank Negara Malaysia (BNM) pada
tahun 1974 dan memegang pelbagai jawatan seperti Eksekutif Kanan,
Penyeliaan Perbankan; Setiausaha Sulit, Pejabat Gabenor, Eksekutif
Kanan, Ekonomi; Penolong kepada Pengarah Eksekutif, South East
Asia Group IMF; di Washington, D.C Amerika Syarikat; Pengurus,
Ekonomi; Pengurus, Penyeliaan Perbankan; Timbalan Pengarah,
Pelaburan; Timbalan Pengarah, Penyeliaan Perbankan; Pengarah,
Penyeliaan Perbankan; Pengarah, Penyeliaan Insurans dan Pengarah,
Pengawalan Insurans. Beliau telah dipinjamkan sebagai Pengarah
Urusan di Entrepreneurs Rehabilitation Fund (ERF) pada tahun 2002
sehingga 2004 dan seterusnya dipinjamkan sebagai Pengarah Latihan
dan Pentadbiran di The South East Asian Central Banks Research and
Training Centre (SEACEN) pada tahun 2004 sehingga persaraan beliau
pada tahun 2007. Beliau juga merupakan ahli Lembaga Pengarah di
Malaysian Insurance Institute (MII) dan ahli EXCO MII dari tahun
2000 sehingga 2002 dan ahli Lembaga Pengarah Export-Import Bank
of Malaysia Berhad dari tahun 2008 sehingga 2014.
He obtained his Bachelor of Economics (Honours) from the University
of Malaya in 1974, and a Master in Business Administration and a
Master of Arts in Economics from Boston University, USA in 1981 and
1983 respectively. He is also an associate of The Institute of Bankers,
London.
He started his career with Bank Negara Malaysia (BNM) in 1974
and assumed various positions such as Senior Executive, Banking
Supervision; Private Secretary, Office of the Governor; Senior
Executive, Economics; Assistant to the Executive Director, South
East Asia Group IMF; in Washington, D.C. USA; Manager, Economics;
Manager, Banking Supervision; Deputy Director, Investment; Deputy
Director, Banking Supervision; Director, Banking Supervision;
Director, Insurance Supervision and Director, Insurance Regulation.
He was seconded to the Entrepreneurs Rehabilitation Fund (ERF) as
its Managing Director in 2002 until 2004 and then was seconded to
The South East Asian Central Banks Research and Training Centre
(SEACEN) as its Director of Training and Administration from 2004
until his retirement in 2007. He was also a Board member of the
Malaysian Insurance Institute (MII) and member of the EXCO of MII
from 2000 until 2002 and a Board member of Export-Import Bank of
Malaysia Berhad from 2008 until 2014.
019
(131646-K)
Dato’ Othman Abdullah, berusia 66 tahun, adalah warganegara
Malaysia dan telah dilantik sebagai Pengarah Bukan Eksekutif Bebas
Takaful Malaysia pada 1 Disember 2012. Beliau juga merupakan ahli
Jawatankuasa Audit.
Dato’ Othman Abdullah, aged 66, is a Malaysian citizen and was
appointed on 1 December 2012 as an Independent Non-Executive
Director of Takaful Malaysia. He is also a member of Audit Committee.
Beliau memperolehi Sarjana Muda Ekonomi dalam Perakaunan dari
Universiti Malaya pada tahun 1977 dan merupakan ahli Institut
Akauntan Malaysia (MIA).
He obtained his Bachelor of Economics in Accounting from the
University of Malaya in 1977 and is a member of the Malaysian
Institute of Accountants (MIA).
Beliau memulakan kerjayanya pada tahun 1977 sebagai Akauntan
Perbendaharaan di Jabatan Akauntan Negara (AG). Beliau telah
memegang pelbagai jawatan di Jabatan AG antaranya sebagai
Akauntan Kanan Perbendaharaan pada tahun 1982 dan Akauntan
pada tahun 1984. Beliau telah dipinjamkan kepada Lembaga Letrik
Sabah sebagai Timbalan Pengurus Besar (Kewangan) pada tahun
1987. Pada tahun 1993, beliau telah dilantik sebagai Timbalan
Pengarah, Bahagian Perkhidmatan Operasi Pusat dan Agensi
(BPOPA) dan kemudiannya menjadi Pengarah BPOPA pada tahun
1995. Seterusnya, pada tahun 1999 beliau telah dilantik sebagai
Pengarah, Bahagian Pengurusan Perakaunan Cawangan; pada tahun
2000 sebagai Timbalan Akauntan Negara Malaysia dan pada tahun
2003 sebagai Akauntan Negara Malaysia sehingga beliau bersara
pada bulan Mac 2005. Kini, beliau juga adalah Pengarah ECM Libra
Financial Group Berhad.
He started his career in 1977 as Treasury Accountant at the Accountant
General’s (AG) Department. He held various positions in the AG
Department among others as the Senior Treasury Accountant in 1982
and Accountant in 1984. He was seconded to the Sabah Electricity
Board as the Deputy General Manager (Finance) in 1987. In 1993,
he was appointed as the Deputy Director of Central Operation and
Agency Services Division (BPOPA) and later he became the Director
of BPOPA in 1995. In 1999, he then served as the Director of Branch
Account Management Division, in 2000 as the Deputy Accountant
General of Malaysia and in 2003 as the Accountant General of
Malaysia until his retirement in March 2005. Currently, he is also a
Director of ECM Libra Financial Group Berhad.
020
(131646-K)
Profil Badan Penasihat Syariah
DR. AHMAD SHAHBARI @ SOBRI SALAMON
Dr. Ahmad Shahbari @ Sobri Salamon, berusia 72 tahun, adalah
warganegara Malaysia dan merupakan Pengerusi Badan Penasihat
Syariah (BPS) Takaful Malaysia. Beliau telah dilantik pada 1 Julai 1985.
Dr. Ahmad Shahbari @ Sobri Salamon, aged 72, is a Malaysian citizen
and is the Chairman of the Shariah Advisory Body (SAB) of Takaful
Malaysia. He was appointed on 1 July 1985.
Beliau memperolehi Ijazah Sarjana Muda Sastera dalam Syariah dari
Universiti Al–Azhar, Mesir pada tahun 1970, Sarjana Sastera dalam
Pengajian Antarabangsa dari Universiti Fairleigh Dickenson, Amerika
Syarikat pada tahun 1973, Sarjana Falsafah dalam Sains Politik dan
Ijazah Doktor Falsafah dalam Sejarah dari Universiti New York,
Amerika Syarikat masing-masing pada tahun 1975 dan 1979.
Beliau memulakan kerjayanya pada tahun 1978 sebagai Pensyarah
di Jabatan Syariah, Fakulti Pengajian Islam, Universiti Kebangsaan
Malaysia (UKM) sebelum dipinjamkan ke Universiti Islam
Antarabangsa Malaysia (UIAM) dari tahun 1983 hingga 1984.
Semasa di UKM, beliau telah dilantik sebagai Penyelaras bagi
Pendidikan Umum dari tahun 1981 hingga 1982. Pada tahun 1982,
beliau berkhidmat sebagai Pemangku Ketua Jabatan Syariah. Beliau
juga merupakan Penyelaras Program Diploma dan Sijil Pengajian
Islam UKM sehingga tahun 1983. Beliau kembali ke UKM pada
tahun 1984 sebagai Prof. Madya di Jabatan Syariah sehingga tahun
1985. Kemudian beliau menjadi Pengarah Eksekutif Pusat Rawatan
Islam (MAIS) dari tahun 1996 hingga 1999. Kini, beliau merupakan
Pengerusi Eksekutif Pusrawi Corporation Sdn Bhd, ahli Majlis
Perundingan Islam di Jabatan Perdana Menteri (JPM) dan Pengerusi
Majlis Pengawasan Syariah Bank Islam Malaysia Berhad.
Beliau telah menghasilkan tulisan dalam bidang sejarah pendidikan,
ekonomi, perbankan Islam dan perundangan Islam sebanyak 14 buah
buku, 7 jilid terjemahan, 300 skrip tv dan 40 kertas kerja. Beliau juga
dianugerahkan sebagai ‘Tokoh Ulamak Bestari Negeri Selangor’ pada
tahun 2000, ‘Tokoh Ma’al Hijrah Negeri Selangor’ pada tahun 2001
dan Ahli Majlis Agama Islam Negeri Selangor selama 21 tahun.
He graduated with a Bachelor of Arts in Shariah from the University of
Al-Azhar, Egypt in 1970, a Master of Arts in International Studies from
Fairleigh Dickenson University, USA in 1973, a Master of Philosophy
in Political Sciences and a Doctor of Philosophy in History from New
York University, USA in 1975 and 1979 respectively.
He started his career in 1978 as a Lecturer at the Shariah
Department, Faculty of Islamic Studies, Universiti Kebangsaan
Malaysia (UKM) prior to his secondment to the International Islamic
University Malaysia (IIUM) from 1983 to 1984. Whilst with UKM, he
was appointed as the Coordinator for the General Teachings from
1981 to 1982. In 1982, he served as the Acting Head of the Shariah
Department. He was also the Programme Coordinator for Diploma
and Certificate in Islamic Studies of UKM until 1983. He returned to
UKM in 1984 as a Associate Prof. in the Shariah Department until
1985. He then became an Executive Director of Pusat Rawatan Islam
(MAIS) from 1996 to 1999. Currently, he is the Executive Chairman of
Pusrawi Corporation Sdn Bhd, a member of the Islamic Consultative
Council in the Prime Minister’s Department and the Chairman of the
Shariah Supervisory Council of Bank Islam Malaysia Berhad.
He has produced writings in educational history, economy, Islamic
banking and Islamic law, a total of 14 books, 7 translation bindery,
300 tv scripts and 40 paper works. He was also awarded ‘Tokoh
Ulamak Bestari Negeri Selangor’ in 2000, ‘Tokoh Ma’al Hijrah Negeri
Selangor’ in 2001 and a member of Religious Council of Selangor
State for 21 years.
021
(131646-K)
DATO’ MOHD BAKIR HJ. MANSOR
Ahli / Member
Dato’ Mohd Bakir Hj. Mansor, berusia 78 tahun, adalah warganegara
Malaysia dan merupakan ahli Badan Penasihat Syariah (BPS) Takaful
Malaysia, dilantik pada 1 Julai 2002.
Dato’ Mohd Bakir Hj. Mansor, aged 78, is a Malaysian citizen and is
a member of the Shariah Advisory Body (SAB) of Takaful Malaysia,
appointed on 1 July 2002.
Beliau memperolehi Shahadah Ulya (Sijil Tertinggi) dari Kolej Islam
Malaya pada tahun 1967.
He obtained the Shahadah Ulya (Highest Certificate) from Kolej Islam
Malaya in 1967.
Beliau telah memulakan kerjayanya sebagai guru sementara di
Madrasah Mashhoor Islamiyah, Pulau Pinang dari tahun 1967 hingga
1970. Beliau kemudiannya berkhidmat sebagai Pegawai Penerangan
sementara di Majlis Kebangsaan Hal Ehwal Agama Islam Malaysia
mulai tahun 1971 hingga 1973; sebagai Pegawai Hal Ehwal Islam di
Bahagian Hal Ehwal Islam, Jabatan Perdana Menteri dari tahun 1973
hingga 1977; sebagai Pegawai Perancangan Pendidikan Agama di
Jabatan Kemajuan Masyarakat, Kementerian Pertanian dari tahun
1978 hingga 1980; sebagai Penolong Pengarah Dokumentasi di
Bahagian Hal Ehwal Islam, Jabatan Perdana Menteri mulai tahun 1980
hingga 1981 dan sebagai seorang Ketua Penolong Pengarah Pusat
Penyelidikan Islam dari tahun 1981 hingga 1984. Beliau kemudiannya
berkhidmat dengan Bank Islam Malaysia Berhad sebagai Koordinator
Syariah merangkap Setiausaha Majlis Pengawasan Syariah Bank
dari tahun 1984 hingga 2001. Beliau pernah berkhidmat sebagai
Internal Research Fellow for the Centre of Fiqh Muamalat di Institut
Perbankan dan Kewangan Islam Malaysia (IBFIM) dari 2 Januari 2001
hingga 30 Jun 2009.
He started his career as a temporary teacher at Madrasah Mashhoor
Islamiyah, Pulau Pinang from 1967 to 1970. He then served as a
temporary Information Officer at the National Council for Islamic
Religious Affairs Malaysia from 1971 to 1973; as an Islamic Affairs
Officer at the Islamic Affairs Division, the Prime Minister’s Department
from 1973 to 1977; as the Religious Education Planning Officer at the
Community Development Department, Ministry of Agriculture from
1978 to 1980; as an Assistant Documentation Director at the Islamic
Affairs Division, the Prime Minister’s Department from 1980 to 1981
and as a Chief Assistant Director of Islamic Research Centre from 1981
to 1984. He then served at Bank Islam Malaysia Berhad as Shariah
Coordinator cum Secretary to the Bank’s Shariah Supervisory Council
from 1984 to 2001. He was previously an Internal Research Fellow for
the Centre of Fiqh Muamalat at Islamic Banking and Finance Institute
Malaysia (IBFIM) from 2 January 2001 until 30 June 2009.
Beliau kini merupakan Penasihat Syariah Ternama di Pusat Fiqh
Muamalat berkuatkuasa dari 1 Julai 2009. Beliau juga adalah
ahli Majlis Pengawasan Syariah Bank Islam Malaysia Berhad, ahli
Jawatankuasa Panel Syariah Amanah Ikhtiar Malaysia, Pengerusi
Jawatankuasa Penasihat Syariah BIMB Securities Sdn Bhd dan
Pengerusi Jawatankuasa Penasihat Syariah Kumpulan Wang
Simpanan Pekerja. Sebelum dilantik sebagai ahli BPS Takaful Malaysia
pada 1 Julai 2002, beliau adalah Setiausaha BPS Takaful Malaysia
sejak ia ditubuhkan pada tahun 1985 hingga Disember 2001.
Beliau telah dikurniakan “Anugerah Maulidur Rasul 1434H/2013M”
oleh kerajaan Malaysia kerana sumbangannya dalam industri
kewangan Islam.
He is currently a Distinguished Shariah Advisor for the Centre of
Fiqh Muamalat effective from 1 July 2009. He is also a member of
the Shariah Supervisory Council of Bank Islam Malaysia Berhad,
a member of the Shariah Panel of Amanah Ikhtiar Malaysia, the
Chairman of the Shariah Advisory Committee of BIMB Securities Sdn
Bhd and the Chairman of the Shariah Advisory Committee of the
Employees Provident Fund. Before being appointed as a member of
the SAB of Takaful Malaysia on 1 July 2002, he was the Secretary of
the SAB of Takaful Malaysia since its inception in 1985 to December
2001.
He was conferred with “Anugerah Maulidur Rasul 1434H/2013M” by
the government of Malaysia for his contributions in promoting the
Islamic finance industry.
022
(131646-K)
DR. AIDA OTHMAN
Ahli / Member
Dr. Aida Othman, berusia 46 tahun, adalah warganegara Malaysia dan
merupakan ahli Badan Penasihat Syariah (BPS) Takaful Malaysia. Beliau
telah dilantik pada 6 Mac 2008.
Dr. Aida Othman, aged 46, is a Malaysian citizen and is a member of the
Shariah Advisory Body (SAB) of Takaful Malaysia. She was appointed on
6 March 2008.
Beliau memperolehi Ijazah Sarjana Muda Undang-undang (LL.B) pada
tahun 1992 dan Ijazah Sarjana Muda Undang-undang (LL.B Syariah)
dalam tahun 1993 dari Universiti Islam Antarabangsa Malaysia. Pada
tahun 1995, beliau memperolehi Sarjana Undang-undang (LL.M) dari
Universiti Cambridge, England. Pada tahun 2005 beliau memperolehi
Ijazah Doktor Falsafah dari Universiti Harvard, Amerika Syarikat dan
PostDoctorate Fellowship dari universiti yang sama pada tahun 2006.
Beliau memulakan kerjayanya dengan Tetuan Zain & Co. pada tahun
1993 sebagai Penolong Pegawai Undang Undang. Pada tahun 1995,
beliau menyertai Universiti Islam Antarabangsa sebagai Pensyarah.
Beliau pernah menjadi penyelidik untuk United Nations dari tahun
1998 hingga 1999 dan berkhidmat di Universiti Harvard sebagai
Teaching Fellow dari tahun 2002 sehingga 2006.
Beliau kini merupakan rakan kongsi di firma guaman Tetuan Zaid
Ibrahim & Co. dan juga sebagai ahli Lembaga Pengarah ZICO Shariah
Advisory Services Sdn Bhd.
She graduated from the International Islamic University Malaysia
with a Bachelor of Law (LL.B) degree in 1992 and a Bachelor of Law
(LL.B Shariah) degree in 1993. In 1995, she obtained a Master in
Law (LL.M) from the Cambridge University, England. In 2005, she
obtained a Doctor of Philosophy from the Harvard University, USA
and a PostDoctorate Fellowship from the same university in 2006.
She started her career with Messrs. Zain & Co. in 1993 as Assistant
Legal Officer. In 1995, she joined International Islamic University
Malaysia as a Lecturer. She was previously a researcher for United
Nations from 1998 until 1999 and served the Harvard University as a
Teaching Fellow from 2002 until 2006.
Currently she is a partner at a law firm Messrs. Zaid Ibrahim & Co.
and also as a Board member of ZICO Shariah Advisory Services Sdn
Bhd.
023
(131646-K)
Professor Dr. Muhamad Rahimi Osman
Ahli / Member
Profesor Dr. Muhamad Rahimi Osman, berusia 54 tahun, adalah
warganegara Malaysia dan merupakan ahli Badan Penasihat Syariah
(BPS) Takaful Malaysia. Beliau telah dilantik pada 12 Januari 2010.
Professor Dr. Muhamad Rahimi Osman, aged 54, is a Malaysian citizen
and is a member of the Shariah Advisory Body (SAB) of Takaful Malaysia.
He was appointed on 12 January 2010.
Berkelulusan Ijazah Sarjana Muda Syariah (Hons) dari Universiti
Malaya pada tahun 1987, Ijazah Sarjana dalam Ekonomi Islam
dari Universiti Yarmouk, Jordan dan Doktor Falsafah (PhD) dalam
Perbankan Islam dari Universiti Islam Antarabangsa Malaysia masingmasing pada tahun 1996 dan 2007. Sekarang ini, beliau memegang
jawatan Dekan, Akademi Pengajian Islam Kontemporari (ACIS),
Universiti Teknologi MARA (UiTM), Shah Alam.
He graduated from the University of Malaya in 1987, holding a
Bachelor of Shariah (Hons). He obtained his Master in Islamic
Economics from the University of Yarmouk, Jordan and a Doctor of
Philosophy (PhD) in Islamic Banking from the International Islamic
University Malaysia in 1996 and 2007 respectively. Currently, he
is a Dean of the Academy of Contemporary Islamic Studies (ACIS),
Universiti Teknologi MARA (UiTM), Shah Alam.
Beliau memulakan kerjayanya sebagai pensyarah di Pusat Pendidikan
Islam, Universiti Teknologi MARA (UiTM), Shah Alam pada tahun
1988. Beliau telah dilantik memegang beberapa jawatan pentadbiran
seperti Koordinator Sains Sosial Islam, Ketua Unit Zakat, Timbalan
Pengarah, Pusat Pemikiran dan Kefahaman Islam (CITU) dan
Pengarah, Institut Kajian Zakat Malaysia (IKaZ), Universiti Teknologi
MARA.
He joined Universiti Teknologi MARA (UiTM), Shah Alam in 1988
as an academic staff at the Centre for Islamic Education. He was
appointed to several administration posts such as Coordinator of
Islamic Social Science, Head of Zakat Unit, Deputy Director, Centre for
Islamic Thought and Understanding (CITU) and Director of the Zakat
Research Institute of Malaysia (IKaZ), Universiti Teknologi MARA.
Beliau juga adalah ahli jawatankuasa Penyelaras Kurikulum Program
Muamalat, Takaful, Kewangan dan Perbankan Islam, Kementerian
Pengajian Tinggi Malaysia, Ahli Senat Universiti dan ahli Majlis
Dekan Pengajian Islam, Institusi Pengajian Tinggi Awam Malaysia dan
beberapa jawatankuasa lain di dalam dan luar Universiti.
Beliau juga telah menulis buku dan membentangkan kertas kerja
di peringkat nasional dan antarabangsa dan terlibat menjalankan
penyelidikan dalam bidang ekonomi, perbankan dan kewangan
Islam. Artikel beliau juga telah diterbitkan dalam jurnal tempatan
dan antarabangsa.
He also serves as a member of the Curriculum Review Committee
for Muamalat, Takaful, Islamic Banking and Finance of the Ministry
of Higher Education Malaysia, member of the Senate University,
and member of the Dean Council of Islamic Studies, Higher Learning
Institutions of Malaysia and several other committees inside and
outside of the University.
He has written books and presented papers at national and
international seminars related to Islamic economics, Islamic banking
and finance. His articles have also been published in local and
international journals.
024
(131646-K)
DATO’ WAN MOHAMAD DATO’ SHEIKH ABDUL AZIZ
Ahli / Member
Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz, berusia 62 tahun, adalah
warganegara Malaysia dan merupakan ahli Badan Penasihat Syariah
(BPS) Takaful Malaysia. Beliau telah dilantik pada 1 Jun 2011.
Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz, aged 62, is a Malaysian
citizen and is a member of the Shariah Advisory Body (SAB) of Takaful
Malaysia. He was appointed on 1 June 2011.
Beliau memperolehi Diploma Pendidikan pada tahun 1977 dan
Sarjana Muda dalam Pengajian Islam (Kepujian) pada tahun 1978 dari
Universiti Kebangsaan Malaysia. Beliau juga memperolehi Diploma
Sains Pengurusan dari Institut Tadbiran Awam Negara (INTAN) pada
tahun 1989. Beliau merupakan ahli British Institute of Management
(MBIM) sejak tahun 1985.
He graduated from Universiti Kebangsaan Malaysia with a Diploma
in Education in 1977 and a Bachelor of Islamic Studies (Honours)
in 1978. He also obtained a Diploma in Management Science from
the National Institute of Public Administration (Institut Tadbiran
Awam Negara (INTAN) in 1989. He is a member of British Institute of
Management (MBIM) since 1985.
Beliau memulakan kerjayanya pada tahun 1978 sebagai Penolong
Pengarah dan kemudiannya menjadi Penolong Pengarah Kanan
di Institut Dakwah dan Latihan Islam (INDAH) Bahagian Hal Ehwal
Islam (BAHEIS), Jabatan Perdana Menteri. Beliau kemudian menjadi
Atase Agama di Pejabat Pesuruhjaya Tinggi Malaysia di London
selama tiga tahun sejak tahun 1982. Selepas pulang ke Malaysia
pada tahun 1986, beliau dinaikkan pangkat sebagai Ketua Penolong
Pengarah di BAHEIS dan kemudiannya sebagai Ketua Bahagian
Amar Ma’ruf dan Ketua Pendaftar Nikah, Cerai dan Rujuk di Jabatan
Agama Islam Wilayah Persekutuan (JAWI). Pada tahun 1993, beliau
bertugas sebagai Ketua Penolong Pengarah Ekonomi, Pentadbiran
Sosial, Pusat Penyelidikan Islam. Pada tahun 1994, beliau merupakan
Pengetua Darul Quran Jabatan Kemajuan Islam Malaysia (JAKIM)
dan kemudiannya memegang pelbagai jawatan seperti Pengarah
Bahagian Keluarga, Sosial dan Pengurusan Masjid (KESUMA),
Pengarah Bahagian Penyelidikan, Timbalan Ketua Pengarah (Operasi)
dan Ketua Pengarah masing-masing pada tahun 2000, 2003, 2004
dan 2007 sebelum beliau bersara pada 22 April 2011. Sepanjang
tempoh menjadi Ketua Pengarah JAKIM, beliau juga bertindak
sebagai Setiausaha Jawatankuasa Fatwa Kebangsaan.
He started his career in 1978 as an Assistant Director and later as
Senior Assistant Director at the Institut Dakwah dan Latihan Islam
(INDAH) of Islamic Affairs Division (Bahagian Hal Ehwal Islam
(BAHEIS), Prime Minister’s Department. He then served as Atase
Agama at the Malaysian High Commission’s office in London for
three years from 1982. Upon returning to Malaysia in 1986, he was
promoted to Chief Assistant Director in BAHEIS and thereafter as the
Chief of Amar Ma’ruf Division and Chief Registrar of Marriage,
Divorce and Ruju’ at the Federal Territory Islamic Religious
Department (Jabatan Agama Islam Wilayah Persekutuan (JAWI)). In
1993, he served as Chief Assistant Director of Social, Administration
and Economy at the Islamic Research Center. In 1994, he served as
Principal at the Darul Quran of the Malaysian Islamic Development
Department (Jabatan Kemajuan Islam Malaysia (JAKIM)) and later
assumed various positions such as Director of Family, Social and
Mosque Management Division (KESUMA), Director of Research
Division, Deputy Director General (Operation) and Director General
of JAKIM in 2000, 2003, 2004 and 2007 respectively before his
retirement on 22 April 2011. He also served as Secretary to the
National Fatwa Committee while serving as Director General of
JAKIM.
Beliau juga pernah berkhidmat sebagai ahli Majlis Penasihat Syariah
di Bank Negara Malaysia pada tahun 2008 sehingga tahun 2010. Kini,
beliau merupakan ahli Lembaga Pengarah Institut Kefahaman Islam
Malaysia (IKIM) dan ahli Jawatankuasa Penasihat Ibadat Haji (Tabung
Haji-JAKIM).
He was also previously a member of the Shariah Advisory Council of
Bank Negara Malaysia from 2008 until 2010. He is currently a Board
member of the Institute of Islamic Understanding Malaysia (Institut
Kefahaman Islam Malaysia (IKIM) and a member of the Hajj Advisory
Committee (Tabung Haji-JAKIM).
025
(131646-K)
Jawatankuasa Pengurusan
Management Committee
1
1
Pengarah Urusan Kumpulan
2
LEE HIN SZE
Ketua Pegawai Kewangan
Chief Financial Officer
3
AZIAN KASSIM
Ketua Pegawai Pelaburan
Chief Investment Officer
4
LEEM WHY CHONG
Pengurus Besar, Aktuari & Aktuari Dilantik
General Manager, Actuarial & Appointed Actuary
5
SHUHAIBAHTULASLAMIAH HURMUZAN
Pengurus Besar, Sumber Manusia
General Manager, Human Resource
6
NORAZLIN MOHD DAHARI
Pengurus Besar, Perniagaan Korporat
General Manager, Corporate Business
7
NORLIDA SAID
Pengurus Besar, Perniagaan Korporat
General Manager, Corporate Business
8
MOHD SUHAIMI AHMAD
Pengurus Besar, Perniagaan Runcit
General Manager, Retail Business
9
MARK ANTHONY NATHAN
Pengurus Besar, Bankatakaful
General Manager, Bancatakaful
10 PATRICK WONG CHANG YANG
Ketua Pegawai Informasi
Chief Information Officer
11 MOHAMAD ASRI YUSOFF
Pengurus Besar, Hal Ehwal Korporat /
Setiausaha Syarikat
General Manager, Corporate Affairs /
Company Secretary
2
3
4
5
6
7
8
9
10
11
026
(131646-K)
Penyata Urus Tadbir Korporat
Corporate Governance Statement
PENYATA URUS TADBIR KORPORAT
CORPORATE GOVERNANCE STATEMENT
Lembaga Pengarah Syarikat Takaful Malaysia Berhad (“Takaful
Malaysia”) terus mematuhi dan menyokong sepenuhnya Kod
Urus Tadbir Korporat Malaysia 2012 (“MCCG 2012”) dan sentiasa
komited dalam memastikan supaya Prinsip-prinsip dan Cadangancadangan dipatuhi dan diamalkan oleh keseluruhan Kumpulan bagi
membolehkan urus selia hal-ehwal Kumpulan dikendalikan secara
profesional, bertanggungjawab dan berwibawa dengan objektif
untuk melindungi dan mempertingkatkan nilai pelaburan pemegang
saham dan prestasi kewangan Kumpulan.
The Board of Directors (“the Board”) of Syarikat Takaful Malaysia
Berhad (“Takaful Malaysia”) continues to subscribe and fully support
the Malaysian Code on Corporate Governance 2012 (“MCCG 2012”)
and is committed to ensure that the Principles and Recommendations
are observed and practised throughout the Group so that the affairs
of the Group are conducted with professionalism, accountability
and integrity with the objective of safeguarding and enhancing
shareholders’ value and financial performance of the Group.
Lembaga Pengarah dengan ini berbesar hati melaporkan pelaksanaan
penggunaan Prinsip-prinsip MCCG 2012 dan sejauh mana Kumpulan
telah mematuhi Cadangan-cadangan oleh MCCG 2012 sebagaimana
yang ditetapkan menurut MCCG 2012, Keperluan Penyenaraian
Pasaran Utama (“Keperluan Penyenaraian”) Bursa Malaysia
Securities Berhad (“Bursa Securities”) dan Panduan Urus Tadbir
Korporat (“Panduan CG”) yang dikeluarkan oleh Bursa Malaysia
Berhad sepanjang tahun kewangan yang dikaji.
PENGARAH
The Board is pleased to report on the application of the Principles
of the MCCG 2012 and the extent of compliance with the
Recommendations of the MCCG 2012 as required under the MCCG
2012, the Main Market Listing Requirements (“Listing Requirements”)
of Bursa Malaysia Securities Berhad (“Bursa Securities”) and
Corporate Governance Guide (“CG Guide”) issued by Bursa Malaysia
Berhad during the financial year under review.
DIRECTORS
The Board
Lembaga Pengarah
Lembaga Pengarah bertanggungjawab terhadap keseluruhan aspek
urus tadbir korporat Kumpulan dan juga diamanahkan dengan
tanggungjawab dalam melaksanakan penjagaan yang sewajarnya
ke atas Syarikat serta sumber-sumber Kumpulan bagi memelihara
kepentingan para pemegang saham dan memastikan pengurusan
perniagaan yang sewajarnya.
Piagam Lembaga Pengarah
Lembaga Pengarah sedar akan keperluan untuk melindungi
kepentingan para pemegang saham dan pihak berkepentingan lain.
Bagi melaksanakan tugasnya dengan berkesan, Lembaga Pengarah
berpandu kepada Terma Rujukan (“Piagam”) yang menggariskan
peranan dan tanggungjawab Lembaga Pengarah. Lembaga Pengarah
akan mengkaji Piagam dari semasa ke semasa bagi memastikan ianya
selari dengan perubahan dalam peraturan-peraturan dan amalan
terbaik dan memastikan ianya berkesan dan relevan dengan objektif
Lembaga Pengarah.
Peranan dan Tanggungjawab
Lembaga Pengarah mempunyai tanggungjawab yang menyeluruh
untuk memastikan Takaful Malaysia beroperasi sebagaimana yang
dinyatakan dalam objektif Syarikat. Oleh itu, mereka mempunyai
kuasa untuk membuat keputusan mengenai semua perkara yang
berkaitan dengan perniagaan Syarikat seperti yang terkandung di
dalam Tataurusan Pertubuhan Syarikat, Akta Syarikat 1965 dan
The Board is responsible for the overall corporate governance of
the Group and is also entrusted with the responsibility of exercising
reasonable care of the Company as well as Group’s resources in the
best interests of its shareholders and in ensuring the proper conduct
of business.
Board Charter
The Board is mindful of the need to protect the interests of its
shareholders and other stakeholders. In discharging its duties
effectively, the Board is guided by its Terms of Reference (“Charter”)
which set out the roles and responsibilities of the Board. The Board
will regularly review the Charter to keep it up to date with changes
in regulations and best practices and ensure its effectiveness and
relevance to the Board’s objectives.
Roles and Responsibility
The Board has the overall responsibility of ensuring that Takaful
Malaysia operates as intended in the declared objectives of the
Company. Consequently, it has the power to decide on all matters
pertaining to the Company’s business as empowered by the
Company’s Articles of Association, Companies Act 1965 and all
relevant guidelines of Bank Negara Malaysia, Securities Commission
027
(131646-K)
semua garis panduan yang berkaitan dengan Bank Negara Malaysia,
Suruhanjaya Sekuriti dan Keperluan Penyenaraian, dan jika perlu,
untuk mewakilkan kuasa-kuasa ini dengan sewajarnya. Beberapa
kuasa tertentu Lembaga Pengarah termasuk seperti yang berikut:
•
•
•
Untuk menubuhkan dan meluluskan polisi mengenai masa
depan Syarikat di dalam objektif umum untuk mencapai
kemajuan yang menyeluruh dalam misi korporat merangkumi
semua aspek operasi, termasuk perancangan strategik,
pentadbiran dan kawalan kredit, pengurusan aset dan liabiliti
merangkumi pengurusan risiko kecairan, pulangan ke atas
risiko pelaburan dan risiko pasaran, sistem perakaunan dan
kawalan, kualiti perkhidmatan, pelan automasi, pencegahan
penggubahan wang haram, pengurusan risiko, perancangan
keuntungan dan belanjawan, kecukupan modal dan
pembangunan sumber manusia;
Untuk meluluskan pelaburan baru, pelupusan dan
pemerolehan, termasuk penubuhan anak syarikat / syarikat
bersekutu yang baru dan penyertaan dalam aktiviti perniagaan
baru di dalam atau di luar negara;
Untuk mengkaji dan meluluskan pelan tahunan perniagaan
dan belanjawan, dan memantau prestasi kuantitatif dan
kualitatif Takaful Malaysia, kedua-dua di peringkat Syarikat
dan Kumpulan, berbanding dengan sasaran dan objektif;
•
Untuk memastikan bahawa operasi perniagaan Syarikat
dijalankan mengikut prinsip-prinsip Syariah;
•
Perancangan peralihan jawatan, termasuk melantik, melatih,
menetapkan pampasan dan di mana perlu, menggantikan
Pengurusan; dan
•
Mengkaji kecukupan dan integriti sistem kawalan dalaman
Syarikat dan sistem pengurusan maklumat, termasuk sistem
yang selari dengan undang-undang, peraturan-peraturan,
kaedah-kaedah, arahan dan garis panduan berkaitan.
Pengurusan Syarikat diketuai oleh Pengarah Urusan Kumpulan/Ketua
Pegawai Eksekutif. Beliau bertanggungjawab terhadap Lembaga
Pengarah bagi memastikan Syarikat beroperasi dengan berkesan.
Mesyuarat Lembaga Pengarah
Mesyuarat Lembaga Pengarah dijadualkan terlebih dahulu pada
permulaan tahun kalendar dengan mesyuarat tambahan diadakan
bila perlu. Semua Pengarah telah mematuhi Keperluan Penyenaraian
bagi kehadiran mesyuarat Lembaga Pengarah yang diadakan dalam
tahun kewangan yang dikaji. Sembilan (9) mesyuarat Lembaga
Pengarah telah diadakan pada tahun kewangan yang dikaji dengan
butiran kehadiran setiap Pengarah seperti berikut:
and the Listing Requirements, and if required, to delegate these
powers accordingly. Some of the specific powers of the Board would
include the following:
•
To establish and approve policies on the future direction of the
Company within the general objective of attaining progress
in its overall corporate missions which cover all aspects of
operations, including strategic planning, credit administration
and control, asset and liability management encompassing
the management of liquidity risk, return on investment risk
and market risk, accounting system and control, service
quality, automation plan, prevention of money laundering,
risk management, profit planning and budgeting, adequacy of
capital and human resource development;
•
To approve new investments, divestments and acquisitions,
including the setting up of new subsidiaries/associated
companies and the participation in new business activities
locally or overseas;
•
To review and approve the annual business plan and budget,
and monitoring the quantitative and qualitative performance
of Takaful Malaysia, both at the Company and Group levels,
against target and objectives;
•
To ensure that the business operations of the Company are
conducted in accordance with the Shariah principles;
•
Succession planning, including appointing, training, fixing
the compensation of and where appropriate, replacement of
Management; and
•
Reviewing the adequacy and integrity of the Company’s
internal control systems and management information
systems, including systems for compliance with applicable
laws, regulations, rules, directives and guidelines.
The Management of the Company is headed by the Group Managing
Director/Chief Executive Officer. He is accountable to the Board in
ensuring that the Company is operating effectively.
Board Meetings
Board meetings are scheduled in advance at the beginning of a
calendar year with additional meetings convened when necessary.
All Directors have complied with the Listing Requirements on
attendance for Board meetings held during the financial year under
review. Nine (9) Board meetings were held during the financial year
under review with details of meetings’ attendance of each Director
are as follows:
028
(131646-K)
Nama / Name
Kehadiran / Peratus (%) /
Attendance Percentage (%)
Tan Sri Ismee Ismail
(Pengerusi/Pengarah Bukan Eksekutif Bukan Bebas / Chairman/Non-Independent Non-Executive Director)
9/9
100
Dato’ Sri Mohamed Hassan Kamil
(Pengarah Eksekutif Bukan Bebas / Non-Independent Executive Director)
9/9
100
Datuk Rozaida Omar
(Pengarah Bukan Eksekutif Bukan Bebas / Non-Independent Non-Executive Director)
9/9
100
Mahadzir Azizan
(Pengarah Bukan Eksekutif Bebas Kanan / Senior Independent Non-Executive Director)
8/9
89
Dato’ Sulaiman Mohd Yusof
(Pengarah Bukan Eksekutif Bebas / Independent Non-Executive Director)
9/9
100
Dato’ Johan Abdullah
(Pengarah Bukan Eksekutif Bukan Bebas / Non-Independent Non-Executive Director)
8/9
89
Zakaria Ismail
8/9
89
Dato’ Othman Abdullah
9/9
100
Lembaga Pengarah berpuas hati dengan tahap komitmen masa
yang diberikan oleh para Pengarah ke arah memenuhi peranan dan
tanggungjawab mereka sebagai Pengarah Takaful Malaysia seperti
yang tertera di dalam rekod kehadiran para Pengarah di dalam
mesyuarat Lembaga Pengarah, sebagaimana yang dinyatakan dalam
jadual di atas.
Lembaga Pengarah juga mengambil maklum harapan komitmen masa
untuk menjalankan tanggungjawab mereka seperti yang digariskan
di dalam salah satu cadangan MCCG 2012. Dalam hal ini, Lembaga
Pengarah akan memberitahu Pengerusi sebelum penerimaan mereka
terhadap apa-apa jawatan pengarah baru.
Sebagaimana yang ditetapkan dalam Perenggan 15.06 Keperluan
Penyenaraian, Pengarah tidak boleh memegang jawatan pengarah
melebihi daripada lima PLC. Tiada Pengarah yang telah melebihi had
ini sepanjang tahun kewangan yang dikaji. Para Pengarah dikehendaki
mengisytiharkan jawatan pengarah dan/atau kepentingan mereka di
dalam syarikat-syarikat awam dan swasta setiap bulan. Maklumat
tersebut juga digunakan untuk memantau bilangan jawatan
pengarah yang dipegang oleh para Pengarah, terutamanya dalam PLC
dan untuk memaklumkan Suruhanjaya Syarikat Malaysia terhadap
sebarang perubahan di dalam jawatan pengarah di syarikat-syarikat
awam.
Semua Pengarah memiliki latar belakang pengalaman kerja yang
luas dalam pelbagai bidang, dan dengan ini membolehkan mereka
membuat pertimbangan yang sewajarnya dalam melaksanakan tugas
mereka.
The Board is satisfied with the level of time commitment given by
the Directors towards fulfilling their roles and responsibilities as
Directors of Takaful Malaysia as evidenced by the attendance record
of the Directors at Board meetings, as set out in the above table.
The Board also took note of the expectation on time commitment
to carry out their responsibilities outlined in one of the
recommendations of the MCCG 2012. In this respect, members of
the Board will notify the Chairman prior to their acceptance of any
new directorship.
As prescribed in Paragraph 15.06 of the Listing Requirements,
Directors must not hold directorships at more than five PLCs. None
of the Directors have exceeded these limits during the financial
year under review. The Directors are required to declare their
directorships and/or interests in other public and private companies
on a monthly basis. Such information is also used to monitor the
number of directorships held by the Directors, particularly those on
PLCs and to notify the Companies Commission of Malaysia of any
changes in other directorships on public companies.
All Directors have the backing of extensive work experience in various
fields and therefore able to exercise independent judgement in order
to discharge their duties.
029
(131646-K)
Kod Etika Lembaga Pengarah
Directors’ Code of Ethics
Para Pengarah mematuhi kod etika selaras dengan Kod Etika
Pengarah Syarikat yang dibentuk oleh Suruhanjaya Syarikat Malaysia
yang memberi panduan bagi piawaian berhemah dalam tingkah laku
dan amalan perniagaan yang berhemat serta piawaian etika tingkah
laku bagi Pengarah, berdasarkan prinsip integriti, tanggungjawab,
keikhlasan dan tanggungjawab sosial korporat.
The Directors observe the code of ethics in accordance with the
Company Directors’ Code of Ethics established by the Companies
Commission of Malaysia which provides guidance for proper
standards of conduct and sound and prudent business practices
as well as standard of ethical behaviour for Directors, based on
principles of integrity, responsibility, sincerity and corporate social
responsibility.
Kod Kelakuan dan Etika Takaful Malaysia terdiri daripada 3 bahagian
utama, iaitu:
•
Urus Tadbir Korporat;
•
Hubungan dengan pemegang saham, pekerja, pemiutang dan
pelanggan; dan
•
Tanggungjawab sosial dan alam sekitar.
Keseimbangan Lembaga Pengarah dan Kebebasan Pengarah
Sepanjang tahun kewangan yang dikaji, Lembaga Pengarah terdiri
daripada:
Takaful Malaysia’s Code of Conduct and Ethics consist of 3 major
areas, namely:
•
Corporate Governance;
•
Relationship with shareholders, employees, creditors and
customers; and
•
Social responsibilities and the environment.
Board Balance and Independence of Directors
During the financial year under review, the Board comprises the
following:
Nama / Name
Komposisi / Peratus (%) /
Composition Percentage (%)
Pengarah Eksekutif Bukan Bebas / Non-Independent Executive Director 1/8
12.5
Pengarah Bukan Eksekutif Bukan Bebas / Non-Independent Non-Executive Directors 3/8
37.5
Pengarah Bukan Eksekutif Bebas / Independent Non-Executive Directors 4/8
50.0
Komposisi di atas mematuhi Keperluan Penyenaraian yang
mewajibkan satu pertiga (1/3) daripada para Pengarah Takaful
Malaysia terdiri daripada Pengarah Bebas. Salah satu cadangan
MCCG 2012 menyatakan bahawa Lembaga Pengarah mesti terdiri
daripada majoriti Pengarah Bebas jika Pengerusi Lembaga Pengarah
bukan merupakan seorang Pengarah Bebas. Lembaga Pengarah
membincangkan mengenai perkara ini dan bersetuju bahawa
bilangan Pengarah Bebas akan dikekalkan pada 50% daripada ahliahli Lembaga Pengarah kerana Lembaga Pengarah merasakan adanya
keperluan keseimbangan ahli Lembaga Pengarah bagi memastikan
kepentingan Syarikat dan semua pihak yang berkepentingan
dilindungi.
Lembaga Pengarah telah menerima pakai polisi sembilan tahun bagi
Pengarah Bukan Eksekutif Bebas dalam bulan Ogos 2011 sebelum
penerbitan MCCG 2012. Tempoh untuk semua empat orang Pengarah
Bukan Eksekutif Bebas tidak melebihi tempoh kumulatif sembilan
(9) tahun seperti yang disyorkan oleh MCCG 2012. Mereka terus
memenuhi definisi bebas seperti yang dinyatakan di dalam Keperluan
Penyenaraian. Oleh itu, berkaitan dengan dua Pengarah Bukan
Eksekutif Bebas yang menawarkan pelantikan semula di bawah
Artikel 62 Tataurusan Pertubuhan Syarikat pada Mesyuarat Agung
Tahunan ke-30 yang akan datang, Lembaga Pengarah mencadangkan
dan menyokong cadangan pelantikan semula mereka.
The above composition is in compliance with the Listing Requirements
which require that one third (1/3) of Directors of Takaful Malaysia to
be Independent Directors. One of the recommendations of the MCCG
2012 states that the Board must comprise a majority of Independent
Directors where the Chairman of the Board is not an Independent
Director. The Board deliberated on this matter and agreed for the
number of Independent Directors to be maintained at 50% of the
Board members as the Board feel that there is a need for a balanced
Board members to ensure that the interest of the Company and all
the stakeholders are protected.
The Board has adopted a nine-year policy for Independent NonExecutive Directors in August 2011 i.e. before the issuance of MCCG
2012. The tenure of all the four Independent Non-Executive Directors
does not exceed a cumulative term of nine (9) years as recommended
by the MCCG 2012. They continue to fulfill the definition of
independence as set out in the Listing Requirements. Therefore, with
regard to the two Independent Non-Executive Directors who are
seeking re-appointment under Article 62 of the Company’s Articles
of Association at the forthcoming 30th AGM, the Board recommends
and supports their proposed re-appointment.
030
(131646-K)
Rangka Tindakan Urus Tadbir Korporat 2011 menyatakan matlamat
untuk mencapai 30% penyertaan wanita di dalam Lembaga Pengarah
menjelang tahun 2016 dan kemajuan ke arah matlamat ini akan
dipantau dan dinilai pada tahun 2013. Lembaga Pengarah Takaful
Malaysia kini mempunyai seorang ahli wanita dari lapan ahli (iaitu
12.5%) sejak Mei 2007 manakala Badan Penasihat Syariah juga
mempunyai seorang ahli wanita daripada lima orang ahli (iaitu 20%)
sejak Mac 2008.
The Corporate Governance Blueprint 2011 stated that the goal is
for women participation on Boards to reach 30% by 2016 and the
progress towards this goal will be monitored and assessed in 2013.
Takaful Malaysia’s Board currently has one women member out
of eight members (i.e. 12.5%) since May 2007 while the Shariah
Advisory Body also has one women member out of five members
(i.e. 20%) since March 2008.
Lembaga Pengarah yang mempunyai pelbagai latar belakang dan
kepakaran khusus, secara kolektifnya membawa bersama mereka
pengalaman dan kepakaran yang luas dalam bidang-bidang seperti
kewangan, insurans, aktuari, perakaunan, kesetiausahaan syarikat,
perundangan, pengurusan dan perbankan. Profil ahli Lembaga
Pengarah ada dibentangkan di muka surat 12 hingga 19 dalam
Laporan Tahunan ini. Terdapat pembahagian yang jelas antara
tanggungjawab Pengerusi dan Pengarah Urusan Kumpulan bagi
memastikan keseimbangan kuasa dan autoriti.
The Board with their different backgrounds and specialisations,
collectively bring with them a wide range of experience and expertise
in areas such as finance, insurance, actuary, accounting, company
secretarial, legal, management and banking. The profiles of the
Directors are provided on pages 12 to 19 of the Annual Report. There
is a clear division of responsibilities between the Chairman and the
Group Managing Director to ensure that there is a balance of power
and authority.
Peranan dan tanggungjawab Pengerusi dan Pengarah Urusan
Kumpulan adalah jelas dan berbeza, mengikut amalan terbaik yang
berkaitan. Pengerusi bertanggungjawab terhadap pengendalian
Lembaga Pengarah untuk mencapai objektifnya dan menerajui
perbincangan di peringkat Lembaga Pengarah untuk menggalakkan
tahap perbincangan yang seimbang sementara Pengarah Urusan
Kumpulan bertanggungjawab terhadap pengurusan Syarikat dan
Kumpulan serta pelaksanaan dasar dan keputusan yang telah
diputuskan oleh Lembaga Pengarah.
The roles and responsibilities of the Chairman and Group Managing
Director are distinct and separate, in accordance with the relevant
best practice. The Chairman is responsible for running the Board to
achieve its objectives and lead the discussion at the Board level to
encourage a healthy level of deliberation whilst the Group Managing
Director is responsible for managing the Company and the Group as
well as the implementation of the Board’s policies and decisions.
Lembaga Pengarah telah mengenalpasti dan melantik Mahadzir
Azizan sebagai Pengarah Bukan Eksekutif Bebas Kanan di mana
sebarang kemusykilan boleh dirujuk oleh pemegang saham dan
pihak berkepentingan lain.
Jawatankuasa Lembaga Pengarah
Dalam memastikan Lembaga Pengarah melaksanakan tugas mereka
dengan lebih berkesan di samping meningkatkan perniagaan dan
kecekapan operasi, Lembaga Pengarah mengagihkan tanggungjawab
tertentu kepada empat (4) Jawatankuasa Lembaga Pengarah, iaitu:
•
Jawatankuasa Audit;
•
Jawatankuasa Pemilihan;
•
Jawatankuasa Ganjaran; dan
•
Jawatankuasa Risiko Lembaga Pengarah.
Setiap Jawatankuasa mempunyai terma rujukan bertulis yang jelas
dan Lembaga Pengarah menerima laporan bagi setiap persidangan
dan pertimbangan Jawatankuasa tersebut. Pengerusi bagi setiap
Jawatankuasa akan melaporkan kepada Lembaga Pengarah setiap
keputusan dari mesyuarat yang dijalankan dan laporan tersebut akan
dimasukkan ke dalam minit Mesyuarat Lembaga Pengarah.
Keahlian Jawatankuasa adalah bergantung kepada kemahiran dan
pengalaman seseorang Pengarah serta kebolehan mereka memberi
nilai tambah kepada Jawatankuasa.
The Board has identified and appointed Mahadzir Azizan as a Senior
Independent Non-Executive Director to whom concerns may be
conveyed by shareholders and other stakeholders.
Board Committees
To enable the Board to discharge its duties effectively whilst
enhancing business and operational efficacy, the Board delegates
certain responsibilities to four (4) Board Committees, namely:
•
Audit Committee;
•
Nomination Committee;
•
Remuneration Committee; and
•
Board Risk Committee.
All Committees have clear written terms of reference and the
Board receives reports of their proceedings and deliberations. The
Chairman of the various Committees will report to the Board the
outcome of their meetings and such reports are incorporated in the
minutes of the Board meeting.
The Committees’ membership are based on Directors’ skills and
experience as well as their ability to add value to the Committees.
031
(131646-K)
Badan Penasihat Syariah
Shariah Advisory Body
Badan Penasihat Syariah telah diberi kepercayaan oleh Lembaga
Pengarah bagi memastikan operasi dan produk yang ditawarkan
oleh Kumpulan adalah berlandaskan Syariah. Kesemua perkara yang
memerlukan pandangan dan keputusan Badan Penasihat Syariah
akan dibentangkan di dalam mesyuarat Badan Penasihat Syariah
di mana ianya juga dihadiri oleh pihak Pengurusan dan wakil dari
Bahagian Syariah. Kemudian, perkara tersebut akan dibawa kepada
Lembaga Pengarah untuk memaklumkan keputusan yang telah
dibuat.
The Shariah Advisory Body is entrusted by the Board to ensure that
the Group’s operations and products offered are in accordance
with the Shariah. All matters which require the Shariah Advisory
Body’s opinion and decision are deliberated at the Shariah Advisory
Body meetings with the attendance of the Management and
representatives from the Shariah Division. Thereon, the said matters
are brought to the attention of the Board for an informed decision
making.
Badan Penasihat Syariah terdiri daripada lima (5) orang ahli di
mana kesemuanya mempunyai pengalaman dan kepakaran yang
diperlukan di dalam bidang masing-masing. Dr. Ahmad Shahbari @
Sobri Salamon merupakan Pengerusi Badan Penasihat Syariah. Enam
(6) mesyuarat Badan Penasihat Syariah telah diadakan sepanjang
tahun kewangan yang dikaji dengan butiran kehadiran setiap ahli
seperti berikut:
The Shariah Advisory Body consists of five (5) members, all of whom
have the necessary experiences and expertise in their respective
fields. The Chairman of the Shariah Advisory Body is Dr. Ahmad
Shahbari @ Sobri Salamon. The Shariah Advisory Body met six (6)
times during the financial year under review with details of meetings’
attendance of each member are as follows:
Nama / Name
Dr. Ahmad Shahbari @ Sobri Salamon
6/6
100
Dato’ Mohd Bakir Hj. Mansor
6/6
100
Dr. Aida Othman
5/6
83
Professor Dr. Muhamad Rahimi Osman
5/6
83
Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz
4/6
67
Polisi Pemberitahuan Maklumat dan Polisi Penipuan & Integriti
Whistle Blowing Policy and Fraud & Integrity Policy
Syarikat telah mewujudkan Polisi Pemberitahuan Maklumat lanjutan
daripada Akta Perlindungan Pemberi Maklumat, 2010 dengan
objektif seperti berikut:-
The Company has established the Whistle Blowing Policy in response
to the Whistleblower Protection Act, 2010 with the following
objectives:-
•
Untuk membolehkan pekerja-pekerja menyuarakan apa-apa
kemusykilan mengenai integriti dan salah laku disamping
membolehkan Lembaga Pengarah diberitahu pada peringkat
awal mana-mana salah laku atau perbuatan yang tidak sopan;
•
To enable the employees to raise any concerns of integrity and
misconduct as well as to enable the Board to be informed at
an early stage of any misconduct or improprieties;
•
Untuk melindungi pekerja-pekerja daripada hukuman atau
perlakuan yang tidak adil akibat menyuarakan kemusykilan
dengan cara yang betul selaras dengan Polisi Pemberitahuan
Maklumat; dan
•
To protect the employees from punishment or unfair
treatment for disclosing concerns in good faith in accordance
with the Whistle Blowing Policy; and
•
To develop a culture of openness, accountability and integrity
within the Company.
•
Untuk membentuk budaya keterbukaan, akauntabiliti dan
integriti dalam Syarikat.
Di samping itu, Syarikat juga telah mewujudkan Polisi Penipuan &
Integriti untuk memudahkan perkembangan kawalan yang akan
membantu dalam pengesanan dan pencegahan penipuan terhadap
Syarikat secara dalaman dan luaran. Objektif Polisi Penipuan &
Integriti adalah seperti berikut:-
In addition, the Company has also established the Fraud & Integrity
Policy to facilitate the development of controls that will aid in the
detection and prevention of fraud against the Company internally
and externally. The objectives of the Fraud & Integrity Policy are as
follows:-
032
(131646-K)
•
Bagi memastikan tindakan segera dan konsisten serta
memastikan keberkesanan dan keberkaitan kawalan dalaman
dalam mengurangkan risiko penipuan;
•
To ensure prompt and consistent action as well as to ensure
the effectiveness and relevance of internal control in mitigating
fraud risk;
•
Untuk melindungi Syarikat dari kerugian kewangan, kerosakan
reputasi serta menanam keyakinan peserta-peserta dan pihak
berkepentingan lain; dan
•
To safeguard the Company from financial losses,reputation
damage as well as to instill confidence of participants and
stakeholders; and
•
Untuk membolehkan Pengurusan memberi tumpuan kepada
pencapaian strategi perniagaan dan sasaran.
•
To enable Management to focus on achieving business
strategies and target.
Kedua-dua polisi di atas boleh diperolehi di portal Syarikat.
Both of the above policies are available on the Company’s portal.
Dasar Pendedahan Korporat
Corporate Disclosure Policy
Syarikat berpandu kepada Keperluan Penyenaraian mengenai Dasar
Pendedahan Korporat.
The Company is guided by the Listing Requirements regarding the
Corporate Disclosure Policy.
Dasar Kemampanan
Sustainability Policy
Sebagai perintis penyedia perkhidmatan kewangan yang mematuhi
Syariah bagi takaful, Takaful Malaysia dan anak-anak syarikatnya
berusaha untuk menjadi warga korporat yang bertanggungjawab.
Takaful Malaysia komited untuk menegakkan prinsip-prinsip Syariah
berhubung dengan perniagaan dan tanggungjawab sosialnya.
As a pioneer Shariah-compliant financial services provider for
takaful, Takaful Malaysia and its subsidiaries strive to be responsible
corporate citizens. Takaful Malaysia is committed to uphold the
Shariah principles in relation to its business and social responsibilities.
Lembaga Pengarah menganjurkan urus tadbir korporat yang baik
dalam penglibatan amalan kemampanan khususnya melalui inisiatifinisiatif tanggungjawab sosial korporat/program yang dijalankan oleh
Syarikat sepanjang tahun.
The Board promotes good corporate governance in the application
of sustainability practices particularly through the corporate social
responsibility initiatives/programs undertaken by the Company
throughout the year.
Sumber Maklumat kepada Lembaga Pengarah
Supply of Information to the Board
Lembaga Pengarah mempunyai akses penuh dan secukupnya
kepada maklumat berkenaan kertas Lembaga Pengarah yang
diedarkan sebelum mesyuarat agar Pengarah boleh mendapatkan
penjelasan lanjut, apabila diperlukan bagi mendapatkan penerangan
yang sewajarnya sebelum mesyuarat. Kertas Lembaga Pengarah
merangkumi minit mesyuarat Lembaga Pengarah yang lalu, minit
mesyuarat semua Jawatankuasa Lembaga Pengarah dan laporan yang
berkaitan isu-isu mesyuarat yang meliputi kewangan, pelaburan,
teknologi maklumat, operasi, sumber manusia dan perkara berkaitan
dengan pematuhan peraturan. Pengarah Urusan Kumpulan akan
memaklumkan kepada Lembaga Pengarah tepat pada masanya,
berhubung semua isu penting yang boleh mempengaruhi prestasi
Kumpulan dan pembangunan utama yang berlaku dalam Kumpulan.
The Board has full and timely access to information with Board
papers distributed in advance of meetings to enable the Directors to
obtain further explanation, where necessary, in order to be properly
briefed before the meetings. The Board papers include the minutes
of previous Board meeting, minutes of meetings of all Committees
of the Board and reports relevant to the issues of the meetings
covering areas such as financial, investment, information technology,
operational, human resource and regulatory compliance matters.
The Group Managing Director keeps the Board informed, on timely
basis, of all material matters affecting the Group’s performance and
major developments within the Group.
Pengurusan Kanan dijemput untuk menghadiri mesyuarat Lembaga
Pengarah apabila diperlukan bagi membentangkan dan menerangkan
perkara-perkara/laporan berkaitan dengan bidang tanggungjawab
mereka kepada Lembaga Pengarah.
The Senior Management are invited to attend the Board meetings to
present and brief the Board on matters/reports relating to their areas
of responsibility as and when required.
033
(131646-K)
Semua ahli Lembaga Pengarah mempunyai akses yang tidak terhad
kepada maklumat yang tepat dan pada masa yang ditetapkan serta
khidmat nasihat Setiausaha Syarikat yang bertanggungjawab untuk
memastikan supaya prosedur mesyuarat Lembaga Pengarah dituruti
dan semua syarat serta peraturan yang diterima pakai dipatuhi.
Beliau juga bertanggungjawab bagi menasihatkan Pengarah tentang
kewajipan dan tugas mereka, penzahiran kepentingan mereka dalam
sekuriti, pendedahan sebarang konflik yang berkepentingan dalam
urusniaga yang melibatkan Syarikat, larangan menjalankan urusniaga
sekuriti dan sekatan ke atas pendedahan maklumat sensitif-harga.
Para Pengarah juga boleh mendapatkan nasihat badan profesional
bebas dalam menjalankan tugas mereka, di bawah tanggungan
Takaful Malaysia.
Lembaga pengarah juga sentiasa dimaklumkan dari semasa ke
semasa oleh Setiausaha Syarikat dan/atau Pengurusan berkaitan
dengan peraturan-peraturan dan garis panduan terkini, serta apaapa pindaan yang dikeluarkan oleh Bank Negara Malaysia, Bursa
Sekuriti, Suruhanjaya Sekuriti, Suruhanjaya Syarikat Malaysia dan
lain-lain pihak berkuasa yang berkaitan.
Pelantikan sebagai ahli Lembaga Pengarah
Pelantikan ahli Lembaga Pengarah yang baru dipertimbang dan dinilai
oleh Jawatankuasa Pemilihan dalam proses yang formal dan telus,
dan Jawatankuasa tersebut akan mengesyorkan pelantikan tersebut
kepada Lembaga Pengarah untuk diluluskan. Selaras dengan Akta
Perkhidmatan Kewangan Islam 2013 (sebelumnya Akta Takaful 1984)
dan keperluan Bank Negara Malaysia (“BNM”), pelantikan Pengarah
adalah tertakluk kepada kelulusan BNM. Setiausaha Syarikat akan
memastikan supaya semua pelantikan dilakukan dengan cara yang
betul di mana semua maklumat yang diperlukan diperolehi serta
semua syarat perundangan dan peraturan dipenuhi.
All Directors have unrestricted access to timely and accurate
information and access to the advice and services of the Company
Secretary, who is responsible for ensuring that Board meeting’s
procedures are followed and that all applicable rules and regulations
are complied with. He is also responsible for advising the Directors of
their obligations and duties, disclosure of their interest in securities,
disclosure of any conflict of interest in a transaction involving the
Company, prohibition on dealing in securities and restrictions on
disclosure of price-sensitive information. The Directors can also seek
independent professional advice in furtherance of their duties, at
Takaful Malaysia’s expense.
The Board is also regularly updated from time to time by the Company
Secretary and/or Management on updates to the regulations and
guidelines, as well as any amendments thereto issued by Bank Negara
Malaysia, Bursa Securities, Securities Commission, Companies
Commission of Malaysia and other relevant regulatory authorities.
Appointment to the Board
The appointment of new Board members is considered and evaluated
by the Nomination Committee in a formal and transparent process,
and the Nomination Committee would recommend the appointment
to the Board for approval. In line with the Islamic Financial Services
Act 2013 (previously Takaful Act 1984) and the requirement of Bank
Negara Malaysia (“BNM”), the appointment of Directors is subject to
the approval from BNM. The Company Secretary will ensure that all
the appointments are properly made, all necessary information are
obtained, as well as all legal and regulatory requirements are met.
The Board, with the assistance of the Nomination Committee, also
considers the following criterion in the selection process:
•
Probity, personal integrity and reputation – the person must
have key qualities such as integrity, diligence, independence
of mind and fairness;
Lembaga Pengarah, dengan dibantu oleh Jawatankuasa Pemilihan,
juga mempertimbangkan kriteria berikut dalam proses pemilihan:
•
Kejujuran, integriti dan reputasi peribadi - seseorang itu
mestilah mempunyai kualiti utama seperti integriti, ketekunan,
kebebasan minda dan keadilan;
•
Competence and capability – the person must have the
necessary skills, ability and commitment to carry out the role;
and
•
Kecekapan dan kemampuan - seseorang itu mestilah
mempunyai kemahiran yang diperlukan, keupayaan dan
komitmen untuk memainkan peranan; dan
•
Financial integrity – the person must manage his/her debts or
financial affairs prudently.
•
Integriti kewangan - seseorang itu mestilah berhemat
menguruskan hutang atau hal ehwal kewangannya.
The process flow for the appointment of new directors is as follows:
•
Identification of candidates
Aliran proses bagi pelantikan pengarah baru adalah seperti berikut:
•
Evaluation of suitability of candidates
•
Mengenal pasti calon
•
Meeting with candidates
•
Penilaian terhadap kesesuaian calon
•
Deliberation by the Nomination Committee
•
Perjumpaan dengan calon
•
Recommendation to Board
•
Perbincangan dengan Jawatankuasa Pemilihan
•
Cadangan kepada Lembaga Pengarah
034
(131646-K)
Selepas itu, permohonan bagi pelantikan calon akan dikemukakan
kepada BNM untuk kelulusan.
Thereafter, the application for the appointment of such candidate
would be submitted to BNM for approval.
Jawatankuasa Pemilihan
Nomination Committee
Jawatankuasa Pemilihan terdiri daripada lima (5) Pengarah Bukan
Eksekutif di mana tiga (3) daripada mereka adalah Pengarah Bebas.
Pengerusi Jawatankuasa ialah Mahadzir Azizan, seorang Pengarah
Bukan Eksekutif Bebas Kanan selaras dengan cadangan MCCG 2012.
Jawatankuasa Pemilihan telah bermesyuarat sebanyak tiga (3) kali
sepanjang tahun kewangan yang dikaji dengan butiran kehadiran
setiap ahli seperti berikut:
The Nomination Committee consists of five (5) Non- Executive
Directors, three (3) of whom are Independent Directors. The
Chairman of the Nomination Committee is Mahadzir Azizan,
a Senior Independent Non-Executive Director, in line with the
recommendation of the MCCG 2012. The Nomination Committee
met three (3) times during the financial year under review with
details of meetings’ attendance of each member as follows:
Nama / Name
Mahadzir Azizan 3/3
100
Dato’ Johan Abdullah 3/3
100
Datuk Rozaida Omar 3/3
100
2/3
67
Zakaria Ismail 3/3
100
Jawatankuasa Pemilihan telah diberikan mandat oleh Lembaga
Pengarah dan terma rujukannya untuk membentang kepada
Pengarah cadangan pemilihan ahli Lembaga Pengarah yang baru,
Pengarah Urusan Kumpulan / Ketua Pegawai Eksekutif, ahli Badan
Penasihat Syariah, Pengurus Besar dan Aktuari Dilantik, dan sentiasa
mengkaji syarat-syarat pelantikan Pengarah, Pengarah Urusan
Kumpulan / Ketua Pegawai Eksekutif, ahli Badan Penasihat Syariah,
Pengurus Besar dan Aktuari Dilantik. Jawatankuasa Pemilihan juga
diberi mandat untuk menilai keberkesanan Lembaga Pengarah,
Jawatankuasanya dan sumbangan setiap Pengarah dan prestasi
Badan Penasihat Syariah. Jawatankuasa Pemilihan juga merangka
pelan peralihan jawatan bagi Pengurusan Kanan Takaful Malaysia
dan menjalankan penilaian terhadap Kebebasan Pengarah Bebas.
Antara aktiviti utama yang dijalankan oleh Jawatankuasa Pemilihan
sepanjang tahun kewangan yang dikaji seperti berikut:
•
Cadangan pelantikan dan pelantikan semula Pengurusan
Kanan,
•
Cadangan pelantikan dan pelantikan semula ahli Badan
Penasihat Syariah,
•
Cadangan pelantikan semula Pengarah dan pelantikan ahli
tambahan Jawatankuasa Ganjaran,
The Nomination Committee is empowered by the Board and its
terms of reference are to bring to the Board recommendations as
to the appointment of new Directors, Group Managing Director/
Chief Executive Officer, Shariah Advisory Body members, General
Managers and Appointed Actuary, and keeps under review the
terms of appointment of Directors, Group Managing Director/
Chief Executive Officer, Shariah Advisory Body members, General
Managers and Appointed Actuary. The Nomination Committee is also
empowered to assess the effectiveness of the Board, its Committees,
contribution of each individual Director and the performance of the
Shariah Advisory Body. The Nomination Committee also discussed
the succession plan of the Senior Management of Takaful Malaysia
and conducted an assessment of the Independence of Independent
Directors.
Among the key activities undertaken by the Nomination Committee
during the financial year under review were:
•
Proposed appointment and re-appointment of Senior
Management,
•
Proposed appointment and re-appointment of Shariah
Advisory Body members,
•
Proposed re-appointment of Directors and appointment of
additional Remuneration Committee member,
035
(131646-K)
• Penilaian Prestasi Pengarah iaitu prestasi Lembaga Pengarah
secara keseluruhan dan juga keberkesanan setiap pengarah
individu, dan
•
Directors’ Performance Evaluation i.e. the performance of the
Board as a whole as well as the effectiveness of each individual
director, and
•
•
Succession Planning.
Perancangan peralihan jawatan.
Latihan Pengarah
Directors’ Training
Semua ahli Lembaga Pengarah telah menghadiri Program Latihan
Akreditasi Mandatori (“MAP”) seperti yang dikehendaki oleh Bursa
Securities. Mereka akan terus menghadiri lain-lain program latihan,
kursus dan seminar yang relevan untuk mempertingkatkan kemahiran
dan pengetahuan mereka dalam menjalankan tugas mereka sebagai
Pengarah.
All Directors have attended the Mandatory Accreditation Programme
(“MAP”) as required by Bursa Securities. The Directors will continue
to attend other relevant training programmes, courses and seminars
to enhance their skills and knowledge in discharging their duties as
Directors.
Sepanjang tahun ini, para Pengarah telah menghadiri pelbagai kursus
latihan yang berkaitan termasuk:
•
Linkage 20 Conversations @ Harvard, Cambridge, MA-U.S.A.
•
GST Awareness Workshop by Ernst & Young Tax Consultants
Sdn Bhd
•
Boardroom-AIG Seminar on Enterprise Risk Management and
Directors & Officers Insurance
•
Nominating Committee Programme
•
Directors Breakfast Series with Beverly Behan:”Great
Companies Deserve Great Board”
•
Meeting with Takaful Operators and Insurance Companies
•
BNM Dialogue Session with Nomination Committee Members
Takaful Malaysia juga terus menyediakan Pekeliling BNM, Keperluan
Penyenaraian yang dikemaskini dan peraturan-peraturan dan
panduan-panduan baru dari pihak berkuasa lain yang berkaitan
untuk membantu para Pengarah dalam mendapatkan maklumat
mengenai perkembangan terkini.
Pemilihan Semula
Tataurusan Pertubuhan Syarikat memperuntukkan agar semua
Pengarah termasuk Pengarah Urusan Kumpulan / Ketua Pegawai
Eksekutif untuk menawarkan diri mereka bagi pemilihan semula
sekurang-kurangnya setiap tiga (3) tahun sekali selaras dengan
Keperluan Penyenaraian.
Bagi membantu para pemegang saham membuat keputusan,
maklumat yang mencukupi seperti profil peribadi, kehadiran
mesyuarat dan pegangan saham dalam Syarikat bagi setiap Pengarah
yang bersedia untuk pemilihan semula disediakan dalam Laporan
Tahunan.
During the year, the Directors attended relevant training courses
including the following:
•
Linkage 20 Conversations @ Harvard, Cambridge, MA-U.S.A.
•
GST Awareness Workshop by Ernst & Young Tax Consultants
Sdn Bhd
•
Boardroom-AIG Seminar on Enterprise Risk Management and
Directors & Officers Insurance
•
Nominating Committee Programme
•
Directors Breakfast Series with Beverly Behan:“Great
Companies Deserve Great Board”
•
Meeting with Takaful Operators and Insurance Companies
•
BNM Dialogue Session with Nomination Committee Members
Takaful Malaysia also continued to provide BNM’s Circulars, updated
Listing Requirements and new regulations and guidelines from other
relevant regulatory authorities to assist the Directors in keeping
abreast with the latest development.
Re-election
The Articles of Association provide for all Directors including the
Group Managing Director / Chief Executive Officer to submit
themselves for re-election at least every three (3) years in compliance
with the Listing Requirements.
To assist shareholders in their decision, sufficient information, such
as personal profile, meetings attendance and shareholding in the
Company of each director standing for re-election are furnished in
the Annual Report.
036
(131646-K)
GANJARAN PENGARAH
DIRECTORS’ REMUNERATION
Peringkat dan Kandungan Ganjaran
Level and Make-up of Remuneration
Jawatankuasa Ganjaran bertanggungjawab mengesyorkan rangka
kerja ganjaran bagi para Pengarah termasuk pakej ganjaran bagi
Pengarah Eksekutif, ahli Badan Penasihat Syariah dan Pengurus
Besar kepada Lembaga Pengarah bagi memastikan Takaful Malaysia
mampu menarik minat, memberi motivasi dan mengekalkan ahli
Lembaga Pengarah, ahli Badan Penasihat Syariah dan Pengurusan
Kanan yang diperlukan untuk mentadbir dengan jayanya.
The Remuneration Committee is responsible in recommending the
remuneration framework for the Directors as well as the remuneration
package of Executive Director, Shariah Advisory Body members and
General Managers to the Board so as to ensure that Takaful Malaysia
attracts, motivates and retains the Directors, Shariah Advisory Body
members and Senior Management needed to run it successfully.
Pakej ganjaran bagi Pengarah Eksekutif distrukturkan atas dasar
yang menghubungkan ganjaran kewangan dan prestasi individu.
Prestasi diukur berdasarkan Petunjuk Prestasi Utama yang diluluskan
oleh Lembaga Pengarah. Lembaga Pengarah bertanggungjawab
sepenuhnya untuk meluluskan ganjaran Pengarah Eksekutif. Pengarah
Eksekutif tidak terlibat dalam apa juga cara dalam menentukan
ganjarannya sendiri.
The remuneration package for Executive Director is structured on
the basis of linking rewards to financial and individual performance.
Performance is measured against the Key Performance Indicators as
approved by the Board. It is the ultimate responsibility of the Board
to approve the remuneration of the Executive Director. The Executive
Director does not participate in any way in determining his individual
remuneration.
Bagi Pengarah Bukan Eksekutif dan ahli Badan Penasihat Syariah, pakej
ganjaran ditentukan oleh Lembaga Pengarah secara keseluruhan,
berdasarkan pengalaman dan tahap kepakaran dan tanggungjawab
yang dipikul oleh Pengarah Bukan Eksekutif dan ahli Badan Penasihat
Syariah, sejajar dengan amalan keseluruhan Kumpulan mengenai
ganjaran dan imbuhan. Yuran para Pengarah dan yuran ahli
Badan Penasihat Syariah diluluskan oleh para pemegang saham di
Mesyuarat Agung Tahunan.
In the case of Non-Executive Directors and Shariah Advisory Body
members, the remuneration package is determined by the Board
as a whole, based on the experience and level of expertise and
responsibilities undertaken by the Non-Executive Directors and
Shariah Advisory Body members, in line with the Group’s overall
practice on compensation and benefits. Directors’ fees and Shariah
Advisory Body members’ fees are approved by the shareholders at
the Annual General Meeting.
Jawatankuasa Ganjaran
Remuneration Committee
Jawatankuasa Ganjaran terdiri daripada empat (4) orang Pengarah
Bukan Eksekutif, di mana dua (2) daripada mereka adalah Pengarah
Bebas. Pengerusi Jawatankuasa ialah Zakaria Ismail, seorang
Pengarah Bukan Eksekutif Bebas. Jawatankuasa Ganjaran telah
bermesyuarat sebanyak enam (6) kali sepanjang tahun kewangan
yang dikaji dengan butiran kehadiran setiap ahli seperti berikut:
The Remuneration Committee consists of four (4) Non-Executive
Directors, two (2) of whom are Independent Directors. The Chairman
of the Committee is Zakaria Ismail, an Independent Non-Executive
Director. The Remuneration Committee met six (6) times during the
financial year under review with details of meetings’ attendance of
each member are as follows:
Nama / Name
Zakaria Ismail 6/6
100
Dato’ Johan Abdullah 6/6
100
Mahadzir Azizan
6/6
100
Datuk Rozaida Omar*
4/5
80
* Merujuk kepada mesyuarat-mesyuarat yang diadakan selepas tarikh pelantikan beliau pada 14 Februari 2014 /
Refer to the number of meetings which was held after her appointment date on 14 February 2014.
037
(131646-K)
Pendedahan
Disclosure
Ringkasan maklumat mengenai ganjaran para Pengarah bagi tahun
kewangan berakhir 31 Disember 2014 adalah seperti berikut:
The details of the remuneration for the Directors for the financial
year ended 31 December 2014 are as follows:
Pengarah
Bukan Eksekutif /
Pengarah Eksekutif /
Non-Executive
Jumlah /
Executive Director
Directors
Total
(RM’000)
(RM’000)
(RM’000)
Yuran / Fees
Gaji dan lain-lain emolumen / Salaries and other emoluments
Manfaat seumpamanya / Benefits-in-kind
Jumlah / Total
Ganjaran Pengarah /
Directors’ Remuneration
0
747 747
5,223
440
5,663
202
394
596
5,425
1,581
7,006
Jumlah Pengarah /
Number of Directors
Pengarah Eksekutif / Pengarah Bukan Eksekutif /
Executive Director
Non-Executive Directors
RM50,000 dan ke bawah / and below
–
–
RM50,001 – RM100,000
–
–
RM100,001 – RM150,000
–
–
RM150,001 – RM200,000
–
2
RM200,001 – RM250,000
–
3
RM250,001 – RM300,000
–
2
Melebihi / More than RM300,000
1
–
Jumlah / Total
1
7
Pendedahan ganjaran setiap Pengarah, termasuk Pengarah Urusan
Kumpulan, ada dibentangkan di dalam Penyata Kewangan Tahunan
yang telah diaudit dalam Laporan Tahunan ini.
Disclosure of each Director’s remuneration, including that of the
Group Managing Director, is set out in the Annual Audited Financial
Statements of this Annual Report.
PEMEGANG SAHAM
SHAREHOLDERS
Dialog antara Syarikat dan para Pelabur
Dialogue between the Company and Investors
Takaful Malaysia sedar akan kepentingan untuk sentiasa
memaklumkan kepada para pemegang saham berkenaan
semua perkembangan utama Takaful Malaysia dari semasa ke
semasa. Pengerusi dan Pengarah Urusan Kumpulan mengadakan
perbincangan dengan pemegang saham sekurang-kurangnya sekali
(1) setahun semasa Mesyuarat Agung Tahunan. Selain itu, pelbagai
pendedahan dan pengumuman dibuat kepada Bursa Securities
termasuk keputusan suku tahunan, laporan setengah tahunan
dan keputusan tahunan bagi memudahkan penyebaran maklumat
kepada pemegang saham. Tambahan lagi, semua pengumumanpengumuman ini dan maklumat-maklumat lain mengenai
Syarikat boleh diperolehi di laman web Takaful Malaysia, iaitu
www.takaful-malaysia.com.my.
Takaful Malaysia recognizes the importance to keep the shareholders
well-informed of all major developments of Takaful Malaysia on a
timely basis. The Chairman and Group Managing Director hold
discussions with shareholders at least once (1) a year during the
Annual General Meeting. Additionally, various disclosures and
announcements made to Bursa Securities including quarterly, semiannual returns and annual results facilitate the dissemination of
information to the shareholders. In addition, all these announcements
and other information about the Company is available on Takaful
Malaysia’s website, www.takaful-malaysia.com.my.
038
(131646-K)
Mesyuarat Agung Tahunan
The Annual General Meeting
Mesyuarat Agung Tahunan (“AGM”) adalah forum utama bagi
dialog dengan pemegang saham. Selain dari agenda biasa untuk
AGM, Lembaga Pengarah akan membentangkan laporan prestasi
dan pencapaian perniagaan seperti yang dinyatakan dalam Laporan
Tahunan dan memberi peluang kepada pemegang saham untuk
mengemukakan soalan mengenai aktiviti perniagaan Kumpulan. Ahli
Lembaga Pengarah, ahli Badan Penasihat Syariah, Pengurusan Kanan
dan juruaudit luar Syarikat hadir untuk menjawab pertanyaan para
pemegang saham pada Mesyuarat Agung Tahunan.
The Annual General Meeting (“AGM”) is the principal forum for
dialogues with shareholders. Besides the normal agenda for the
AGM, the Group Managing Director presents the progress and
performance of the business as contained in the Annual Report and
provides opportunities for shareholders to raise questions pertaining
to the business activities of the Group. Board members, Shariah
Advisory Body members, Senior Management and the Company’s
external auditors are available to respond to shareholders’ enquiries
during the AGM.
Pengarah Urusan Kumpulan juga berkongsi dengan para pemegang
saham Syarikat mengenai jawapan kepada soalan-soalan yang
dikemukakan terlebih dahulu sebelum AGM oleh Badan Pengawas
Pemegang Saham Minoriti Berhad (“MSWG”). Notis Mesyuarat
Agung Tahunan telah dihantar kepada para pemegang saham lebih
awal sedikit daripada keperluan 21 hari di bawah Akta Syarikat, 1965
dan Keperluan Penyenaraian. Bagi pemilihan semula para Pengarah,
Lembaga Pengarah akan memastikan maklumat sepenuhnya
dimaklumkan menerusi notis mesyuarat berhubung para Pengarah
yang akan bersara dan mana-mana Pengarah yang menawarkan diri
untuk berkhidmat sekiranya dilantik semula.
Setiap perkara urusan khas yang terkandung dalam notis mesyuarat
akan disertakan dengan penyata penerangan bagi resolusi yang
dicadangkan untuk memudahkan pemahaman sepenuhnya dan
penilaian terhadap isu berkaitan.
Pada Mesyuarat Agung Tahunan Syarikat ke-29 yang diadakan pada
22 April 2014, tiada resolusi substantif yang telah dikemukakan
untuk kelulusan pemegang saham, selain daripada resolusi-resolusi
yang berkaitan untuk menerima pakai penyata kewangan yang
telah diaudit bagi tahun berakhir 31 Disember 2013, pembayaran
dividen akhir, pelantikan semula / pemilihan semula Pengarah Bukan
Eksekutif yang bersara, pembayaran yuran Pengarah-pengarah dan
ahli-ahli Badan Penasihat Syariah, pelantikan semula juruaudit luar
dan Mandat Pemegang-pemegang Saham bagi Urusniaga-urusniaga
yang Berulang dengan Pihak Berkaitan. Oleh itu, resolusi yang
dikemukakan untuk kelulusan pemegang saham pada AGM yang
ke-29 telah diundi dengan cara mengangkat tangan.
AKAUNTABILITI DAN AUDIT
Laporan Kewangan
Lembaga Pengarah perlu memastikan yang penyata kewangan
tahunan dan pengumuman suku tahunan kepada pemegang saham
disediakan selaras dengan piawaian perakaunan yang diluluskan
dan membentangkan penilaian yang seimbang dan boleh difahami
mengenai kedudukan dan prospek Kumpulan. Jawatankuasa
Audit membantu Lembaga Pengarah memastikan ketepatan dan
kelengkapan maklumat dengan mengkaji dan mencadangkan
mengguna pakai maklumat bagi tujuan pendedahan.
The Group Managing Director also shared with the shareholders
the Company’s responses to questions submitted in advance of
the AGM by the Minority Shareholder Watchdog Group (“MSWG”).
The Notice of AGM was dispatched to shareholders within the
21 days requirement under the Companies Act 1965 and Listing
Requirements. For re-election of Directors, the Board will ensure that
full information is disclosed through the notice of meeting regarding
directors who are retiring and who are willing to serve if re-elected.
Each item of special business included in the notice of the meeting
will be accompanied by an explanatory statement for the proposed
resolution to facilitate full understanding and evaluation of issues
involved.
At the 29th AGM of the Company held on 22 April 2014, no
substantive resolutions were put forth for shareholders’ approval,
other than resolutions pertaining to the adoption of audited
financial statements for the year ended 31 December 2013, payment
of final dividend, re-appointment/re-election of retiring Directors,
payment of Directors’ and Shariah Advisory Body members’ fees,
re-appointment of external auditors and Shareholders’ Mandate for
Recurrent Related Party Transactions. As such, the resolutions put
forth for shareholders’ approval at the 29th AGM were voted on by
a show of hands.
ACCOUNTABILITY AND AUDIT
Financial Reporting
The Board ensures that the annual financial statements and quarterly
announcements to shareholders are prepared in accordance
with approved accounting standards and present a balance and
understandable assessment of the Group’s position and prospects.
The Audit Committee assists the Board in ensuring accuracy and
adequacy of information by reviewing and recommending for
adoption information for disclosure.
039
(131646-K)
Penyata Tanggungjawab Para Pengarah Berkenaan Penyata
Kewangan
Statement of Directors’ Responsibilities in Relation to Financial
Statements
Menurut Akta Syarikat, 1965, Lembaga Pengarah perlu menyediakan
penyata kewangan bagi setiap tahun kewangan yang memberi
gambaran yang benar dan saksama mengenai keadaan urusan halehwal Syarikat dan Kumpulan sehingga akhir tahun kewangan serta
penyata hasil dan aliran tunai Syarikat dan Kumpulan untuk tahun
kewangan.
The Directors are required under the Companies Act, 1965, to
prepare financial statements for each financial year which give a true
and fair view of the state of affairs of the Company and the Group as
at the end of the financial year and of the income statement and cash
flows for the Company and the Group for the financial year.
Para Pengarah memberi pertimbangan bahawa, dalam menyediakan
penyata kewangan bagi tahun berakhir 31 Disember 2014, Kumpulan
telah menggunakan dasar perakaunan yang sesuai, digunakan secara
konsisten dan disokong oleh pertimbangan dan anggaran yang
wajar dan berhemat. Para Pengarah juga telah mempertimbangkan
bahawa kesemua piawaian perakaunan yang berkaitan dipatuhi dan
mengesahkan bahawa penyata kewangan disediakan mengikut dasar
perniagaan berterusan.
Para Pengarah bertanggungjawab memastikan supaya Syarikat
menyediakan rekod perakaunan yang secukupnya yang menunjukkan
ketepatan yang munasabah mengenai kedudukan kewangan Syarikat
bagi membolehkan mereka memastikan agar penyata kewangan
tersebut mematuhi keperluan Akta Syarikat, 1965.
Para Pengarah mempunyai tanggungjawab secara am untuk
mengambil langkah yang munasabah dalam memastikan
perlindungan aset Syarikat dan Kumpulan terpelihara dan
mengelakkan serta mengesan sebarang bentuk penipuan dan
kesalahan undang-undang.
Kawalan Dalaman dan Pengurusan Risiko
Lembaga Pengarah mengiktiraf tanggungjawabnya dan komited
untuk mengekalkan pelaksanaan sistem kawalan dalaman dan
amalan pengurusan risiko yang berwibawa. Walau bagaimanapun,
sistem tersebut hanya dapat memberikan jaminan berpatutan dan
bukannya mutlak daripada sebarang salah nyata atau kerugian
ketara.
Penyata Pengurusan Risiko dan Kawalan Dalaman yang dibentangkan
di muka surat 48 hingga 52 dalam Laporan Tahunan ini memberikan
tinjauan menyeluruh mengenai pengurusan risiko dan kawalan
dalaman Kumpulan.
Hubungan dengan Juruaudit
Peranan Jawatankuasa Audit dinyatakan di muka surat 40 hingga
47. Melalui Jawatankuasa Audit Lembaga Pengarah, Syarikat telah
mewujudkan hubungan yang telus dan sesuai dengan juruaudit
Syarikat, sama ada dalaman mahupun luaran. Jika perlu, juruaudit
luar akan dijemput untuk menghadiri mesyuarat Jawatankuasa.
Penyata ini dibuat selaras dengan resolusi Lembaga Pengarah
bertarikh 10 Februari 2015.
The Directors consider that, in preparing the financial statements
for the year ended 31 December 2014, the Group has used
appropriate accounting policies, consistently applied and supported
by reasonable and prudent judgements and estimates. The Directors
have also considered that all applicable accounting standards have
been followed and confirm that the financial statements have been
prepared on the going concern basis.
The Directors are responsible for ensuring that the Company
maintains adequate accounting records which disclose with
reasonable accuracy the financial position of the Company to enable
them to ensure that the financial statements comply with the
requirements of the Companies Act, 1965.
The Directors generally have the duty to take such steps as are
reasonably available to them to safeguard the assets of the
Company and the Group and to prevent and detect fraud and other
irregularities.
Internal Control and Risk Management
The Board acknowledges its responsibility and is committed in
maintaining a sound system of internal control and risk management
practice. However, such system can only provide reasonable but not
absolute assurance against material misstatements or losses.
The Statement on Risk Management and Internal Control furnished
on pages 48 to 52 in the Annual Report provides an overview of the
state of risk management and internal control within the Group.
Relationships with the Auditors
The role of the Audit Committee is as stated on pages 40 to 47.
Through the Audit Committee of the Board, the Company has
established transparent and appropriate relationship with the
Company’s auditors, both internal and external. If required, the
external auditors are invited to attend meetings of the Committee.
This statement is made in accordance with the resolution of the
Board of Directors dated 10 February 2015.
040
(131646-K)
LAPORAN JAWATANKUASA AUDIT
AUDIT COMMITTEE REPORT
Lembaga Pengarah Syarikat Takaful Malaysia Berhad (“Takaful
Malaysia”) dengan berbesar hati membentangkan Laporan
Jawatankuasa Audit bagi tahun kewangan yang dikaji.
The Board of Directors of Syarikat Takaful Malaysia Berhad (“Takaful
Malaysia”) is pleased to present the Audit Committee Report for the
financial year under review.
KEAHLIAN DAN MESYUARAT
MEMBERSHIP AND MEETINGS
Jawatankuasa Audit (“Jawatankuasa”) kini terdiri daripada empat (4)
orang ahli, di mana kesemuanya adalah Pengarah Bukan Eksekutif
Bebas. Maklumat terperinci mengenai ahli dan mesyuarat yang
diadakan sepanjang tahun kewangan berakhir 31 Disember 2014
adalah seperti berikut:
The Audit Committee (“Committee”) currently comprises four (4)
members, all of whom are Independent Non-Executive Directors.
The details of members and meetings held during the financial year
ended 31 December 2014 are as follows:
Nama Ahli
Jawatankuasa Audit
Bil. Mesyuarat
Diadakan Dihadiri
Name of Audit
Committee Members
No. of Meetings
Held Attended
Mahadzir Azizan
(Chairman)
(Senior Independent Non-Executive Director)
6
6
6
(Independent Non-Executive Director)
6
6
6
6
Zakaria Ismail
6
6
6
6
6
6
Mahadzir Azizan
(Pengerusi)
(Pengarah Bukan Eksekutif Bebas Kanan)
6
6
(Pengarah Bukan Eksekutif Bebas)
6
Zakaria Ismail
Dato’ Othman Abdullah adalah ahli Institut Akauntan Malaysia
(“MIA”). Oleh itu, Takaful Malaysia telah mematuhi Perenggan
15.09(1)(c)(i) Keperluan Penyenaraian Pasaran Utama (“Keperluan
Penyenaraian”) Bursa Malaysia Securities Berhad (“Bursa Securities”)
yang menggariskan bahawa sekurang-kurangnya seorang (1) ahli
Jawatankuasa mestilah merupakan ahli MIA.
Dato’ Othman Abdullah is a member of the Malaysian Institute
of Accountants (“MIA”). Thus, Takaful Malaysia complies with
Paragraph 15.09(1)(c)(i) of the Main Market Listing Requirements
(“Listing Requirements”) of Bursa Malaysia Securities Berhad (“Bursa
Securities”) which stipulate that at least one (1) member of the
Committee must be a member of the MIA.
Jawatankuasa telah bermesyuarat sebanyak enam (6) kali pada tahun
kewangan ini. Mesyuarat tersebut telah disusun dan dijalankan
dengan sewajarnya melalui penggunaan agenda yang diedarkan
kepada ahli terlebih dahulu dengan notis yang mencukupi. Pengarah
Urusan Kumpulan, Ketua Pegawai Kewangan dan Ketua Audit
Dalaman selalunya menghadiri mesyuarat tersebut.
The Committee met six (6) times during the financial year. The
meetings were appropriately structured and conducted through the
use of agenda which were distributed to members with sufficient
notification. The Group Managing Director, the Chief Financial Officer
and the Chief Internal Auditor normally attend the meetings.
Dalam tahun kewangan berakhir 31 Disember 2014, Ketua Pegawai
Kewangan dan Penolong Pengurus Besar / Ketua Audit Dalaman
menghadiri kesemua mesyuarat yang diadakan, manakala Pengarah
Urusan Kumpulan menghadiri 5 daripada 6 mesyuarat yang diadakan.
During the financial year ended 31 December 2014, the Chief Financial
Officer and the Assistant General Manager / Head of Internal Audit
attended all the meetings held, while the Group Managing Director
attended 5 out of 6 meetings held.
041
(131646-K)
TERMA RUJUKAN
TERMS OF REFERENCE
Komposisi
Composition
Ahli Jawatankuasa hendaklah dilantik oleh Lembaga Pengarah
daripada kalangan mereka dan hendaklah terdiri daripada sekurangkurangnya tiga (3) orang ahli, di mana kesemuanya hendaklah
terdiri dari Pengarah Bukan Eksekutif dengan majoritinya adalah
Pengarah Bebas. Seorang Pengarah Bukan Eksekutif Bebas
hendaklah merupakan ahli yang memenuhi keperluan seperti yang
diperuntukkan dalam Keperluan Penyenaraian Bursa Securities dan
garis panduan Bank Negara Malaysia (“BNM”).
The members of the Committee shall be appointed by the Board
from amongst their numbers and shall comprise at least three
(3) members, all of whom must be Non-Executive Directors with
majority of them shall be Independent Directors. An Independent
Non-Executive Director shall be the one who fulfils the requirements
as provided in the Bursa Securities Listing Requirements and the
guidelines of Bank Negara Malaysia (“BNM”).
Sekurang-kurangnya seorang (1) ahli Jawatankuasa:
At least one (1) member of the Committee:
1)
mestilah merupakan ahli MIA; atau
1)
must be a member of the MIA; or
2)
jika beliau bukan ahli MIA, beliau mestilah mempunyai
pengalaman bekerja sekurang kurangnya selama tiga (3) tahun
dan:-
2)
if he is not a member of the MIA, he must have at least three
(3) years’ working experience and:-
(a) (a) beliau mestilah lulus peperiksaan yang dinyatakan
dalam Bahagian I Jadual Pertama Akta Akauntan 1967;
atau
(b) he must be a member of one of the associations of
accountants specified in Part II of the First Schedule of
the Accountants Act 1967; or
(b) beliau mestilah merupakan ahli salah sebuah persatuan
akauntan yang dinyatakan dalam Bahagian II Jadual
Pertama Akta Akauntan 1967; atau
3)
memenuhi keperluan-keperluan lain yang digariskan atau
diluluskan oleh Bursa Securities.
he must have passed the examinations specified in Part
I of the First Schedule of the Accountants Act 1967; or
3)
fulfils such other requirements as prescribed or approved by
Bursa Securities.
Ahli Jawatankuasa hendaklah melantik Pengerusi daripada kalangan
mereka yang merupakan seorang Pengarah Bukan Eksekutif Bebas.
Sekiranya seorang ahli Jawatankuasa meletak jawatan, meninggal
dunia atau atas sebarang sebab tidak lagi menjadi ahli sehingga
menyebabkan bilangan ahli kurang daripada tiga (3) orang, maka
Lembaga Pengarah hendaklah melantik ahli baru dalam bilangan
yang diperlukan untuk mencukupkan bilangan minimum ahli kepada
tiga (3) orang dalam tempoh tiga (3) bulan dari peristiwa tersebut.
Pengarah gantian tidak boleh dilantik sebagai ahli Jawatankuasa.
The members of the Committee shall elect a Chairman from amongst
their numbers who shall be an Independent Non-Executive Director.
If a member of the Committee resigns, dies or for any reason ceases
to be a member with the result that the number of members are
reduced below three (3), the Board shall within three (3) months
of that event, appoint such number of new members as may be
required to make up the minimum number of three (3) members. No
alternate Director can be appointed as a member of the Committee.
Lembaga Pengarah hendaklah mengkaji semula tempoh
perkhidmatan dan prestasi Jawatankuasa Audit dan setiap ahlinya
sekurang-kurangnya setiap tiga (3) tahun sekali bagi memastikan
Jawatankuasa dan ahlinya telah menjalankan tugas-tugas mereka
berdasarkan terma rujukan.
The Board shall review the term of office and performance of the
Committee and each of its members at least once every three (3)
years to ensure the Committee and members have carried out their
duties in accordance with their terms of reference.
Korum dan Prosedur Jawatankuasa
Mesyuarat hendaklah diadakan sekurang-kurangnya empat (4) kali
setahun atau dengan lebih kerap, mengikut keperluan.
Bagi membentuk korum mesyuarat, majoriti ahli yang hadir mestilah
merupakan Pengarah Bukan Eksekutif Bebas. Sekiranya Pengerusi
tidak hadir, ahli-ahli yang hadir hendaklah melantik seorang Pengerusi
bagi mesyuarat tersebut daripada kalangan ahli-ahli yang hadir.
Quorum and Committee’s Procedures
Meetings shall be conducted at least four (4) times annually or more
frequently as circumstances dictate.
In order to form a quorum for the meeting, the majority of
members present must be Independent Non-Executive Directors.
In the absence of the Chairman, the members present shall elect a
Chairman for the meeting from amongst the members present.
042
(131646-K)
Setiausaha Syarikat hendaklah bertindak sebagai Setiausaha
Jawatankuasa. Atas persetujuan Pengerusi, Setiausaha hendaklah
merangka agenda yang akan diedarkan kepada ahli Jawatankuasa
bersama-sama dengan kertas sokongan yang berkaitan dalam tempoh
yang berpatutan sebelum setiap mesyuarat. Setiausaha hendaklah
mengedarkan minit mesyuarat kepada semua ahli Jawatankuasa.
Jawatankuasa boleh, apabila dianggap perlu, menjemput ahli
Lembaga Pengarah lain dan / atau ahli Pengurusan Kanan untuk
menghadiri mesyuarat Jawatankuasa.
The Company Secretary shall be the Secretary of the Committee.
The Secretary, in concurrence with the Chairman, shall draw up an
agenda, which shall be circulated together with relevant supporting
papers within reasonable time prior to each meeting to the members
of the Committee. The Secretary shall circulate the minutes of
meetings to all members of the Committee.
The Committee may, as and when deemed necessary, invite other
Board members and / or Senior Management members to attend the
Committee meetings.
Jawatankuasa ini hendaklah bermesyuarat dengan juruaudit luar
sekurang-kurangnya dua (2) kali setahun, untuk membincangkan
sebarang perkara dengan Jawatankuasa tanpa kehadiran manamana ahli eksekutif Lembaga Pengarah dan Pengurusan Kanan.
Pengerusi Jawatankuasa akan mengadakan mesyuarat untuk
mempertimbangkan sebarang perkara yang pihak juruaudit luar
percaya perlu di bawa kepada perhatian para Pengarah atau
pemegang saham.
The Committee shall, at least twice (2) a year, meet with the
external auditors to discuss any matter with the Committee without
the presence of any executive members of the Board and Senior
Management. The Chairman of the Committee shall convene a
meeting of the Committee to consider any matter which the external
auditors believe should be brought to the attention of the Directors
or shareholders.
Jawatankuasa hendaklah mengatur prosiding mesyuaratnya, dengan
mengambil kira konvensyen biasa berhubung perkara tersebut.
The Committee shall regulate the manner of proceedings of its
meetings, having regard to normal conventions on such matter.
Kuasa
Authority
Jawatankuasa diberi kuasa oleh Lembaga Pengarah untuk menyiasat
sebarang perkara dalam terma rujukannya. Jawatankuasa juga diberi
kuasa untuk mendapatkan sebarang maklumat yang diperlukan
daripada mana-mana kakitangan dan semua kakitangan dikehendaki
memberi kerjasama terhadap sebarang permintaan yang dibuat oleh
Jawatankuasa.
The Committee is authorised by the Board to investigate any matter
within its terms of reference. It is authorised to seek any information
it requires from any employee and all employees are required to
cooperate with any request made by the Committee.
Jawatankuasa hendaklah mempunyai akses penuh dan tanpa had
kepada sebarang maklumat berkaitan Kumpulan dan hendaklah
mempunyai sumber yang diperlukan untuk melaksanakan tugasnya.
Jawatankuasa boleh mendapatkan nasihat perundangan atau
profesional bebas luar lain yang dianggap perlu, dengan perbelanjaan
ditanggung oleh Takaful Malaysia.
Jawatankuasa hendaklah mempunyai saluran komunikasi secara
langsung dengan juruaudit dalaman dan juruaudit luar, kakitangan
pengurusan risiko dan dengan Pengurusan Kanan Kumpulan dan
boleh mengadakan mesyuarat dengan juruaudit luar, juruaudit
dalaman atau kedua-duanya sekali, tanpa dihadiri oleh para pengarah
dan kakitangan Syarikat, bila-bila dianggap perlu.
Sekiranya Jawatankuasa berpendapat bahawa sebarang perkara
yang dilaporkan olehnya kepada Lembaga Pengarah masih
belum diselesaikan dengan memuaskan sehingga menyebabkan
pelanggaran Keperluan Penyenaraian Bursa Securities, Jawatankuasa
hendaklah melaporkan dengan segera perkara tersebut kepada
Bursa Securities.
The Committee shall have full and unrestricted access to any
information pertaining to the Group. The Committee shall have the
resources that are required to perform its duties. The Committee can
obtain, at the expense of Takaful Malaysia, external legal or other
independent professional advice it considers necessary.
The Committee shall have direct communication channels with the
internal and external auditors, the risk management personnel and
with Senior Management of the Group and shall be able to convene
meetings with the external auditors, the internal auditors or both,
excluding the attendance of other directors and employees of the
Company, whenever deemed necessary.
Where the Committee is of the view that a matter reported by it to
the Board has not been satisfactorily resolved resulting in a breach of
Bursa Securities Listing Requirements, the Committee shall promptly
report such matter to the Bursa Securities.
043
(131646-K)
Tugas dan Tanggungjawab
Duties and Responsibilities
Objektif utama Jawatankuasa adalah untuk menyediakan
pengawasan bebas laporan kewangan Takaful Malaysia dan sistem
kawalan dalaman serta memastikan semakan dan keseimbangan di
dalam Takaful Malaysia.
The primary objective of the Committee is to provide an independent
oversight of Takaful Malaysia’s financial reporting and internal control
system and ensuring checks and balances within Takaful Malaysia.
Oleh yang demikian, tugas dan tanggungjawab Jawatankuasa adalah
termasuk perkara-perkara berikut:
•
mengkaji dengan juruaudit luar dan melaporkan kepada
Lembaga Pengarah, skop dan pelan audit, termasuk sebarang
perubahan kepada skop yang dirancang bagi pelan audit luar
dan penilaian bagi sistem kawalan dalaman.
•
mengkaji kecukupan skop dan pelan audit dalaman, fungsifungsi, daya saing dan sumber fungsi audit dalaman dan sama
ada ianya mempunyai kuasa diperlukan untuk menjalankan
tugas.
•
mengkaji laporan audit dalaman dan luar bagi memastikan
supaya tindakan segera dan sewajarnya diambil oleh pihak
Pengurusan terhadap kekurangan utama dalam kawalan atau
prosedur yang telah dikenal pasti dan dilaporkan kepada
Lembaga Pengarah.
•
mengkaji penemuan audit utama dan tindakan Pengurusan
sepanjang tahun dengan pihak Pengurusan, juruaudit luar
dan juruaudit dalaman termasuk status syor-syor audit yang
terdahulu.
•
mengkaji kebebasan dan objektif juruaudit luar dan
perkhidmatan mereka, termasuk perkhidmatan bukan audit
dan yuran profesional, untuk memastikan keseimbangan yang
betul antara objektif dan nilai untuk wang.
•
mengkaji pelantikan, prestasi, yuran audit dan sebarang
persoalan berhubung peletakan jawatan atau pemecatan
juruaudit luar sebelum memberi cadangan kepada Lembaga
Pengarah.
•
Therefore, the duties and responsibilities of the Committee include
the followings:
•
to review with the external auditor and report to the Board,
the audit scope and plan, including any changes to the planned
scope of the external audit plan and evaluation of the system
of internal control.
•
to review the adequacy of the internal audit scope and plan,
functions, competency and resources of the internal audit
functions and that it has the necessary authority to carry out
its work.
•
to review the external and internal audit reports to ensure
that appropriate and prompt remedial action is taken by
Management on major deficiencies in controls or procedures
that are identified and reported to the Board.
•
to review the major audit findings and Management’s
response during the year with Management, external auditors
and internal auditors, including the status of previous audit
recommendations.
•
to review the independence and objectivity of the external
auditors and their services, including non-audit services
and the professional fees, so as to ensure a proper balance
between objectivity and value for money.
•
to review the appointment, performance, audit fees and any
question regarding the resignation or dismissal of external
auditors before making recommendations to the Board.
•
to review the quarterly and year-end financial statements,
before the approval by the Board, focusing particularly on:
mengkaji keputusan suku tahunan dan penyata kewangan
akhir tahun, sebelum kelulusan Lembaga Pengarah dengan
menumpu terutamanya kepada:
-
-
-
-
perubahan atau pelaksanaan dasar dan praktis
perakaunan utama;
pelarasan ketara dan peristiwa penting dan luar biasa
timbul dari audit;
andaian perniagaan berterusan; dan
pematuhan kepada standard kewangan, Bursa
Securities dan keperluan undang undang.
-
-
-
-
•
changes in or implementation of major accounting
policy and practice;
significant adjustments and unusual event arising from
the audit;
the going concern assumption; and
compliance with accounting standards, Bursa Securities
and other legal requirements.
to review the Chairman’s statement and corporate governance
disclosures made in the Directors’ Report.
044
(131646-K)
•
mengkaji penyata Pengerusi dan pemberitahuan urus tadbir
korporat yang dibuat dalam Laporan Pengarah.
•
membincangkan masalah dan persoalan yang wujud dari audit
interim dan akhir dan sebarang perkara yang ingin dibincangkan
oleh juruaudit (tanpa kehadiran pihak Pengurusan jika perlu).
•
mengkaji Piagam Audit Dalaman, belanjawan dan komposisi
kakitangan Bahagian Audit Dalaman.
•
mengkaji kawalan dalaman, termasuk skop urus tadbir,
prosedur, penemuan audit dalaman dan mencadangkan
tindakan yang perlu diambil oleh Pengurusan. Laporan audit
dalaman tidak tertakluk kepada kebenaran daripada Ketua
Pegawai Eksekutif / Pengarah Urusan Kumpulan atau Pengarah
Eksekutif.
•
to discuss problems and reservations arising from the interim
and final audits, and any matter the auditor may wish to
discuss (in the absence of Management where necessary).
•
to review the Internal Audit Charter, budget and staffing of the
Internal Audit Division.
•
to review internal controls, including the scope of the internal
audit governance, procedures, findings and recommend
action to be taken by Management. The internal audit reports
should not be subject to the clearance of the Chief Executive
Officer / Group Managing Director or Executive Directors.
•
to direct and where appropriate supervise any special projects
or investigation considered necessary, and review investigation
report on any major defalcation, frauds and thefts.
•
mengarah dan sekiranya wajar, menyelia sebarang projek
atau siasatan khas jika perlu, dan mengkaji laporan siasatan
berkenaan sebarang penyalahgunaan, penipuan dan kecurian
yang besar.
•
to ensure that the accounts are prepared in a timely and
accurate manner for regulatory, management and general
reporting purposes, with regular reviews carried out on the
adequacy of provisions made.
•
memastikan akaun disediakan tepat pada masanya dan dengan
cara yang tepat bagi tujuan pengawalseliaan, pengurusan dan
laporan umum, dengan ulasan yang selalu dijalankan terhadap
kecukupan peruntukan yang telah dibuat.
•
to review any related party transaction and conflict of interest
situation that may arise within the Company or the Group,
including any transaction, procedure or course of conduct that
raises questions of management integrity.
•
mengkaji sebarang urusniaga pihak berkaitan dan situasi
konflik kepentingan yang mungkin timbul dalam Syarikat
atau Kumpulan, termasuk sebarang urusniaga, prosedur atau
tatacara yang menimbulkan persoalan terhadap kewibawaan
pihak Pengurusan.
•
to ensure that supervisory issues raised by Bank Negara
Malaysia are resolved in a timely manner.
•
to perform any other functions as may be agreed by the Board.
•
•
memastikan bahawa isu-isu penyeliaan yang dibangkitkan
oleh Bank Negara Malaysia diselesaikan tepat pada masanya.
melaksanakan sebarang fungsi lain yang mungkin dipersetujui
oleh Lembaga Pengarah.
SUMMARY OF ACTIVITIES OF THE COMMITTEE
The activities undertaken by the Committee during the financial year
under review include the following:
•
Reviewed and monitored with the external auditors, the
results and progress of the audit for the financial year ended
31 December 2013, the audit report and the Management
letter, including Management’s response thereto.
•
Discussed the re-appointment of external auditors for the
financial years ended/ending 31 December 2014 and 2015,
and assessed their sustainability and independence for
reappointment.
•
Reviewed the external auditors’ scope of work and audit plans
for the financial year ended 31 December 2014. Prior to the
audit, representatives from the external auditors presented
their audit strategy and plan.
RINGKASAN AKTIVITI-AKTIVITI JAWATANKUASA
Aktiviti-aktiviti yang telah dijalankan oleh Jawatankuasa sepanjang
tahun kewangan yang dikaji termasuk:
•
Mengkaji dan memantau dengan juruaudit luar, keputusan
dan perkembangan audit bagi tahun kewangan berakhir 31
Disember 2013, laporan audit dan surat Pengurusan, termasuk
tindakan Pengurusan berkaitannya.
•
Berbincang mengenai pelantikan semula juruaudit luar bagi
tahun kewangan berakhir/akan berakhir 31 Disember 2014
dan 2015, dan menilai kesesuaian dan kebebasan mereka
untuk pelantikan semula.
045
(131646-K)
•
•
•
Mengkaji skop kerja dan rancangan audit juruaudit luar bagi
tahun kewangan berakhir 31 Disember 2014. Sebelum audit
dijalankan, wakil-wakil juruaudit luar telah membentangkan
strategi dan rancangan audit.
Berbincang mengenai yuran audit yang perlu dibayar kepada
juruaudit luar.
Berbincang dengan juruaudit luar berhubung sebarang
perkara yang memerlukan perhatian Lembaga Pengarah dan
Pemegang Saham tanpa kehadiran ahli Lembaga Pengarah
Eksekutif dan pihak Pengurusan.
•
Mengkaji Pelan Audit Tahunan Audit Dalaman, Pencapaian
2013 dan Semakan kepada Pelan Audit Tahunan 2014.
•
Mengkaji laporan audit dalaman dan audit khas (seperti
Laporan-Laporan Audit Kewangan, Operasi dan Teknologi
Maklumat) yang menekankan isu-isu audit cadangan dan
maklum balas pihak Pengurusan yang berkaitan. Berbincang
dengan Pengurusan mengenai tindakan yang telah dan akan
diambil untuk mempertingkatkan sistem kawalan dalaman
berdasarkan peluang-peluang penambahbaikan yang telah
dikenal pasti dalam laporan audit dalaman.
•
Mengkaji laporan susulan oleh juruaudit dalaman mengenai
status tindakan yang diambil oleh pihak Pengurusan terhadap
cadangan yang diberikan dalam laporan audit.
•
Membincangkan surat penyeliaan BNM dan pelan tindakan
selanjutnya.
•
Mengkaji laporan susulan oleh juruaudit dalaman berhubung
isu-isu yang dibangkitkan berdasarkan penemuan daripada
pemeriksaan oleh BNM dan status tindakan yang diambil oleh
pihak Pengurusan mengenai isu yang dibangkitkan oleh BNM.
•
•
•
Mengkaji laporan susulan oleh juruaudit dalaman berhubung
isu yang dibangkitkan dalam surat Pengurusan oleh juruaudit
luar dan status tindakan yang diambil oleh pihak Pengurusan
mengenai isu tersebut.
Mengkaji penyata kewangan Syarikat yang telah diaudit
sebelum diserahkan kepada Lembaga Pengarah bagi
pertimbangan dan kelulusan mereka. Kajian ini adalah untuk
memastikan supaya penyata kewangan yang telah diaudit
disediakan mengikut peruntukan Akta Syarikat 1965 dan
piawaian perakaunan berkaitan yang diluluskan.
Mengkaji laporan Pematuhan termasuk penaksiran pematuhan
risiko, pengutamaan dan polisi pengurusan, dan pengesahan
penaksiran sendiri pematuhan kritikal suku tahunan.
•
Discussed the audit fees payable to the external auditors.
•
Discussed with external auditors any matters that warrant the
Board and Shareholders’ attention without the presence of
the member of the Executive Directors and Management.
•
Reviewed the Internal Audit Annual Audit Plan, 2013
Achievements and Revision to 2014 Annual Audit Plan.
•
Reviewed the internal audit reports and special audit
reports (i.e. on Finance, Operations, IT, Investment, etc)
which highlighted the audit issues, recommendations and
Management’s response thereto. Discussed with Management
on actions taken or to be taken to improve the system
of internal control based on improvement opportunities
identified in the internal audit reports.
•
Reviewed follow-up reports by the internal auditors
on the status of actions taken by the Management on
recommendations suggested in the audit reports.
•
Discussed BNM’s supervisory letter and the action plans
thereto.
•
Reviewed follow-up reports by the internal auditors on BNM’s
examination findings and status of actions taken by the
Management on issues raised by BNM.
•
Reviewed follow-up reports by the internal auditors on
external auditors’ findings as set out in the Management letter
and status of actions taken by the Management on issues
raised by the external auditors.
•
Reviewed the audited financial statements of the Company
prior to submission to the Board for their consideration and
approval. The review was to ensure that the audited financial
statements were drawn up in accordance with the provisions
of the Companies Act 1965 and the applicable approved
accounting standards.
•
Reviewed the Compliance reports including compliance
risk assessment, prioritization and management policy, and
quarterly compliance critical self assessment confirmation.
•
Reviewed the quarterly unaudited financial results
announcements before recommending them for the Board’s
approval.
•
Reviewed related party transactions within the Group.
046
(131646-K)
•
Mengkaji pengumuman keputusan kewangan suku tahunan
yang belum diaudit sebelum disyorkan kepada Lembaga
Pengarah untuk kelulusan.
•
Mengkaji urusniaga pihak yang berkaitan dalam Kumpulan.
•
Menyediakan bimbingan ke atas penyediaan penyata
pendedahan dalam Laporan Tahunan seperti Penyata Urus
Tadbir Korporat, Penyata Pengurusan Risiko dan Kawalan
Dalaman, Laporan Jawatankuasa Audit dan Penyata Pengerusi
dalam mematuhi Keperluan Penyenaraian Bursa Securities
dan Suruhanjaya Sekuriti.
•
Mengkaji Laporan Tahunan Dana Berkaitan Pelaburan.
FUNGSI DAN AKTIVITI-AKTIVITI AUDIT DALAMAN
Bahagian Audit Dalaman adalah bebas daripada aktiviti atau operasi
unit-unit operasi lain dan melapor terus kepada Jawatankuasa Audit.
Peranan utama bahagian ini adalah untuk menjalankan kajian sistem
kawalan dalaman secara bebas, kerap dan sistematik supaya dapat
memberi jaminan yang sewajarnya bahawa sistem tersebut mampu
terus beroperasi secara berkesan dan memuaskan. Audit dalaman
mengamalkan pendekatan berasaskan risiko dalam rancangan audit
dan pemeriksaannya.
Adalah menjadi tanggungjawab Bahagian Audit Dalaman untuk
menyediakan laporan bebas dan objektif kepada Jawatankuasa
tentang status kawalan dalaman di pelbagai unit operasi dalam
Kumpulan serta tahap pematuhan unit-unit tersebut terhadap dasar
dan prosedur Kumpulan serta terhadap keperluan berkanun yang
berkaitan.
•
Reviewed the disclosure statements in the Annual Report
such as Corporate Governance Statement, Statement on Risk
Management and Internal Control, Audit Committee Report
and Chairman’s Statement in compliance with Bursa Securities
Listing Requirements and Securities Commission.
•
Reviewed the Investment-Linked Funds Annual Report.
INTERNAL AUDIT FUNCTION AND ACTIVITIES
The Internal Audit Division is independent of the activities or
operations of other operating units and reports directly to the
Audit Committee. The principal role of the division is to undertake
independent regular and systematic reviews of the systems of
internal controls so as to provide reasonable assurance that such
systems continue to operate satisfactorily and effectively. The
internal audit practices a risk-based approach in its audit plan and
examination.
It is the responsibility of the Internal Audit Division to provide the
Committee with independent and objective reports on the state of
internal control of the various operating units within the Group and
the extent of compliance of the units with the Group’s established
policies and procedures as well as relevant statutory requirements.
The following activities were undertaken by the Internal Audit
Division during the financial year under review:
•
Executed independent assurance role by performing scheduled
reviews on the effectiveness, efficiency and economical of
control mechanism to address risks and concerns in the areas
of operations, financial, information technology, product
development, investment and strategic functions on a risk
based audit approach as set out in the Formalised Internal
Audit Strategic Plan (FYE 2013 and 2014).
•
Provided reasonable assurance on the extent of compliance
with established policies and procedures as well as BNM
statutory requirements and other regulatory bodies.
•
Rendered advisory services to the Management of the
Company and its subsidiaries.
•
Recommended improvements to the business processes and
enhancement to the existing system of internal controls.
•
Conducted follow-up audit on status of actions taken by the
Management on recommendations suggested in audit reports
of internal auditors, external auditors, BNM examiners, etc.
Aktiviti-aktiviti berikut telah dijalankan oleh Bahagian Audit Dalaman
dalam tahun kewangan yang dikaji:
•
•
•
Melaksanakan peranan jaminan bebas dengan membuat
ulasan kajian berjadual ke atas keberkesanan, kecekapan
dan mekanisma kawalan ekonomi untuk mengutarakan risiko
dan keutamaan dalam bidang operasi, kewangan, teknologi
maklumat, pembangunan produk, pelaburan dan fungsi-fungsi
strategik yang menggunapakai pendekatan audit berasaskan
risiko seperti yang dinyatakan dalam Pelan Strategik Audit
Dalaman Rasmi (Tahun Kewangan Berakhir 2013 dan 2014).
Menyediakan jaminan yang munasabah ke atas tahap
pematuhan polisi dan prosedur yang telah disediakan
di samping keperluan statutori BNM dan badan-badan
perundangan lain.
Memberi khidmat nasihat kepada Pengurusan dan subsidiari
Syarikat.
047
(131646-K)
•
Mencadangkan peningkatan ke atas proses perniagaan dan
penambahbaikan bagi sistem kawalan dalaman yang sedia
ada.
•
Carried out special reviews and investigations as requested by
Senior Management and endorsement from the Committee
Chairman.
•
Menjalankan audit susulan berhubung status tindakan yang
diambil oleh Pengurusan berdasarkan cadangan yang dibuat
dalam penemuan audit juruaudit dalaman, juruaudit luar,
pegawai pemeriksa BNM dan lain-lain.
•
Reviewed the adequacy and appropriateness of the internal
controls and risk exposures in the new product packages
based on the revised Product Development Framework (PDF).
•
Menjalankan semakan khas dan penyiasatan seperti yang
diminta oleh Pengurusan Kanan dan pengesahan daripada
Pengerusi Jawatankuasa.
•
Provided guidance and advices to the Project Steering
Committee for new and revised products/projects before
launching.
•
Mengkaji semula kecukupan dan kesesuaian kawalan
dalaman dan pendedahan risiko di dalam pakej produk baru
berdasarkan semakan semula Rangka Kerja Pembangunan
Produk.
•
Conducted audit computer hardware, operating and
application systems as well as the Information Communication
Technology (ICT) network of Takaful Malaysia.
•
Participated in tender and selection process and other
Committees in the capacity of an observer.
•
Conducted independent evaluation of the adequacy and
relevance of Business Continuity Management (BCM) policy,
strategies, procedures and testing of the Disaster Recovery
Plan (DRP).
•
Reviewed and compiled the updates on the Supervisory
Concerns prior to submission to Bank Negara Malaysia.
•
Reviewed the outsourcing activities for the Company.
•
Assisted Management in preparing the Audit Committee
Report and Statement on Risk Management and Internal
Control for disclosure in the Annual Report.
•
Menyediakan bimbingan dan nasihat kepada Jawatankuasa
Pemandu Projek sebelum pelancaran produk/projek baru dan
lama.
•
Menjalankan audit ke atas perkakasan komputer, sistem
operasi dan aplikasi serta rangkaian Teknologi Komunikasi
Maklumat (ICT) Takaful Malaysia.
•
Menjadi pemerhati dalam tender dan proses pemilihannya
dan dalam Jawatankuasa-jawatankuasa yang lain.
•
Menjalankan penilaian bebas bagi menentukan kesempurnaan
dan kesesuaian Pengurusan Kesinambungan Perniagaan
(BCM) dasar, strategi, prosedur dan ujian Pelan Pemulihan
Bencana (DRP).
•
Menyemak dan mengumpul data-data terkini Supervisory
Concern sebelum diserahkan kepada Bank Negara Malaysia.
•
Mengkaji semula aktiviti-aktiviti perkhidmatan luar yang
dilaksanakan oleh Syarikat.
•
Membimbing Pengurusan dalam menyediakan Laporan
Jawatankuasa Audit dan Penyata Kawalan Dalaman untuk
dizahirkan dalam Laporan Tahunan.
Laporan daripada tugasan audit dikemukakan kepada pihak
Pengurusan untuk perhatian dan tindakan pembetulan yang perlu
seperti yang dicadangkan. Pihak Pengurusan bertanggungjawab
memastikan tindakan pembetulan terhadap kelemahan yang dilapor
dilaksanakan dalam jangka masa yang ditetapkan. Jumlah kos yang
terbabit bagi mengekalkan fungsi Audit Dalaman yang dilakukan
secara dalaman bagi tahun kewangan yang dikaji adalah lebih kurang
RM1.7 juta di mana ia merangkumi sebahagian besarnya adalah
gaji, elaun perjalanan dan penginapan dan elaun sara hidup bagi
menjalankan tugasan audit.
Reports from the audit assignments are forwarded to the
Management for attention and necessary corrective actions as
recommended. The Management is responsible for ensuring that
corrective actions on reported weaknesses are taken within the
required time frame. The costs incurred in maintaining the Internal
Audit function which is performed in-house for the financial year
under review was approximately RM1.7 million comprising mainly
salaries, travelling and accommodation expenses and subsistence
allowance for audit assignments.
048
(131646-K)
Penyata Pengurusan Risiko dan Kawalan Dalaman
Statement on Risk Management and Internal Control
PENYATA PENGURUSAN RISIKO DAN KAWALAN DALAMAN
STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL
Penyata ini disediakan menurut Keperluan Penyenaraian Pasaran
Utama Bursa Malaysia Securities Berhad berkaitan dengan
Pematuhan Kumpulan terhadap Prinsip dan Cadangan peruntukanperuntukan Amalan Terbaik yang berkaitan dengan kawalan dalaman
seperti yang digariskan di dalam Kod Urus Tadbir Korporat Malaysia
(“Kod”).
This statement is made pursuant to the Main Market Listing
Requirements of Bursa Malaysia Securities Berhad with regard to
the Group’s compliance with the Principles and Recommendations
provisions relating to internal controls as stipulated in the Malaysian
Code on Corporate Governance (“the Code”).
TANGGUNGJAWAB LEMBAGA PENGARAH
BOARD RESPONSIBILITY
Lembaga Pengarah mengiktiraf bahawa mereka bertanggungjawab
sepenuhnya terhadap persekitaran kawalan dalaman dan
keberkesanannya dalam menjaga kepentingan-kepentingan pemegangpemegang saham dan aset-aset Kumpulan.
The Board acknowledges its overall responsibility for the internal
control environment and its effectiveness in safeguarding
shareholders’ interests and Group’s assets.
Sistem kawalan dalaman turut memenuhi keperluan untuk operasioperasi perniagaan yang berkesan dan cekap, laporan kewangan yang
baik dan prosedur-prosedur kawalan, serta pematuhan terhadap
undang-undang dan peraturan-peraturan yang berkaitan. Lembaga
Pengarah turut mengakui bahawa penyemakan terhadap system
kawalan dalaman Kumpulan adalah usaha yang jitu dan berterusan,
dirangka untuk mengurus dan menghalang risiko kegagalan untuk
mencapai objektif-objektif perniagaan. Sewajarnya, sistem kawalan
dalaman Kumpulan turut memberikan jaminan yang munasabah ke
atas salah nyata atau kerugian yang ketara. Pihak Pengurusan telah
memberi jaminan kepada Lembaga Pengarah berkaitan kecukupan
dan keberkesanan pengurusan risiko Kumpulan dan sistem kawalan
dalaman.
PROSES-PROSES KAWALAN DALAMAN UTAMA
Proses-proses kawalan dalaman utama yang telah ditubuhkan oleh
Lembaga Pengarah dalam menyemak kecukupan serta integriti
sistem kawalan dalaman termasuk pematuhan kepada undangundang, peraturan-peraturan, syarat-syarat, arahan-arahan dan garis
panduan-garis panduan adalah seperti berikut :
RANGKA KERJA PENGURUSAN RISIKO
Lembaga Pengarah mengiktiraf bahawa mengenal pasti dan mengurus
risiko yang berkaitan adalah perkara penting dan merupakan asas
untuk mencapai objektif perniagaan Kumpulan serta pengendalian
operasi hariannya.
Bagi mencapai objektif tersebut, Lembaga Pengarah telah
menyediakan Rangka Kerja Pengurusan Risiko Operasi (“ORM”)
dalam Syarikat, bagi memastikan supaya wujud proses yang
berterusan bagi mengenalpasti, menilai, memantau dan mengurus
pendedahan risiko berkaitan yang sememangnya lazim dalam operasi
perniagaannya. Kumpulan telah menubuhkan proses pengurusan
risiko yang berperanan untuk bertanggungjawab terhadap risiko
Syarikat melalui Lembaga Pengarah Jawatankuasa Risiko (“BRC”)
bagi menyediakan pemantauan berkesan terhadap keseluruhan
pengurusan risiko syarikat melalui mesyuarat suku tahunannya.
Syarikat telah mengemaskini Rangka Kerja Pengurusan Risiko dan bila
perlu, penambahbaikan telah dibuat untuk meningkatkan amalan
pengurusan risiko. Insiden Kerugian Operasi berdasarkan keperluan
ORION dari Bank Negara Malaysia (“BNM”) dilaporkan kepada BNM,
BRC dan Lembaga Pengarah sebagai ukuran keberkesanan ORM.
The system of internal control addresses the need for an effective and
efficient business operations, sound financial reporting and control
procedures, and compliance with relevant laws and regulations. The
Board also recognises that reviewing the Group’s system of internal
control is a concerted and continuing process, designed to manage
and appropriately mitigate the risk of failure in achieving business
objectives. Accordingly, the Group’s system of internal control
provides reasonable assurance against material misstatement or
loss. The Management has given the assurance to the Board on the
adequacy and effectiveness of the Group’s risk management and
internal control system.
KEY INTERNAL CONTROL PROCESSES
The key internal control processes that the Board has established
in reviewing the adequacy and integrity of the system of internal
control, including compliance with applicable laws, regulations,
rules, directives and guidelines, are as follows:
RISK MANAGEMENT FRAMEWORK
The Board acknowledges the identification and the management
of risks involved play an important and integral part in achieving
the Group’s business objectives and the management of its daily
operations.
In pursuing these objectives, the Board has put in place an
Operational Risk Management (“ORM”) framework within the
Company to ensure there is an on-going process of identifying,
evaluating, monitoring and managing the significant risk exposures
surrounding its business operations. The Group has established a risk
management process whereby the roles and responsibility of Board
Risk Committee (“BRC”) is to provide effective oversight on companywide risks through quarterly Board Risk Committee meetings.
The company reviews the Risk Management framework and where
necessary, enhancements were made to improve its risk management
practices. Operational Loss Incidences reporting based on the BNM’s
ORION requirement are reported to BNM, BRC and the Board to act
as a gauge on the effectiveness of the ORM in place.
049
(131646-K)
Penyata selera-risiko Syarikat menyediakan satu rangka kerja
pengambilan keputusan bagi risiko strategik dan operasi, yang
memudahkan proses perancangan strategik sejajar dengan risiko. Ia
bertujuan membantu Syarikat dalam membuat keputusan strategik
yang berwawasan dan bermaklumat bagi pengurusan risiko secara
berhemat dan lagi kekal menguntungkan untuk pemegang saham.
Sebagai pencegahan risiko terhadap bencana dan / atau gangguan
utama, Syarikat telah mewujudkan Rangka Kerja Pengurusan
Kesinambungan Perniagaan (“BCM”). Pelan Kesinambungan
Perniagaan telah dibangunkan untuk memudahkan tindak balas yang
berkesan terhadap gangguan perniagaan dan untuk memastikan
bahawa Syarikat mampu bertindak balas terhadap insiden itu
mengikut cara yang cepat dan tepat pada masanya. Pelan Pemulihan
Perniagaan telah dibangunkan dan diuji fungsinya sebanyak dua kali
setahun pada sistem pelayan pengeluaran yang utama. Dalam tahun
kewangan ini, pelan kesinambungan perniagaan telah dilaksanakan
di Ibu Pejabat bagi mempertingkatkan kesediaan Syarikat untuk
mengekalkan operasi kritikal apabila berhadapan dengan bencana
dan / atau gangguan.
Rangka Kerja Pengurusan Risiko dan Modal telah disemak semula
pada bulan Ogos 2014 selaras dengan pelaksanaan Rangka Kerja
Modal Berasaskan Risiko bagi Pengendali Takaful (“RBCT”) dan Tahap
Sasaran Modal Individu (“ITCL”) Syarikat. Nisbah Kecukupan Modal
(“CAR”) dan Laporan Ujian Tekanan Syarikat dikemaskini kepada
Lembaga Pengarah setiap suku tahun dan setengah tahun seperti
yang dikehendaki dalam Rangka Kerja Pengurusan Risiko dan Modal
dan Rangka Kerja Pengurusan Aset Liabiliti.
RANGKA KERJA TADBIR URUS PENGURUSAN LEBIHAN DANA RISIKO
PESERTA (“PRF”)
Lembaga Pengarah telah meluluskan Rangka Kerja Tadbir Urus
Pengurusan Lebihan Dana Risiko Peserta (“PRF”) pada November
2013 dalam persiapan untuk menyediakan proses tadbir urus dalam
menguruskan kedudukan lebihan dana risiko peserta. Rangka Kerja ini
membentuk sebahagian daripada proses tadbir urus korporat Syarikat
untuk menggalakkan pengurusan berhemat dan amalan pengurusan
risiko yang baik terhadap dana risiko takaful bagi meningkatkan daya
tahan dana kewangan dan melindungi kepentingan peserta.
FUNGSI AUDIT DALAMAN
Bahagian Audit Dalaman (“IAD”) membantu Lembaga Pengarah
dan Jawatankuasa Audit dalam menjalankan tanggungjawab
mereka. Audit Dalaman berfungsi untuk memberikan jaminan ke
atas keberkesanan dan kelancaran sistem kawalan dalaman yang
dilaksana oleh pihak pengurusan. Pelan Audit Tahunan dibangunkan
dari penilaian terhadap kepentingan risiko, pendedahan, dan strategi
Kumpulan. IAD juga menyiasat kejadian penipuan, pemalsuan serta
memberikan cadangan-cadangan kepada Jawatankuasa Audit untuk
menghalang pengulangan semula. Pelaksanaan pelan tindakan
pengurusan yang dirangka untuk menghalang kelemahan kawalan
yang telah diperakui sepanjang tempoh kewangan yang dipantau
melalui kajian susulan.
The Company’s risk appetite statement provides a decision-making
framework for the strategic and operational treatment of risk, which
facilitates a risk-aligned strategic planning process. It is intended to
help the Company in making forward-looking and well-informed
strategic decisions that manages risk prudently and yet remain
profitable to its shareholder.
As a risk mitigation towards disasters and/or major disruptions; the
Company has also established a Business Continuity Management
(“BCM”) Framework. The BCM Manual was developed to facilitate
effective response to business disruption and to ensure that the
Company is capable of responding to such incidents in an organised
and timely manner. Business Continuity Plans are developed and
tested for functionality and Disaster Recovery Plans are tested
twice a year on the production main server. During the financial
year, a business continuity plan was implemented at Head Office,
to establish the Company’s readiness to maintain critical operations
when faced with possible disasters and/or disruptions.
The Risk and Capital Management Framework has been revised
in August 2014 to be consistent with implementation of Risk
Based Capital Framework for Takaful Operators (“RBCT”) and the
Company’s Individual Target Capital Level (“ITCL”). The company’s
Capital Adequacy Ratios (“CAR”) and Stress Testing Reports are
updated on a quarterly and semi-annually basis respectively to the
Board of Directors, as required under Risk and Capital Management
Framework and Asset Liability Management Framework.
PARTICIPANT RISK FUND (“PRF”) SURPLUS MANAGEMENT
GOVERNANCE FRAMEWORK
The Board has approved the PRF Surplus Management Governance
Framework in November 2013 to provide the governance process in
managing the participant risk fund surplus position. This Framework
forms part of the Company’s corporate governance process to
promote prudent management and good risk management practices
of takaful risk funds to enhance the funds’ financial resilience and
protect the interest of participants.
INTERNAL AUDIT FUNCTION
The Internal Audit Division (“IAD”) assists the Board and Audit
Committee in the discharge of their responsibilities. The internal
audit function provides assurance on the efficiency and effectiveness
of the internal control systems implemented by management.
An annual audit plan is developed based on an assessment of risk
priorities, exposures, and business strategies of the Group. IAD also
investigates incidents of fraud, malpractices and makes necessary
recommendation to the Audit Committee to impede recurrence. The
implementation of management action plans to address the control
lapses noted during the financial period are monitored through
follow-up reviews.
050
(131646-K)
Jawatankuasa juga mengkaji dan meluluskan Pelan Audit Tahunan,
laporan-laporan serta penemuan termasuk susulan oleh Audit
Dalaman. Mereka juga mengkaji tindakan yang diambil ke atas
penemuan kawalan dalaman yang dikenalpasti di dalam laporanlaporan yang disediakan oleh juruaudit luar dan badan-badan
penguatkuasaan semasa mesyuarat-mesyuarat mereka serta menilai
kesan ke atas keberkesanan dan kecukupan sistem kawalan dalaman
Kumpulan.
UNSUR-UNSUR KAWALAN DALAMAN UTAMA
Unsur-unsur utama kawalan dalaman yang diwujudkan oleh
Lembaga Pengarah bagi menyediakan kawalan dalaman yang
berkesan termasuk pematuhan terhadap undang-undang, peraturanperaturan dan garis panduan garis panduan adalah seperti berikut:
The Committee reviews and approves the Annual Audit Plan, reports
and findings including the follow-ups of the Internal Auditors. They
also review the actions taken on internal control issues identified in
reports prepared by External Auditors and Regulatory Bodies during
their meetings and consider the impact on the effectiveness and
adequacy of the Group’s internal control system.
KEY ELEMENTS OF INTERNAL CONTROL
The key elements of internal control that the Board has established
which provide effective internal controls including compliance with
applicable laws, regulations and guidelines are as follows:
•
Organisational Structure
•
Struktur Organisasi
Kumpulan telah membentuk sebuah struktur organisasi yang
tersusun dengan had-had tanggungjawab dan akauntabiliti
yang jelas serta pengagihan kuasa yang bertakrif kepada
Jawatankuasa-jawatankuasa Lembaga Pengarah dan
Pengurusan.
The Group has established a defined organisational structure
with lines of responsibility and accountability with a defined
delegation of authority of Committees of the Board and
Management.
•
Limit of Authorities
•
Had Kuasa
Had kuasa yang disemak telah diluluskan oleh Lembaga
Pengarah pada November 2014 dan telah dilaksanakan
dalam bidang Pengunderaitan, kelulusan Tuntutan dan proses
perniagaan yang lain.
Limit of authorities has been revised and approved by the
Board in November 2014 and implemented in the areas of
Underwriting, Claims approval, and other business process.
•
Standard Operating Procedures
•
Prosedur Operasi Piawai
Prosedur Operasi Piawai yang mengawal seluruh proses
perniagaan seperti kewangan aktuari, sumber manusia,
tuntutan, pelaburan dan lain-lain telah ditempatkan di dalam
organisasi.
The Standard Operating Procedures that govern the key
business processes such as finance, actuarial, human
resources, claims, investments and etc, are in place within the
organisation.
•
Product Development Framework
In March 2012, the Company was granted the approval by
Bank Negara Malaysia (“BNM”) to adopt “launch-and-file”
system for new products. In view of the “launch-and-file”
system granted to the Company, the policies and procedures
within the Product Development Framework have been
reviewed to align with BNM’s supervisory expectations under
the Introduction of New Product Guidelines.
•
Compliance Function
The Company has established Compliance Framework
setting out the compliance governance and methodology. All
compliances requirements, matrixes, SOPs and guidelines are
posted in the Corporate Portal – Compliance Division.
•
Whistle Blowing Policy and Fraud and Integrity Policy
The Board has also approved the Whistle Blowing Policy in
response to the Whistleblower Protection Act, 2010 as well as
Fraud and Integrity Policy in August 2011 which is essential in
promoting ethical conduct within the Group.
•
Rangka Kerja Pembangunan Produk
Pada bulan Mac 2012, Syarikat telah mendapat kelulusan
daripada BNM untuk mengamalkan system “pelancaran
dan fail” untuk produk-produk baru. Memandangkan sistem
”pelancaran dan fail” telah diberikan kepada Syarikat, polisi
dan prosedur yang merangkumi Rangka Kerja Pembangunan
Produk telah dikaji semula berdasarkan jangkaan penyeliaan
daripada BNM di bawah Pengenalan Garis Panduan Produk
Baru.
•
Fungsi Pematuhan
Syarikat telah mewujudkan Piagam Pematuhan dan Rangka
Kerja yang telah ditubuhkan yang menggariskan pematuhan
tadbir urus dan metodologi. Semua kehendak pematuhan,
matrik, prosedur operasi piawai dan garis panduan telah di
muatkan dalam Portal Korporat – Bahagian Pematuhan.
•
Polisi Pemberitahuan Maklumat dan Polisi Penipuan dan
Integriti
Lembaga Pengarah juga telah meluluskan Polisi Pemberitahuan
Maklumat sebagai respons kepada Akta Perlindungan Pemberi
Maklumat, 2010 serta Polisi Penipuan dan Integriti pada Ogos
2011 yang penting dalam menggalakkan kelakuan beretika
dalam Kumpulan.
051
(131646-K)
•
Rangka Kerja Tadbir Urus Syariah
•
Shariah Governance Framework
Rangka Kerja Tadbir Urus Syariah telah disemak semula
dan diluluskan oleh Badan Penasihat Syariah (“BPS”) dan
Lembaga Pengarah masing-masing pada 8 Oktober 2013 dan
22 November 2013. Rangka kerja ini direka untuk memenuhi
objektif berikut:
The Shariah Governance framework was revised and
approved by the Shariah Advisory Body (“SAB”) and the Board
on 8 October 2013 and 22 November 2013 respectively. The
framework is designed to meet the following objectives:
i.
Untuk menetapkan struktur dan susunan tadbir urus
Syariah Syarikat, bagi memastikan semua operasi dan
aktiviti adalah selaras dengan Syariah.
ii.
Untuk menyediakan satu panduan yang komprehensif
kepada Lembaga Pengarah, BPS dan Pengurusan dalam
menjalankan tugasnya dalam hal-hal yang berkaitan
dengan Syariah.
iii.
Untuk menggariskan fungsi yang berkaitan dengan
kajian Syariah, audit Syariah, penasihat dan penyelidikan
Syariah dan proses-proses pengurusan risiko berkaitan
Syariah.
i.
To set out the Company’s Shariah governance structures
and arrangements to ensure that all its operations and
business activities are in accordance with Shariah.
ii.
To provide a comprehensive guidance to the Board, SAB
and Management in discharging its duties in matters
relating to Shariah.
iii.
To outline the functions relating to Shariah review,
Shariah audit, Shariah advisory & research and Shariah
risk management processes.
•
Rangka Kerja Pengurusan Aset Liabiliti
•
Assets and Liability Management Framework
Objektifnya adalah untuk mewujudkan sebuah rangka kerja
untuk mengurus dan memantau risiko asset liabiliti bagi
membolehkan Syarikat untuk bertindak balas secukupnya
kepada perubahan yang berkaitan dalam persekitaran baru,
untuk mengenal pasti peluang dan untuk mengelakkan
ancaman, dengan tujuan untuk memastikan pembangunan
yang stabil dan perlindungan kepentingan semua pemegang
kepentingan. Pelbagai had pelaburan ditetapkan untuk
meningkatkan kawalan pelaburan selepas menimbangkan
kedudukan kesolvenan Syarikat dan toleransi risiko.
The objective is to establish a framework for managing and
monitoring the asset-liability risk to enable the Company
to respond adequately to the relevant changes in new
environment, to identify the opportunities and to avoid the
threats, with a view to ensuring stable development and
protection of interests of all stakeholders. Various investment
limits are set to enhance investment controls after considering
the Company’s solvency position and its risk tolerance.
•
Rangka Kerja Operasi Takaful
•
Takaful Operational Framework
Syarikat telah mewujudkan satu rangka kerja untuk mentadbir
dan mendokumentasi model operasi yang diguna-pakai, polisi
pengasingan dana-dana takaful, polisi mengenai strategi
pelaburan dan kaedah yang digunakan untuk pengiraan
keuntungan pelaburan bagi dana pelaburan peserta, polisi
pengiktirafan lebihan / defisit dan peruntukan / pengedaran,
polisi mengenai mekanisma pembetulan defisit termasuk
pembayaran balik qardh, pengurusan pendapatan daripada
perniagaan takaful dan perbelanjaan dan caj-caj ke atas dana
takaful yang dibenarkan.
The Company has established a framework to govern
and document the operational models adopted, fund
segregation policy of takaful funds, policy on investment
strategy and method used for the calculation of investment
profit for participant investment fund, policy on recognition
of surplus/deficit and its allocation/distribution, policy on
deficit rectification mechanism including repayment of qard,
management of income from takaful business, and allowable
expenses charges to takaful funds.
•
Pengurusan Lebihan dan Dasar Pengagihan
•
Surplus Management and Distribution Policy
Dalam menguruskan dana-dana takaful, pengendalipengendali takaful dijangka akan menguruskan kepentingan
pelbagai pihak berkepentingan tanpa menjejaskan sikap
berhemah. Polisi ini berfungsi sebagai panduan kepada
Syarikat dalam menguruskan kedudukan lebihan dan
pembahagian lebihan kepada peserta dan pemegang saham
dengan menyediakan prinsip, pertimbangan dan amalan yang
utama untuk memastikan penyelenggaraan kesolvenan dana
yang baik dan daya tahan kewangan dan untuk melindungi
kepentingan peserta dan memberikan layanan yang saksama
kepada semua peserta-peserta.
In managing the takaful funds, takaful operators are expected
to manage the interest of various stakeholders without
compromising prudence. This policy serves as a guide to
the Company in managing the surplus position and surplus
distribution to participants and shareholders by providing
key principles, considerations and practices to ensure good
maintenance of fund solvency and financial resilience, and
to safeguard the interests of participants and equitable
treatment of participants.
Pengagihan lebihan tahunan hendaklah disahkan oleh Badan
Penasihat Syariah dan Lembaga Pengarah.
The annual distribution of surplus shall be endorsed by the
Shariah Advisory Body and Board of Directors.
052
(131646-K)
•
Pelan Perniagaan / Pemasaran dan Proses Belanjawan
•
Business / Marketing Plan and Budget Process
Pelan perniagaan / pemasaran serta belanjawan tahunan
Kumpulan dibentangkan kepada Lembaga Pengarah untuk
kelulusan.
The Group’s annual business / marketing plan and budget are
submitted to the Board for approval.
•
Laporan Kewangan
•
Financial Reporting
Laporan / akaun pengurusan dibentangkan kepada Lembaga
Pengarah untuk dikaji dan dibincangkan. Bajet dan unjuran
kewangan dibentangkan kepada Lembaga Pengarah untuk
kelulusan.
Penyebaran laporan suku tahunan kepada orang awam
dilakukan selepas ia dikaji oleh Jawatankuasa Audit dan
diluluskan oleh Lembaga Pengarah. Usaha berterusan turut
dijalankan untuk menangani isu-isu kawalan kewangan
atau risiko-risiko termasuk pengukuhan terhadap proses
penutupan kewangan dan pelarasan.
Management accounts / reports are tabled to the Board
for review and discussion. Financial budget and projections
are tabled to the Board for approval. The public release
of quarterly reports is made after reviewed by the Audit
Committee and approved by the Board. On-going efforts are in
place to address financial control issues or risks, which include
strengthening the financial closing and reconciliation process.
•
Information Technology System
IT Steering Committee
An IT Steering Committee has been established to oversee
the development of Information Technology (“IT”) that
provides management an oversight of the IT function within
the Company. IT Steering committee is chaired by the
Group Managing Director. The committee is responsible for
authorising major IT expenditures within the approved limits,
monitoring approved IT projects, formulating IT policies and IT
strategic plans.
Data Governance Framework
As prescribed by BNM guidelines, the data governance
framework was established in November 2009. The framework
covers processes and related controls over data security and
integrity.
IT Project Steering Committee
IT Project Steering Committee is chaired by the Group
Managing Director. The Committee consists of representatives
from IT and business users, oversees the progress and
development of business related IT project during the financial
period.
•
Sistem Teknologi Maklumat
Jawatankuasa Peneraju IT
Jawatankuasa Peneraju IT telah ditubuhkan untuk
mengawasi pembangunan Teknologi Maklumat (“IT”) yang
menyediakan pihak pengurusan pengawalan ke atas fungsi IT
di dalam Syarikat. Jawatankuasa Peneraju IT dipengerusikan
oleh Pengarah Urusan Kumpulan. Jawatankuasa ini
bertanggungjawab untuk meluluskan perbelanjaan berkaitan
IT yang besar mengikut had yang telah ditetapkan dan
memantau projek yang telah diluluskan, merumuskan polisi
dan pelan strategik IT.
Rangka Kerja Pengurusan Data
Seperti yang ditentukan oleh Garis Panduan BNM, Rangka
Kerja Pengurusan Data telah ditubuhkan pada November
2009. Rangka Kerja ini merangkumi proses-proses serta
kawalan-kawalan yang berkaitan dengan sekuriti dan integriti
data.
Jawatankuasa Peneraju Projek IT
Jawatankuasa Peneraju Projek IT dipengerusikan oleh
Pengarah Urusan Kumpulan. Jawatankuasa yang terdiri dari
wakil-wakil daripada IT dan pengguna perniagaan, mengawasi
prestasi dan pembangunan projek IT yang berkaitan dengan
perniagaan sepanjang tempoh kewangan.
KESIMPULAN
Walaupun terdapat kelemahan kawalan yang dikenal pasti dalam
proses-proses perniagaan tertentu dalam Kumpulan, namun
tiada sebarang kegagalan kawalan atau kelemahan ketara yang
menyebabkan kerugian besar yang memerlukan pendedahan dalam
laporan tahunan Kumpulan bagi tempoh kewangan yang dikaji.
Penyata ini disediakan selaras dengan resolusi Lembaga Pengarah
bertarikh 12 Mac 2015.
CONCLUSION
Although control lapses were identified for certain business
processes within the Group, there were no significant control
failures or weaknesses that has resulted in material loss that requires
disclosure in the Group’s annual report for the financial period under
review.
This statement is made in accordance with the Board of Directors
resolution dated 12 March 2015.
053
(131646-K)
Maklumat Pematuhan Tambahan
Additional Compliance Information
1. PENGGUNAAN DANA
1. UTILISATION OF PROCEEDS
Tiada dana yang diterbitkan / digunakan oleh Takaful Malaysia
daripada cadangan korporat sepanjang tahun kewangan.
There were no proceeds raised / utilised by Takaful Malaysia
from corporate proposals during the financial year.
2. PEMBELIAN BALIK SAHAM
2. SHARE BUYBACKS
Tiada sebarang pembelian balik saham dilakukan oleh Takaful
Malaysia sepanjang tahun kewangan.
There were no share buybacks by Takaful Malaysia during the
financial year.
3. OPSYEN, WARAN ATAU SEKURITI BOLEH TUKAR
3. OPTIONS, WARRANTS OR CONVERTIBLE SECURITIES
Tiada sebarang opsyen, waran atau sekuriti boleh tukar yang
diterbitkan oleh Takaful Malaysia sepanjang tahun kewangan.
No options, warrants or convertible securities were issued by
Takaful Malaysia during the financial year.
4. PROGRAM AMERICAN DEPOSITORY RECEIPT (ADR) ATAU
GLOBAL DEPOSITORY RECEIPT (GDR)
4. AMERICAN DEPOSITORY RECEIPT (ADR) OR GLOBAL
DEPOSITORY RECEIPT (GDR) PROGRAMME
Takaful Malaysia tidak menaja sebarang program ADR atau
GDR sepanjang tahun kewangan.
Takaful Malaysia did not sponsor any ADR or GDR programme
during the financial year.
5. PENGENAAN SEKATAN / PENALTI
5.
IMPOSITIONS OF SANCTIONS / PENALTIES
Tiada sekatan dan/atau penalti yang dikenakan ke atas Takaful
Malaysia dan subsidiari, para Pengarah atau Pengurusannya
oleh pihak berkuasa berkaitan sepanjang tahun kewangan.
There were no sanctions and/or penalties imposed on Takaful
Malaysia and its subsidiaries, Directors or Management by
relevant regulatory bodies during the financial year.
6. YURAN BUKAN AUDIT
6. NON-AUDIT FEES
Yuran bukan audit yang dibayar kepada juruaudit luar pada
tahun kewangan berjumlah RM175,000.
There were RM175,000 non-audit fees paid to external
auditors during the financial year.
7. VARIASI KEPUTUSAN
7. VARIATION IN RESULTS
Tiada variasi ketara (berbeza sebanyak 10% atau lebih) antara
keputusan untuk tahun kewangan dan keputusan tidak
diaudit yang diumumkan sebelumnya. Takaful Malaysia tidak
mengeluarkan sebarang anggaran, ramalan atau unjuran
keuntungan bagi tahun kewangan.
There was no significant variation (differing by 10% or more)
between the results for the financial year and the unaudited
results previously announced. Takaful Malaysia did not release
any profit estimate, forecast or projections for the financial
year.
8. JAMINAN KEUNTUNGAN
Tiada jaminan keuntungan diberi oleh Takaful Malaysia
sepanjang tahun kewangan.
8. PROFIT GUARANTEE
There was no profit guarantee given by Takaful Malaysia
during the financial year.
9. KONTRAK PENTING MELIBATKAN
PEMEGANG SAHAM UTAMA
PENGARAH
DAN
Tiada kontrak penting yang dimeterai oleh Takaful Malaysia dan
syarikat-syarikat subsidiarinya yang membabitkan kepentingan
para Pengarah dan Pemegang Saham utama, sama ada yang
masih wujud pada akhir tahun kewangan atau yang dimeterai
sejak akhir tahun kewangan sebelumnya kecuali untuk urus
niaga pihak berkaitan yang dinyatakan dalam Nota 42 kepada
penyata kewangan.
9. MATERIAL CONTRACTS INVOLVING DIRECTORS AND MAJOR
SHAREHOLDERS
There were no material contracts entered into by Takaful
Malaysia and its subsidiary companies involving Directors
and major Shareholders’ interest, either still subsisting at the
end of the financial year or entered into since the end of the
previous financial year except for related parties transactions
disclosed in Note 42 to the financial statements.
054
(131646-K)
Maklumat Pematuhan Tambahan
Additional Compliance Information
10. URUSNIAGA PIHAK BERKAITAN YANG BERULANG / RECURRENT RELATED PARTY TRANSACTIONS
Bentuk
Urusniaga
Pihak
Pihak Berkaitan, kepentingan mereka dan bentuk hubungan
Berkaitan yang dengan Kumpulan Takaful Malaysia
Berurusniaga
Sewa
bangunan
pejabat yang
dibayar kepada
Takaful
Malaysia
oleh Bank
Islam
Malaysia
Berhad
(BIMB)
BIMB
Nilai Urusniaga Sebenar
dari 1 Januari 2014
hingga 31 Disember 2014
(RM’000)
BIMB adalah subsidiari 100% milik BHB. Lembaga Tabung Haji (LTH) 2,632
adalah pemegang saham utama BHB dan BHB adalah pemegang
saham utama Takaful Malaysia yang memegang kepentingan ekuiti
sebanyak 60.31% dalam Syarikat pada 31 Disember 2014.
Tan Sri Ismee Ismail adalah Pengarah BHB dan BIMB dan juga
merupakan Pengarah Takaful Malaysia, yang dilantik oleh BHB
sementara Dato’ Johan Abdullah adalah Pengarah BHB, BIMB dan
Takaful Malaysia, yang dilantik oleh LTH. Tan Sri Ismee Ismail dan
Dato’ Johan Abdullah tidak mempunyai sebarang kepentingan
langsung atau tidak langsung dalam BHB, BIMB dan Takaful Malaysia.
Datuk Rozaida Omar adalah Pengarah BHB dan juga Pengarah Takaful
Malaysia, yang dilantik oleh LTH. Dato’ Sri Mohamed Hassan Kamil
adalah Pengarah Takaful Malaysia, yang dilantik oleh BHB. Datuk
Rozaida Omar tidak mempunyai sebarang kepentingan langsung atau
tidak langsung dalam BHB dan Takaful Malaysia. Dato’ Sri Mohamed
Hassan Kamil mempunyai kepentingan ekuiti secara langsung
sebanyak 0.04% dalam Syarikat tetapi tidak mempunyai sebarang
kepentingan langsung atau tidak langsung dalam BHB.
Nature of
Transactions
Related Parties Related Parties, their interests and nature of relationships with the Actual Transaction Value
Transacted
Takaful Malaysia Group
from 1 January 2014 to
31 December 2014
with
(RM’000)
Rental of office
premises
payable
to Takaful
Malaysia by
Bank
Islam Malaysia
Berhad (BIMB)
BIMB
BIMB is a 100% owned subsidiary of BHB. Lembaga Tabung Haji (LTH) 2,632
is a major shareholder of BHB and BHB is a major shareholder of
Takaful Malaysia holding an equity interest of 60.31% in the Company
as at 31 December 2014.
Tan Sri Ismee Ismail is a Director in BHB and BIMB and is also a
Director in Takaful Malaysia, nominated by BHB while Dato’ Johan
Abdullah is a Director in BHB, BIMB and Takaful Malaysia, nominated
by LTH. Tan Sri Ismee Ismail and Dato’ Johan Abdullah do not have any
direct or indirect interest in BHB, BIMB and Takaful Malaysia.
Datuk Rozaida Omar is a Director in BHB and is also a Director in
Takaful Malaysia, nominated by LTH. Dato’ Sri Mohamed Hassan
Kamil is a Director in Takaful Malaysia, nominated by BHB. Datuk
Rozaida Omar does not have any direct or indirect interest in BHB
and Takaful Malaysia. Dato’ Sri Mohamed Hassan Kamil has a direct
equity interest of 0.04% in the Company but does not have any direct
or indirect interest in BHB.
055
(131646-K)
Penyata Pengerusi
Para Pemegang Saham,
Saya dengan sukacitanya
membentangkan Laporan
Tahunan Syarikat Takaful
Malaysia Berhad bagi tahun
kewangan berakhir 2014.
Pada tahun 2014, ekonomi dunia menunjukkan tanda-tanda
pemulihan, tetapi lebih rendah daripada jangkaan awal. Ekonomi
dunia berkembang pada kadar sederhana iaitu 2.6% pada tahun
kewangan ini. Kuasa ekonomi utama dunia pula bukan sahaja
berhadapan dengan ketegangan geopolitik serantau dan domestik,
malah turut dibelenggu oleh suasana kewangan global yang semakin
tidak menentu. Pemulihan ekonomi negara-negara membangun
di zon Eropah lembap disebabkan oleh nisbah hutang tinggi
yang berterusan, pelaburan awam dan swasta yang lemah serta
kebimbangan terhadap deflasi. Walau bagaimanapun, di sebalik
keadaan turun naik yang ketara ini, Amerika Syarikat menampilkan
kadar pemulihan yang lebih pantas didorong oleh asas ekonomi
yang kukuh disokong oleh peningkatan keadaan pekerjaan, pasaran
perumahan dan kewangan yang baik.
Dear Shareholders,
It is my pleasure to present
the Annual Report of Syarikat
Takaful Malaysia Berhad for the
financial year ended 2014.
In 2014, the global economy staged some measure of a recovery, but
fell short of initial expectations. The global economy expanded at a
moderate pace of 2.6% during the financial year. The major global
economies encountered not only regional and domestic geopolitical
tensions, but were also hampered by increased global financial
uncertainties. The economic situation in developed countries within
the Euro zone experienced a slow recovery due to persistent high
debt ratios, weakened public and private investments and the fear
of deflation. However, despite some erratic fluctuations, the United
States experienced a faster revival rate bolstered by strong economic
fundamentals supported by a step up in employment, the housing
market and financial conditions.
056
(131646-K)
Penyata Pengerusi
Di pasaran yang sedang berkembang, pertumbuhan ekonomi
menjadi semakin perlahan khususnya di China di mana pertumbuhan
menurun kepada 7.4% pada 2014, berbanding dengan purata 10%
sepanjang tempoh tiga dekad sebelum 2010. Pertumbuhan KDNK
tahunan Malaysia pada 2014 berkembang kepada 6% berbanding
4.7% pada tahun lepas. Kemerosotan harga minyak mentah
antarabangsa serta nilai ringgit yang semakin lemah menjejaskan
pasaran kewangan tempatan. Hasil dorongan keteguhan penggunaan
dan pelaburan sektor swasta, ekonomi negara berkembang hasil
permintaan domestik dengan sektor perkhidmatan kekal sebagai
penyumbang utama kepada pertumbuhan KDNK.
Di peringkat global, pengendali Takaful terus menikmati peningkatan
bahagian dalam pasaran yang berkembang pesat dengan kadar
pertumbuhan dua digit sepanjang beberapa tahun lepas, walaupun
berhadapan dengan persekitaran yang mencabar. Pertumbuhan
kukuh ini dijangka tidak akan berkurangan pada tahun-tahun akan
datang kerana pasaran-pasaran seperti Emiriah Arab Bersatu,
Malaysia dan Indonesia masih mempunyai kadar penembusan
Takaful Keluarga yang rendah.
Industri Takaful tempatan pada 2014 mengalami perkembangan
ketara berikutan amalan pasaran Malaysia yang semakin baik dan
pengawalseliaan yang semakin berkesan. Penguatkuasaan Modal
Berasaskan Risiko bagi Rangka Kerja Takaful (RBCT) yang berkuatkuasa
pada 1 Januari 2014 dan pengenalan Akta Perkhidmatan Kewangan
Islam 2013 (IFSA) dianggap sebagai pencapaian penting dalam
industri Takaful tempatan. Ringkasnya, RBCT dan IFSA menuntut
tadbir urus yang lebih mantap daripada pengendali Takaful dengan
menggariskan piawaian penyeliaan yang sama seperti syarikat
konvensional, bermatlamat untuk menjadi sekurang-kurangnya
sama seperti mereka atau lebih baik lagi. Lanskap Takaful di Malaysia
terus berkembang dengan pesat berbanding pertumbuhan dalam
sektor insurans konvensional.
Walaupun keadaan pasaran ekuiti tidak menentu, saya dengan
sukacitanya melaporkan bahawa Takaful Malaysia telah mencatatkan
satu lagi tahun membanggakan pada tahun yang ditinjau ini.
Syarikat berjaya mencatat pertumbuhan keuntungan selepas
cukai bagi kumpulan dan syarikat, masing-masing pada kadar 3%
dan 4%. Pertambahan keuntungan menyebabkan EPS meningkat
kepada hampir 86 sen sesaham, peningkatan lebih kurang 1%
berbanding dengan 85 sen pada tahun lepas. Kumpulan juga berjaya
mengekalkan Pulangan atas Ekuiti lebih 24% pada tahun yang ditinjau
dan merupakan salah satu yang tertinggi antara institusi kewangan.
Bagi suku keempat 2014, Takaful Malaysia muncul sebagai peneraju
pasaran dengan menguasai 21% bahagian pasaran dalam perniagaan
Takaful Keluarga. Syarikat juga mengekalkan kedudukannya sebagai
peneraju pasaran dalam perniagaan Takaful Keluarga Berkelompok,
dengan menguasai 23% bahagian pasaran. Suku keempat 2014
menyaksikan Takaful Malaysia menjamin kedudukan sebagai
Pengendali Takaful Am kedua terbesar, dengan mempeproleh kirakira 19% daripada perniagaan Takaful Am.
In emerging markets, economic growth slowed down especially so
in China where the growth dipped to 7.4% in 2014, compared to an
average growth of 10% spanning the three decades prior to 2010.
Malaysia’s annual GDP growth in 2014 expanded to 6% compared
to 4.7% in the previous year. The plunge in the international price of
crude petroleum as well as the weakening ringgit affected the local
financial market. Driven by strong private sector consumption and
investment, the country grew by domestic demand with the services
sector remaining as the main contributor of the GDP growth.
In spite of the challenging environment, on the Global front, the
Takaful operators continued to gain market share in the rapid-growth
markets with strong double-digit growth rates over the past years.
This strong growth is not expected to be sluggish in the coming years
as markets like the United Arab Emirates, Malaysia and Indonesia still
have low family Takaful penetration rates.
The local Takaful industry in 2014 witnessed significant developments
as Malaysia improved market practices and also strengthened its
regulatory front. The enforcement of the Risk Based Capital for
Takaful (RBCT) Framework which was effective on the 1st of January
2014 and the introduction of the Islamic Financial Services Act
2013 (IFSA) have been hailed as important milestones in the local
Takaful industry. Simply put, the RBCT and IFSA demand stronger
governance from Takaful operators subjecting them to the same
supervisory standards as the conventional players with a view to be
as good, if not, better than them. The Takaful landscape in Malaysia
continues to evolve at a rapid pace compared to the developments in
the conventional insurance sector.
057
(131646-K)
Penyata Pengerusi
Takaful Malaysia terus memberi penekanan kepada empat bidang
teras iaitu capaian pelanggan, ketangkasan operasi, daya saing kos
dan keyakinan pemegang kepentingan. Sebagai pengendali Takaful
pertama di Malaysia, kami telah menjadi satu jenama dinamik
yang menawarkan perkhidmatan terbaik dan produk yang berdaya
saing. Kami akan terus berhati-hati untuk hanya menerima kontrak
pengunderaitan yang menguntungkan sementara mengelakkan
daripada pelaburan yang mempunyai risiko besar bagi menghasilkan
keuntungan pengunderaitan yang lebih teguh. Strategi pengedaran
pelbagai saluran yang diamalkan oleh Syarikat, telah membantu
untuk memacu pertumbuhan perniagaan ke tahap yang lebih tinggi.
Yang paling penting, inisiatif berterusan kami untuk mewujudkan
kesedaran orang ramai tentang keistimewaan Pulangan Tunai
telah mempertingkatkan kehadiran jenama kami di pasaran
untuk menjadikan Takaful Malaysia jenama isi rumah di samping
mengukuhkannya sebagai insurans pilihan untuk perlindungan.
Kelebihan Pulangan Tunai telah memberikan kami kelebihan
kompetitif berbanding pesaing lain di pasaran secara menyeluruh.
Dengan mempunyai kedudukan istimewa tersebut, kami pasti
bersedia sepenuhnya untuk terus bersaing dalam perniagaan yang
mencabar dan berdaya saing ini.
Despite the volatile equity market, it gives me great pleasure to
report that Takaful Malaysia has registered another good year for
the year under review. The company managed to register a growth
in profit after taxation for the group and company at 3% and 4%
respectively. The growth in profit has resulted in improvements in
EPS to almost 86 sen per share, which is about a 1% increase when
compared to last year’s 85 sen. The group also managed to maintain
a Return on Equity of above 24% during the year under review which
is one of the highest among financial institutions.
For Q4 2014, Takaful Malaysia emerged as the market leader having
gained a market share of 21% in the Family Takaful business. The
company also sustained its position as the market leader in the
Group Family Takaful business, capturing 23% of its market share.
Q4 2014 saw Takaful Malaysia secure the position as the second
largest General Takaful Operator, capturing about 19% of the General
Takaful business.
Takaful Malaysia continues to emphasize on the four core areas
of customer reach, operational agility, cost competitiveness and
stakeholder confidence. Being the first Takaful operator in Malaysia,
we have become a dynamic brand offering the best service levels
and competitive products. We continue to be cautious in accepting
only profitable underwriting contracts while avoiding those prone to
greater risks to derive healthy underwriting profits. The Company’s
multi-channel distribution strategy has helped to drive the business
growth to greater heights.
058
(131646-K)
Penyata Pengerusi
TAHUN YANG DITINJAU – PERISTIWA PENTING & PENCAPAIAN
PRESTASI KEWANGAN
Prestasi Kumpulan
Pada tahun yang ditinjau, hasil kendalian Kumpulan menurun sedikit
daripada hasil 2013 sebanyak 3.5% kepada RM1.65 bilion. Walaupun
hasil kendalian ini rendah sedikit, namun keuntungan sebelum
zakat dan cukai (PBZT) Kumpulan masih menunjukkan peningkatan
4% kepada RM186.7 juta berbanding tahun kewangan sebelumnya
berjumlah RM179.3 juta.
Keuntungan selepas zakat dan cukai (PAZT) pula bertambah 3%
kepada RM138.7 juta daripada RM134.4 juta pada tahun kewangan
sebelumnya. Keuntungan yang semakin meningkat ini disebabkan
oleh perbelanjaan pengurusan yang lebih rendah dan nisbah
tuntutan yang menggalakkan dalam perniagaan Takaful Am.
Saiz jumlah aset Takaful Malaysia pula meningkat sebanyak 4%
kepada RM7.2 bilion.
Prestasi Syarikat
Pada 2014, industri Takaful Keluarga di Malaysia secara
keseluruhannya menguncup lebih kurang 3.5% disebabkan oleh
jualan perniagaan baharu yang lebih rendah daripada produk
berkaitan kredit. Dengan jangkaan terdapat penguncupan dalam
jualan berkaitan kredit, Takaful Malaysia memantau dengan teliti
aktiviti dan merangka secara proaktif pelbagai strategi untuk
menangani situasi ini. Syarikat, melalui pelbagai saluran pengedaran
dan kemampuan operasi berjaya menyelaraskan semula sasaran
campuran produk, mengembangkan perkongsian dengan pengedar
produk dan meningkatkan segmen pasaran Takaful Am. Pelaksanaan
inisiatif ini berjaya meminimumkan kesan jualan lebih rendah
produk berkaitan kredit kepada hasil kendalian. Inisiatif ini telah
membolehkan Takaful Malaysia menjadi peneraju pasaran dalam
segmen pasaran Takaful Keluarga.
Takaful Malaysia mengakhiri tahun kewangan yang ditinjau dengan
satu lagi peningkatan dalam keuntungannya walaupun mencatat
hasil kendalian yang lebih rendah.
Bagi 2014, Syarikat mencapai pertumbuhan 4% dalam PBZT
berjumlah RM189.2 juta berbanding RM182.3 juta pada 2013. Hasil
kendalian berkurangan sebanyak 3% kepada RM1.5 bilion daripada
RM1.54 bilion pada 2013 dan jumlah caruman kasar dicatat pada
RM1.27 bilion, 4% lebih rendah berbanding RM1.32 bilion pada
tahun lepas. Sumbangan kasar Takaful Am meningkat sebanyak
8% berbanding tahun sebelumnya untuk ditutup pada RM418.5
juta. Sumbangan kasar Takaful Keluarga sebanyak RM852.3 juta
adalah 9% lebih rendah daripada 2013 disebabkan oleh jualan
lebih rendah Produk Kredit Berkelompok berikutan peraturan Bank
Most importantly, our ongoing initiative of creating public awareness
for our Cash Back privilege has enhanced our brand presence in the
market making Takaful Malaysia a household name while establishing
it as the preferred choice for protection. The Cash Back privilege
has given us the competitive advantage over other competitors in
the market at large. With such a cutting-edge proposition, we are
definitely well equipped to compete in this tough and competitive
business.
THE YEAR IN REVIEW – HIGHLIGHTS & ACHIEVEMENTS
FINANCIAL PERFORMANCE
Group Performance
For the year under review, the Group’s operating revenue declined
slightly below 2013`s revenue by 3.5% to RM1.65 billion. Despite its
slightly lower operating revenue, the Group profit before zakat and
taxation (PBZT) still depicted an increase of 4% to RM186.7 million
compared to the previous financial year of RM179.3 million.
Profit after zakat and taxation (PAZT) grew by 3% to RM138.7 million
from RM134.4 million in the previous financial year. The improved
profits were largely attributable to lower management expenses and
favorable claim ratios in the General Takaful business.
Takaful Malaysia’s total asset size increased by 4% to RM7.2 billion.
Company Performance
In 2014, the Family Takaful industry in Malaysia as a whole
contracted by about 3.5% due to lower new business sales from
credit related products. Anticipating a potential tapering in credit
related sales, Takaful Malaysia closely monitored the activity and
proactively crafted various strategies to manage the situation. The
Company, through its multi-distribution and operational capabilities
managed to re-align the target product mix, expanded partnership
with product distributors and grew the General Takaful market
segment. The success in implementing all these initiatives minimized
the impact of lower sales of credit related products to operating
revenue. These initiatives enabled Takaful Malaysia to emerge as the
market leader in the Family Takaful market segment.
Takaful Malaysia ended the financial year under review with another
improvement in its profit despite lower operating revenue.
For 2014, the Company achieved a 4% growth in PBZT amounting to
RM189.2 million as compared to RM182.3 million in 2013. Operating
revenue was lower by 3% to RM1.5 billion from RM1.54 billion in
2013 and the total gross contribution was recorded at RM1.27
billion, 4% lower compared to RM1.32 billion last year. The General
Takaful gross contribution grew by 8% from the previous financial
year to close at RM418.5 million. Family Takaful gross contribution of
059
(131646-K)
Penyata Pengerusi
Negara Malaysia berhubung pembiayaan peribadi. Kejatuhan ini
sebahagiannya diimbangi oleh jualan yang lebih kukuh bagi produk
berkaitan gadai janji dan produk berkaitan pelaburan Takaful.
Keuntungan sebelum zakat dan cukai (PBZT) Syarikat meningkat
sebanyak 4%, didorong terutamanya oleh penurunan 14% dalam
perbelanjaan pengurusan dan nisbah tuntutan yang lebih rendah
untuk peniagaan Takaful Am.
Kadar cukai efektif yang lebih rendah memberi kesan langsung
kepada PAZT, yang meningkat sebanyak 4% kepada RM144.5 juta
daripada RM139.3 juta pada tahun kewangan lepas.
RM852.3 million was 9% lower from 2013 mainly due to lower sales
for Group Credit products as a result of Bank Negara Malaysia`s rule
on personal financing. The drop was partly cushioned by stronger
sales in mortgage related Takaful products and investment linked
products.
The Company’s profit before zakat and taxation (PBZT) increased by
4%, mainly due to a 14 % decrease in management expenses and
lower claim ratios for the General Takaful businesses.
The lower effective tax rate has a direct impact to PAZT, which grew
by 4% to RM144.5 million from RM139.3 million in the previous
financial year.
TINJAUAN SYARIKAT SUBSIDIARI
REVIEW OF SUBSIDIARIES
PT Syarikat Takaful Indonesia (STI)
PT Syarikat Takaful Indonesia (STI)
Subsidiari kami di Indonesia, PT Asuransi Takaful Umum (ATU), PT
Asuransi Takaful Keluarga (ATK) dan Syarikat Takaful Indonesia (STI)
terus menghadapi persaingan sengit daripada syarikat insurans
konvensional tempatan yang masih dibenarkan menjual produk
Islam melalui konsep tingkap. Justeru, sumbangan daripada operasi
Indonesia kami kepada keputusan Kumpulan adalah kurang daripada
5% jumlah keseluruhan dengan sumbangan kasar kurang daripada
15% jumlah caruman Kumpulan.
Our Indonesian subsidiaries, PT Asuransi Takaful Umum (ATU), PT
Asuransi Takaful Keluarga (ATK) and Syarikat Takaful Indonesia (STI)
continue to face stiff competition from conventional domestic players
who are still permitted to sell Islamic products through a window
concept. Consequently, the contribution from our Indonesian
operations to the Group’s bottom line is less than 5% of the total,
with gross contribution standing at less than 15% of the Group’s total
gross contribution.
Walau bagaimanapun, kami kekal positif berhubung prospek kami di
negara ini kerana Kumpulan telah lama bertapak di Indonesia dan
jangkaan perubahan peraturan yang tidak membenarkan syarikat
insurans konvensional mengendalikan operasi tingkap Islam.
Pertambahan pesat penduduk negara ini, yang sebahagian besarnya
beragama Islam, mengukuhkan lagi keyakinan kami. Dengan
peningkatan pendapatan selaras dengan pembangunan pesat,
permintaan terhadap produk perlindungan dan pelaburan dalam
insurans Islam dan konvensional mungkin akan meningkat dalam
masa terdekat.
However, we remain positive about our prospects in the country
given the Group’s long presence in Indonesia and the expected
regulatory changes disallowing the operation of Islamic windows by
conventional insurers. The country’s fast growing population, a large
proportion of who are Muslims, further bolsters our confidence.
With rising incomes in tandem with rapid development the demand
for protection and investment products in Islamic and conventional
insurance are likely to increase in the near future.
Kami akan terus memberi tumpuan untuk mengembangkan
perniagaan Indonesia kami melalui bank dan agensi runcit.
DIVIDEN
Dengan mengambil kira pertumbuhan keuntungan, Lembaga
Pengarah pada 1 Oktober 2014 mengisytiharkan dividen interim
untuk pemegang saham sebanyak 40% tier tunggal berjumlah
RM65,202,600 bagi tahun kewangan berakhir 31 Disember 2014.
Dividen interim sebanyak 40% adalah sama dengan hasil dividen
sebanyak 3.55% berdasarkan kepada harga penutup saham Syarikat
sebanyak RM11.28 pada 31 Disember 2014.
060
(131646-K)
Penyata Pengerusi
Sebagai tambahan kepada dividen interim di atas, Lembaga Pengarah
juga mencadangkan dividen akhir sebanyak 35% tier tunggal
berjumlah RM57,052,275 pada Mesyuarat Agung Tahunan. Jumlah
dividen interim dan dividen akhir yang dicadangkan ini mewakili
nisbah pembayaran lebih kurang 88% daripada keuntungan bersih
yang dijana bagi tahun berakhir 31 Disember 2014.
PENGUNDERAITAN & PELABURAN
Pada 2014, Takaful Malaysia terus mencatatkan prestasi yang
kukuh dalam aktiviti pengunderaitan dan memperluaskan capaian
pasarannya untuk mengukuhkan lagi kedudukan Syarikat sebagai
pilihan utama untuk perlindungan bukan sahaja di kalangan
pengendali Takaful tetapi juga di antara penyedia insurans
konvensional. Aktiviti pengunderaitan dipertingkat hasil penilaian
berhemat semasa proses pengunderaitan.
Selain pertumbuhan 11% bagi segmen Motor dan Kebakaran, kita
juga mencatatkan pertumbuhan yang kukuh bagi produk seperti
Manfaat Pekerja, Penyelesaian Perlindungan Gadai Janji Individu
dan perniagaan Berkaitan Pelaburan. Dalam tempoh dua belas
bulan lepas, Perniagaan Berkaitan Pelaburan telah mencatat
pertumbuhan tertinggi sebanyak 19%. Prestasi yang cemerlang
ini didorong oleh pelbagai faktor: pertumbuhan besar perniagaan
Takaful Berkelompok, pertumbuhan yang kukuh dalam perniagaan
Takaful Am sepanjang tempoh tiga tahun lepas, penerimaan yang
semakin meningkat terhadap jenama Takaful Malaysia serta prestasi
cemerlang aktiviti pelaburan kami, sekadar menyebut beberapa
aktiviti.
Dari sudut pelaburan, tahun 2014 menyaksikan perubahan ketara
dalam lanskap pasaran kewangan global. Pertumbuhan ekonomi di
kebanyakan Negara di Asia tumbuh pada kadar yang lebih lembap.
Di Malaysia, pasaran kewangan tempatan berhadapan dengan
tahun yang mencabar apabila mencatatkan pertumbuhan yang lebih
rendah daripada jangkaan. Pada 31 Disember 2014, Indeks FBM KLCI
ditutup 5.7% lebih rendah berbanding pada awal tahun kewangan,
disebabkan oleh penurunan harga minyak dan kemerosotan nilai
ringgit.
Walaupun berhadapan dengan persekitaran pelaburan yang
mencabar, portfolio pelaburan keseluruhan kekal teguh untuk
mencatatkan hasil pelaburan purata 5 tahun yang mampan pada
kadar lebih 6% setahun. Beberapa langkah berwaspada telah diambil
dan ini merencatkan strategi pelaburan kami demi memastikan
keputusan pelaburan yang mampan, khususnya bagi kelas aset Ekuiti
dan Sukuk. Antara yang paling ketara adalah langkah strategik yang
diambil oleh Syarikat untuk mempelbagaikan portfolio pelaburan
dengan melabur dalam aset kelas lain yang memberi pulangan ke
atas pelaburan sebanyak 6%.
We will continue on focusing to grow our Indonesia business via the
bank and retail agency force.
DIVIDENDS
Taking into consideration the growth in profits, the Board of
Directors, on the 1st of October 2014 declared an interim dividend
for the shareholders of 40 % single tier amounting to RM65,202,600
for the financial year ended 31 December 2014. The interim dividend
of 40% equate to a dividend yield of 3.55% based on the Company’s
share closing market price of RM11.28 as at 31 December 2014.
In addition to the above interim dividend, the Board of Directors
is also proposing a final dividend of 35% single tier amounting to
RM57,052,275 at the Annual General Meeting. The total interim and
proposed final dividends represent a payout ratio of approximately
88% of the net profits generated for the year ended 31 December
2014.
UNDERWRITING & INVESTMENT
In 2014, Takaful Malaysia continued to register a strong performance
in underwriting activities and expanded its market reach to further
cement the Company as the preferred choice for protection not
just amongst Takaful operators but also amongst conventional
insurance providers as well. Our underwriting activities intensified
tremendously as a result of our prudent assessment in underwriting.
The growth for our Motor and Fire segment was 11%. We also
registered strong growth in products like the Employee Benefit,
Individual Mortgage Protection Solutions and the InvestmentLinked businesses. For the Investment-Linked business over the
past twelve months, we achieved the highest growth of 19%. This
stellar performance was a result of many factors: the robust growth
in the Group Takaful business, the solid growth in General Takaful
business over the past three years, the growing acceptance of the
Takaful Malaysia brand as well as the outstanding performance of
our investment activities to name a few.
On the investment side, 2014 witnessed significant shifts in the global
financial market landscape. The economic growth of many countries
in Asia grew at a more subdued pace. In Malaysia, the local financial
markets faced a challenging year, registering a lower growth than
anticipated. As at 31st December 2014, the FBM KLCI Index closed
5.7% lower than at the beginning of the financial year, as a result of
the drop in oil prices and the weakening ringgit.
Despite the challenging investment environment, our overall
investment portfolio remained resilient in delivering a sustainable
5-year average investment yield of more than 6% per annum. Cautious
and important steps underpinning our investment strategies were
taken to achieve sustainable investment results, in particular for the
061
(131646-K)
Penyata Pengerusi
Dari segi ekuiti, strategi pengurusan portfolio yang aktif telah
digunakan bagi mengurangkan pendedahan pada masa yang
tepat dengan mengubah pelaburan ke arah sektor defensif seperti
telekomunikasi dan utiliti untuk merealisasi pendapatan pada awal
tahun. Pendekatan ini berjaya membantu Syarikat meminimumkan
kesan kejatuhan yang dialami oleh pasaran ekuiti menjelang akhir
tahun.
Bagi portfolio Sukuk, hanya terdapat peluang yang minimum bagi
aktiviti pengambilan untung sepanjang tempoh yang ditinjau
disebabkan oleh kenaikan kadar faedah. Walau bagaimanapun,
pembelian kertas pulangan tinggi yang terpilih dengan rekod kredit
yang baik oleh Syarikat telah melonjakkan hasil portfolio Sukuk dan
pendapatan berulang.
Prestasi dana-dana berkaitan pelaburan juga menggalakkan.
Rangkaian pelaburan berkaitan dana kami iaitu Dana myEquity
Index, Dana myGrowth, Dana myBlue Chips, Dana myDividend Index,
Dana myBalanced Fund, Ittizan dan Istiqrar mengatasi penanda aras
masing-masing. Yang terbaik adalah Dana myEquity Index dan Dana
myDividend Index yang mencatatkan kejayaan cemerlang dengan
mengatasi prestasi 740 bps dan 723 bps berbanding prestasi penanda
aras masing-masing.
Equity and Sukuk asset classes. Notably, the Company also took a
strategic step of diversifying the investment portfolio by investing in
other asset classes that provided a return-on-investment of 6%.
On the equity side, the active portfolio management strategy was
employed to timely reduce exposure by tilting the investment
towards defensive sectors like telecommunications and utilities
and to realise income at the beginning of the year. This approach
successfully helped the Company to minimize the impact of the drop
that the equity market experienced towards the end of the year.
For the Sukuk portfolio, there was a minimal opportunity for profit
taking activities during the period under review due to the rising
interest rate. Nevertheless, the Company selectively purchased high
yielding papers with good credit scores to bolster the Sukuk portfolio
yield and recurring income.
The performances of the investment linked funds are also
encouraging. Our range of investment linked funds namely myEquity
Index Fund, myGrowth Fund, myBlue Chips Fund, myDividend Fund,
myBalanced Fund, Ittizan and Istiqrar outperformed their respective
benchmarks in the market. To top it off, our myEquity Index Fund and
myDividend Index Fund registered an outstanding accomplishment
with an outperformance of 740 bps and 723 bps against their
062
(131646-K)
Penyata Pengerusi
MENGEKALKAN JENAMA KAMI SEBAGAI PILIHAN UTAMA UNTUK
INSURANS
Selama 30 tahun, Takaful Malaysia menjadi SATU-SATUNYA syarikat
Takaful di negara ini yang memberikan ganjaran Pulangan Tunai
kepada pelanggannya bagi semua produk Takaful Am dan ini jelas
menunjukkan keistimewaan dan perbezaan kami berbanding para
pesaing dalam industri insurans Malaysia.
Untuk mengukuhkan lagi ciri-ciri ini di dalam minda pengguna awam,
dan untuk memastikan identiti jenama kami sebagai pilihan utama
insurans, Syarikat telah melancarkan pelbagai usaha pengiklanan dan
promosi bagi mempertingkatkan kehadiran Jenama Takaful Malaysia.
Pada tahun yang ditinjau, Syarikat melancarkan kempen
pengiklanan luarnya ‘Tiada Tuntutan? Dapatkan Pulangan Tunai
15% Bagi Insurans Motor’ dan telah memulakan pelbagai saluran
pengiklanan dan perkongsian pengiklanan strategik. Kami juga turut
mempromosikan produk Takaful Motor melalui iklan di tempat belian.
Pada 2014, Takaful Malaysia telah mencatatkan rekod pembayaran
sebanyak RM30 juta melalui ganjaran Pulangan Tunai 15% kepada
para pelanggan dan rakan perniagaan kami.
benchmark performance.
SUSTAINING OUR BRAND AS THE PREFERRED CHOICE FOR
INSURANCE
For 30 years, Takaful Malaysia has been the ONLY Takaful operator
in the country to reward its customers with a Cash Back across its
General Takaful products and this clearly distinguishes us from all our
competitors in the Malaysian insurance industry.
To reinforce this feature in the minds of the consumer public, and to
drive home our brand identity as the preferred choice for insurance,
the Company engaged in various advertising and promotional efforts
to expand the visibility of the Takaful Malaysia Brand.
During the year under review, the Company launched its ‘No Claims?
Get 15% Cash Back For Motor Insurance’ outdoor advertising
campaign and embarked on various advertising channels and
strategic advertising partnerships. We also promoted the Company’s
Motor Takaful offering via point-of-purchase advertising. In 2014,
Takaful Malaysia paid out a record total of RM30 million via the 15%
063
(131646-K)
Penyata Pengerusi
MEMPERKUKUHKAN OPERASI KAMI
Cash Back feature to our customers and business partners.
Dalam usaha berterusan kami untuk melebihi jangkaan pelanggan
melalui kecemerlangan operasi dan peningkatan teknologi, kami
telah mempertingkatkan proses perniagaan dan struktur organisasi
untuk menyediakan penyelesaian dan perlindungan komprehensif
dan perkhidmatan menyeluruh kepada segenap lapisan pelanggan
kami. Proses operasi kami telah diperkemaskan agar sesuai dengan
keperluan pelanggan yang sentiasa berubah dalam usaha untuk
mencapai pertumbuhan positif dalam bahagian pasaran.
REINFORCING OUR OPERATIONS
Takaful Malaysia telah melancarkan portal korporat baharu
dikenali sebagai myTakaful Corporate yang direka khusus dengan
kemudahan layan diri dan platform kandungan yang ekstensif untuk
pelanggan korporat yang dihargai. Ini bertujuan untuk menyediakan
perkhidmatan dalam talian terbaik kepada pelanggan korporat
mereka. Bagi rakan-rakan perniagaan, Takaful Malaysia terus
mempertingkatkan lagi perkhidmatan pelanggannya yang cemerlang
dan profesional untuk membolehkan rakan perniagaan lebih selesa
berurusniaga dengan Syarikat.
Takaful Malaysia juga mengurangkan kosnya melalui langkah
penambahbaikan yang berterusan, mengurangkan inventori dan
mempertingkatkan kecekapan proses dalaman, telah berjaya
menjadikan operasi keseluruhan Syarikat lebih tersusun dan
cekap. Melangkah ke hadapan, pihak pengurusan berazam untuk
menggunakan prestasi yang dicapai pada tahun 2014 dengan
memberi tumpuan terhadap usaha mempertingkatkan keperluan
pelanggan, dengan memastikan kakitangan kekal positif dan
produktif, serta menyemai budaya kecemerlangan di seluruh Syarikat.
In a continuous effort to exceed our customers’ expectations via
operational excellence and technology enhancement, we improved
our business processes and organizational structure to delivering
comprehensive protection solutions and services to our wide-ranging
customers. Our operational processes were streamlined to adapt
to the ever changing needs of the customers for further growth in
market share.
Takaful Malaysia launched a new corporate portal called myTakaful
Corporate that is specifically designed with extensive self-service
facility capabilities and content platform for its valued corporate
clients. This was aimed to provide the best online service to their
corporate clients. For business partners, Takaful Malaysia further
enhanced their excellent and professional customer service to make
it even more convenient for business partners to do business with
the Company.
Takaful Malaysia also trimmed down their cost by continuous
improvements, reduced inventory and increased efficiency of their
internal processes thereby making the Company’s overall operations
well-organized and competent. Moving forward, the management
is determined to build on the performance achieved in 2014 by
focusing on improving the needs of the customers, by ensuring the
employees are positive and productive, and by instilling a culture of
064
(131646-K)
Penyata Pengerusi
PELABURAN DALAM MODAL INSAN
excellence across the Company.
Di Takaful Malaysia, kami benar-benar percaya bahawa kakitangan
merupakan kunci kepada pertumbuhan dan kejayaan Syarikat.
Kami komited untuk memperkasakan kakitangan kami dengan terus
melaksanakan inisiatif-inisiatif sumber manusia yang strategik dan
menjadi pemangkin dalam memaksimumkan tahap produktiviti di
kalangan kakitangan seluruh Syarikat.
INVESTING IN OUR PEOPLE
Dalam mengiktiraf kakitangan sebagai asset yang paling berharga,
kami telah melabur untuk memajukan kakitangan kami dengan
menawarkan latihan berbentuk peribadi dan program pembangunan
kepada mereka. Kami memberi tumpuan terhadap usaha untuk
mempertingkatkan kemahiran dan menggalakkan agar kakitangan
utama dikekalkan dalam Syarikat dengan meletakkan mereka
melalui pelaksanaan pelan penggantian. Selain daripada melibatkan
dan memberi motivasi kepada pekerja, kami menyesuaikan sistem
sumber manusia kami dengan mengenal pasti isu dan melaksanakan
pelbagai langkah pembaikan untuk mengukuhkan kesetiaan
kakitangan, menggalakkan penglibatan dan keupayaan produksi
mereka. Kakitangan kami adalah duta jenama Takaful Malaysia dan
merupakan elemen penting dalam menyampaikan janji jenama
Syarikat.
BERUSAHA MEMENUHI JANJI JENAMA KORPORAT KAMI
Menyumbang kepada masyarakat sentiasa menjadi aspek penting
dalam budaya korporat kami, sejajar dengan falsafah Syarikat
untuk mempertingkatkan kualiti kehidupan dan menyumbang ke
arah membina masyarakat prihatin. Penglibatan aktif kami dalam
mewujudkan dan melaksanakan penyelesaian untuk perubahan sosial
adalah tindak balas terhadap permintaan dan harapan pemegang
kepentingan kami. Kami terus beriltizam untuk berbakti kepada
masyarakat di mana kami tinggal dan bekerja melalui program warga
korporat kami, yang memenuhi janji jenama kami “Kami Lindungi.
Kami Prihatin. Kami Berkongsi”. Kami juga menggalakkan penglibatan
dan komitmen kakitangan menerusi aktiviti Tanggungjawab Sosial
Korporat (CSR) kami. Pada tahun kewangan yang ditinjau, Takaful
Malaysia mengagihkan sebanyak RM1.9 juta untuk pelbagai aktiviti
At Takaful Malaysia, we truly believe that employees are the key
to our growth and success and we are committed to growing our
employees. We continue to implement strategic human resource
initiatives that serve as a catalyst in maximizing the productivity
levels from our employees across the Company.
In recognizing our employees as our greatest assets, we have
invested in growing our employees by offering personalized training
and developmental programs. We focused on enhancing the skills
of our employees and encouraged retention of key employees by
placing them in a succession planning exercise. Aside from engaging
and motivating the employees, we streamlined our human resource
system by identifying issues and executing remedial measures so as
to further cement employee loyalty, boost their engagement and
productive capacity. Our employees are Takaful Malaysia’s brand
ambassadors and a vital element of delivering the Company’s brand
promise.
KEEPING IN LINE WITH OUR CORPORATE BRAND PROMISE
Giving back to the community has always been an integral aspect
of our corporate culture, corresponding to the Company’s corporate
philosophy of improving lives and contributing towards a caring
society. Our active involvement in creating and implementing solutions
to social challenges is in response to our stakeholder demands and
expectations. We remain dedicated to serving the communities
in which we live and work in through our corporate citizenship
programs, thereby holding true to our brand promise of “We Protect.
We Care. We Share”. We also encourage employee engagement and
commitment throughout our Corporate Social Responsibility’s (CSR)
activities. During the financial year under review, Takaful Malaysia
disbursed RM1.9 million for activities and programs under our CSR
umbrella namely, Takaful myJalinan Kasih and Takaful myJalinan Ilmu.
Our CSR initiatives enabled us to provide both monetary and in-kind
contributions to various charitable organizations, education centres
and communities. Takaful Malaysia also made zakat contributions
065
(131646-K)
Penyata Pengerusi
dan program di bawah naungan CSR iaitu Takaful myJalinan Kasih
dan Takaful myJalinan Ilmu. Inisiatif CSR kami telah membolehkan
kami menyediakan menyumbang kewangan dan barangan kepada
pelbagai organisasi amal, pusat pendidikan dan komuniti. Takaful
Malaysia juga membayar zakat di semua 14 jabatan agama negeri
berjumlah RM1 juta.
ANUGERAH
Takaful Malaysia meraih dua anugerah dan pengiktirafan penting
pada tahun ini. Pada bulan Februari 2014, kami telah diiktiraf sebagai
Syarikat Takaful Terbaik di Malaysia bagi tahun kedua berturutturut di ‘International Takaful Awards’ kelapan yang berlangsung
di Abu Dhabi. Dua kemenangan berturut-turut ini menjadi
testimoni kejayaan dalam menyampaikan janji jenama kami dengan
mempromosi jaminan kewangan dan jalinan yang erat dengan
pelanggan kami.
Takaful Malaysia juga dinobatkan sebagai pemenang utama dalam
tiga kategori berbeza di bawah Sektor Kewangan bagi The Edge
Billion Ringgit Club Corporate Awards 2014. Syarikat berjaya
merangkul tempat kedua bagi ‘Saham Berprestasi Terbaik – Pulangan
Tertinggi kepada pemegang saham selama tiga tahun’ dan tempat
ketiga untuk ‘Syarikat Paling Menguntungkan – Pulangan Tertinggi
ke atas ekuiti selama tiga tahun’ dan tempat ketiga bagi kategori
‘Syarikat dengan Pertumbuhan Keuntungan Tertinggi – Pertumbuhan
terkumpul tertinggi dalam keuntungan sebelum cukai sepanjang tiga
tahun’.
across all 14 state religious departments amounting to RM1 million.
ACCOLADES
Takaful Malaysia clinched two significant accolades and recognition
during the year. In February 2014, we were awarded as the Best
Takaful Company in Malaysia for the second consecutive year at the
8th International Takaful Awards held in Abu Dhabi. Two consecutive
wins is a testimony of our success in delivering our brand promise by
promoting financial security and meaningful relationships with our
customers.
Takaful Malaysia was also acclaimed as a top three winner in 3
different categories under the Finance Sector at The Edge Billion
Ringgit Club Corporate Awards 2014. The Company clinched 2nd
place for the ‘Best Performing Stock - Highest returns to shareholders
over 3 years’, 3rd place for the ‘Most Profitable Company - Highest
return on equity over 3 years’ and 3rd place for the ‘Highest Profit
Growth Company - Highest compound growth in profit before tax
over 3 years’.
PROSPECTS AND OUTLOOK
The Takaful industry in Malaysia is growing more rapidly compared
to the conventional insurance sector. However, in a climate of an
increasing cost of living coupled with the upcoming Goods and
Services Tax (GST), the Takaful sector is expected to be impacted
066
(131646-K)
Penyata Pengerusi
PROSPEK DAN MASA DEPAN
Industri Takaful di Malaysia sedang berkembang dengan pesat
berbanding dengan sektor insurans konvensional. Walau
bagaimanapun, dalam persekitaran kos sara hidup yang semakin
meningkat berserta pelaksanaan Cukai Barangan dan Perkhidmatan
(GST), sektor Takaful dijangka agak terjejas pada tahun 2015.
Permintaan terhadap produk Takaful mungkin digugat oleh
kelemahan keyakinan dan sentimen pengguna.
Pelaksanaan GST dijangka akan merungkaikan segala persoalan yang
ada di dalam minda pengguna. Pengendali Takaful perlu memastikan
kesediaan dan pematuhan terhadap peraturan GST yang baru
diperkenalkan. Cabaran bagi kebanyakan pengendali adalah untuk
mendidik pengguna tentang kesesuaian GST kerana pengurusan bagi
pelbagai produk Takaful mungkin berbeza.
Pada masa yang sama, tidak dinafikan bahawa Takaful terbukti
sebagai penyelesaian pengurusan risiko yang berkesan untuk
membantu ketidakpastian para pengguna dalam kehidupan mereka
dengan menyediakan perlindungan. Berasaskan keadaan ini, kami
berhati-hati tetapi yakin dalam membuat jangkaan berhubung
keperluan yang lebih besar terhadap Takaful walaupun pasaran tidak
menentu. Kami menjangka pertumbuhan Takaful Am dan Keluarga
pada 2015 berada di sekitar 15%.
Pengendali industri akan terus bersaing melalui strategi pengedaran
pelbagai saluran untuk menjana pertumbuhan perniagaan ke
tahap yang lebih tinggi dan setiap pengendali dijangka akan
to a certain extent in 2015. Demand for Takaful products may be
hampered arising from poorer consumer confidence and sentiment.
The implementation of GST is expected to free an adjustment
period in the consumer’s mind. Takaful operators will have to
ensure readiness and compliance with the newly introduced GST
regulations. The challenge for most operators would be in educating
consumers on the applicability of GST as the treatments for different
Takaful products may vary.
At the same time, there is no doubt that Takaful has proven to be an
effective risk management solution to help the consumers manage
their uncertainties in life by providing protection. In the light of
these circumstances, we are cautiously optimistic about expecting a
greater need for Takaful despite the market uncertainties. We project
the General and Family Takaful growth for 2015 to be in the region
of around 15%.
Industry operators will continue to compete via their respective
multi-channel distribution strategies to drive business growth to a
higher level and every operator is anticipated to intensify recruitment
of quality agents to grow its agency business. Takaful operators will
also continue to be cautious in accepting only underwriting contracts
within their risk appetite while avoiding those that are prone to
greater risks. This is to ensure that they are able to derive healthier
underwriting profits while mitigating increases in the loss ratio for
both the Family Takaful and General Takaful businesses.
Takaful operators have to push for innovative ideas to keep their
067
(131646-K)
Penyata Pengerusi
memperhebatkan pengambilan ejen-ejen yang berkualiti dalam
usaha untuk mengembangkan perniagaan agensi masing-masing.
Pengendali Takaful juga akan terus berhati-hati untuk menerima
kontrak pengunderaitan mengikut selera risiko mereka sambil
mengelakkan daripada yang cenderung kepada risiko yang lebih
besar. Ini bertujuan untuk memastikan supaya mereka mampu
menghasilkan keuntungan pengunderaitan yang lebih teguh sambil
mengawal peningkatan dalam nisbah kerugian bagi perniagaan
Takaful Keluarga dan Am.
Pengendali Takaful perlu mengemukakan idea inovatif untuk
memastikan momentum pertumbuhan mereka terus kukuh di
dalam industri yang amat kompetitif ini. Membangunkan tawaran
produk baharu pasti merupakan satu bidang yang perlu diberi
perhatian oleh semua pengendali Takaful. Satu lagi fokus adalah
langkah untuk mempertingkatkan pembangunan produk sedia ada,
bagi menawarkan manfaat tambahan dan fleksibiliti kepada para
pelanggan.
Kami juga menyedari bahawa pengendali Takaful perlu bersaing
dalam pasaran insurans yang lebih besar secara keseluruhan dan
bukan setakat dengan pengendali Takaful sahaja kerana persamaan
segmen pasaran. Justeru, pengendali Takaful perlu dilengkapi dengan
cadangan penjualan yang unik, penawaran produk yang kompetitif
dan inovatif serta penyediaan pengalaman perkhidmatan pelanggan
yang cemerlang. Pengendali Takaful perlu terus berusaha untuk
menghapuskan persepsi bahawa produk Takaful adalah hanya untuk
segmen Muslim sahaja tetapi turut memberi perhatian terhadap
segmen bukan Muslim bagi meningkatkan penembusan dalam
kalangan masyarakat bukan Islam. Sambutan semasa yang diterima
daripada pasaran bukan Islam masih agak rendah walaupun terdapat
pelbagai inisiatif strategik yang telah dilaksanakan oleh pengendali
Takaful.
Masa depan bagi industri Takaful pada tahun hadapan dijangka
terus positif walaupun suasana global dan domestik diselubungi
ketidakpastian. Industri ini diunjur kekal menggalakkan bagi
pengendali Takaful melalui pengenalan beberapa produk inovatif
baharu atau yang dipertingkatkan. Masih terdapat ruang yang
luas untuk pertumbuhan organik, memandangkan Malaysia masih
mempunyai kadar penembusan insurans yang rendah dalam sektor
Takaful. Walau bagaimanapun, pihak yang terlibat dalam industri
perlu mengambil kira cabaran yang menanti di sektor Takaful,
contohnya persaingan dalam sektor serta isu-isu operasi yang
menjejaskan keuntungan dan pertumbuhannya. Atas sebab itu,
pengendali Takaful tidak hanya perlu menilai semula strategi mereka,
tetapi juga mengukuhkan operasi mereka secara menyeluruh untuk
pertumbuhan masa depan yang mampan.
Takaful Malaysia akan berusaha untuk menampilkan prestasi lebih
baik pada 2015 dan kami yakin bahawa prestasi kami akan positif di
seluruh segmen perniagaan khususnya perniagaan Takaful Keluarga
Berkelompok. Kami akan terus mengamalkan strategi pengurusan
growth momentum strong in this hyper-competitive industry.
Developing new product offerings is definitely an area that all Takaful
operators are looking into. Another focus would also be in enhancing
the product development of existing product suites, in order to offer
the customers extra benefits and flexibility.
We also realize that there is a need for the Takaful operators to
compete in the larger insurance market as a whole rather than just
amongst the Takaful operators because of the similarity of the market
segments. For this, Takaful operators need to be well equipped with
unique selling propositions, competitive and innovative product
offerings and offering excellent customer service experience. Takaful
operators have to continue to work hard to dispel the perception
that Takaful products are only for the Muslim segment amongst the
non-Muslim community in order to increase the penetration rate
amongst the non-Muslim community. The current response received
from the non-Muslim market is still considerably low notwithstanding
the various strategic initiatives carried out by Takaful operators.
The outlook for the Takaful industry next year is expected to continue
to be positive despite the current global and domestic uncertainties.
The industry is projected to remain encouraging for Takaful operators
through the introduction of new or enhanced innovative products.
There is plenty of room for organic growth, given the fact that Malaysia
still has low insurance penetration in the Takaful sector. However, the
industry players need to take into account the challenges impeding
Takaful sector, for instance, the competition within the sector as well
as operational issues that are affecting its profitability and growth.
For that reason, Takaful operators need to not only reassess their
strategies, but also reinforce their operations thoroughly for future
growth and sustainability.
Takaful Malaysia will strive to perform better in 2015 and we are
confident that our performance is expected to be positive across
Tak
a
We
S
Syari
kat Ta
A N ful m
ew
Loo yGe
n
k at
Life Life
hou
ld T
alk
26th
ka
No. Floor, An ful Ma
4, Jal
lay
nexe
P.O
. Bo an Sulta Block, sia Be
x 11
rhad
483, n Sulai Mena
ra Ta
ma
5074
1-300
6 Ku n, 5000 kaful
8 TA
Malay (131646-K
ala
KAFU
Lump 0 Kuala
takafu
)
L (82
Lump sia,
ur.
l-mala
5 23
ur.
csu@t
ysia.c
85)
akafu
om.m
l-mala
Sya
y
rikat
ysia.c
Tak
om
Sya
afu
rika
.my
l Ma
regula t Tak
laysia
ted aful Ma
Berha
by Ban lay
d
k Neg sia Ber
ara
had
Malay is a com
sia.
pan
y lice
nse
d und
er the
Islamic
Financ
ial Ser
vices
Act
201
3 and
ctor
ProteHealth
ur
ealth
l mteyrHChoice for Yo
kayfu
Bet
Tam
pl A
Si
We
Prot
ect.
We
Care
.W
e Sh
are.
068
(131646-K)
Penyata Pengerusi
yang aktif, pengunderaitan yang berhemat, dan aktiviti pelaburan.
Kami juga akan menawarkan produk mengutamakan pelanggan
yang komprehensif supaya sesuai dengan keperluan para pelanggan
kami yang semakin meningkat melalui pengenalan produk-produk
baharu/inovatif sambil menyediakan perkhidmatan pelanggan yang
cemerlang. Di samping itu, kami akan terus mempertingkatkan
infrastruktur dan operasi, meluaskan rangkaian, memperkasa
kekuatan agensi dan mewujudkan perkongsian strategik dengan
pelanggan korporat dan rakan bank. Strategi dan langkah ini disokong
oleh kempen pemasaran dan penjenamaan yang lebih agresif akan
memastikan kami bukan sahaja berjaya mempertahankan malah
meluaskan lagi bahagian pasaran kami.
our entire business segments especially the Group Family Takaful
business. We will continue to practice active management strategy,
prudent underwriting and investment activities. We will also be
offering comprehensive customer-centric products to suit the
growing needs of our customers by introducing new/enhanced
innovative products and by providing an excellent customer
service experience. In addition, we will enhance our infrastructure
and operations, grow our network, empower our agency force
and establish strategic partnerships with corporate clients and
bank partners. These strategies and measures coupled with more
aggressive marketing and branding campaigns will ensure that we
defend and grow our market share.
PENGHARGAAN
ACKNOWLEDGEMENTS
Bagi pihak Lembaga Pengarah, saya ingin mengambil kesempatan ini
untuk merakamkan ucapan setinggi-tinggi penghargaan, khususnya
kepada pihak pengurusan dan kakitangan di atas dedikasi dan
komitmen mereka terhadap kecemerlangan bagi merealisasikan
janji jenama kami sepanjang tahun ini. Ucapan terima kasih yang
tidak terhingga juga ingin dirakamkan kepada pemegang saham
kami yang dihargai atas keyakinan dan sokongan berterusan anda
sekalian terhadap Syarikat serta kepada rakan perniagaan dan ejen
atas sokongan tidak berbelah bahagi melalui perkongsian aktif kita.
On behalf of the Board of Directors, I wish to take this opportunity
to convey my utmost gratitude, particularly to our management
and employees for their dedication and commitment to excellence
in delivering our brand promise throughout the year. My deep
gratitude also goes to our valued shareholders for your confidence
and continuing support towards the Company as well as to all our
business partners and intermediaries for the full support conveyed
through our active partnerships.
Akhir sekali, saya ingin merakamkan ucapan ribuan terima kasih dan
penghargaan kepada rakan seperjuangan saya di dalam Lembaga
Pengarah dan Badan Penasihat Syariah atas pandangan yang
bijaksana, nasihat yang membina dan iltizam teguh mereka dalam
memberikan perkhidmatan yang cemerlang bagi melonjakkan
Syarikat ke satu tahap yang lebih tinggi.
Saya yakin Syarikat mampu mencatat pertumbuhan mampan yang
berterusan dalam tempoh beberapa tahun akan datang kerana kami
dilengkapi dengan pelbagai strategi yang mantap, modal insan yang
berbakat serta janji jenama yang teguh. Marilah kita berganding
bahu meneruskan perjalanan bagi memastikan Takaful Malaysia
menerajui Industri Takaful.
Pengerusi
Last but not least, I would like to express my thanks and appreciation
to my fellow Directors on the Board and the Shariah Advisory Body
for their prudent insights, wise counsel and dynamic commitment
in providing excellent service and in taking the Company to greater
heights.
I am confident in our ability to consistently deliver sustainable
growth for the Company in the years ahead as we are well-equipped
with the right mix of sound strategies, talented people and a strong
brand promise. Together, let us continue our successful journey in
making Takaful Malaysia, the leader of the Takaful Industry.
Chairman
FINANCIAL
STATEMENTS
070 Directors’ Report
075 Statement by Directors
076 Statutory Declaration
077 Report of the Shariah Advisory Body
079 Independent Auditors’ Report
081 Statements of Financial Position
083 Statements of Profit or Loss and Other
Comprehensive Income
087 Statements of Changes In Equity
091 Statements of Cash Flows
093 Notes to the Financial Statements
070
(131646-K)
Directors’ Report
for the year ended 31 December 2014
The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the financial
year ended 31 December 2014.
Principal activities
The Company is principally engaged in managing family and general takaful businesses, whilst the principal activities of the subsidiaries are as
stated in Note 5 to the financial statements. There has been no significant change in the nature of these activities during the financial year.
Results
Group
Company
RM’000
RM’000
Profit for the year attributable to:
Owners of the Company
Non-controlling interests
140,521 (1,786)
144,463
-
138,735 144,463
Reserves and provisions
There were no material transfers to or from reserves and provisions during the financial year under review, except as disclosed in the financial
statements.
Dividends
Since the end of the previous financial year, the Company:
i)
paid a second interim single tier dividend of 40 sen per ordinary share totalling RM65,126,800 in respect of the financial year ended
31 December 2013 on 8 May 2014; and
ii)
declared a first interim single tier dividend of 40 sen per ordinary share totalling RM65,202,600 in respect of the financial year ended
31 December 2014 on 1 October 2014 and paid on 4 November 2014.
The final dividend recommended by the Directors in respect of the financial year ended 31 December 2014 is single tier dividend of 35 sen per
ordinary share totalling RM57,052,275.
Directors of the Company
Directors who served since the date of the last report are:
Datuk Rozaida Omar
Mahadzir Azizan
Zakaria Ismail
In accordance with Article 62 of the Company’s Articles of Association, Tan Sri Ismee Ismail, Mahadzir Azizan and Dato’ Sulaiman Mohd Yusof will
retire at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election.
071
(131646-K)
Directors’ Report
Directors’ interests in shares
The interests and deemed interests in the shares and options over shares of the Company and of its related corporations of those who were
Directors at financial year end as recorded in the Register of Directors’ Shareholdings are as follows:
Number of ordinary shares of RM1.00 each
Shares vested
under the
As at Restricted
As at
1.1.2014 Share Plan
Sold 31.12.2014
-
69,500
-
69,500
granted under the Long Term Incentive Plan (LTIP)
As at As at
1.1.2014
Granted
Exercised 31.12.2014
- Restricted Share Plan
- Performance Share Plan
208,600
178,700
-
128,200
69,500
-
139,100
306,900
None of the Directors holding office at 31 December 2014 had any interest in the shares and options over shares of the Company and of its
related corporations during the financial year.
Issue of shares and debentures
During the financial year, the Company issued 189,500 new ordinary shares of RM1.00 each, pursuant to the Company’s Restricted Share Plan
under the Long Term Incentive Plan at a weighted average share price of RM8.96 per ordinary share. The new ordinary shares issued during the
financial year ended 31 December 2014 rank pari passu in all respects with the existing ordinary shares of the Company.
There were no other changes in the authorised, issued and paid-up capital of the Company during the financial year.
There were no debentures issued during the financial year.
Long Term Incentive Plan
At the Extraordinary General Meeting held on 24 July 2013, the Company’s shareholders approved the establishment of a Long Term Incentive
Plan (LTIP), which comprises a Restricted Share Plan (RSP) and a Performance Share Plan (PSP), of not more than 10% of issued and paid-up share
capital of the Company (excluding treasury shares) to eligible employees and the executive director of the Company. The LTIP was effected on
25 July 2013 following the submission of the By-Laws for the LTIP to Bursa Malaysia Securities Berhad, the receipt of all required approvals and
the compliance with the requirements pertaining to the LTIP.
The salient features of the LTIP are as disclosed in Note 16 to the financial statements.
As at the date of this Report, the shares granted under LTIP are as follow:
Restricted Share Plan
Performance Share Plan
At
1 January
2014
Granted
Exercised
Forfeited
At
31 December
2014
607,100
724,200
-
460,100
(189,500)
-
(39,000)
(111,500)
378,600
1,072,800
1,331,300
460,100
(189,500)
(150,500)
1,451,400
072
(131646-K)
Directors’ Report
Options granted over unissued shares
No options were granted to any person to take up unissued shares of the Company during the financial year.
Directors’ benefits
Since the end of the previous financial year, no Director of the Company has received nor become entitled to receive any benefit (other than a
benefit included in the aggregate amount of emoluments received or due and receivable by Directors as shown in the financial statements or
the fixed salary of a full time employee of the Company or of related corporations) by reason of a contract made by the Company or a related
corporation with the Director or with a firm of which the Director is a member, or with a company in which the Director has a substantial financial
interest.
There were no arrangements during and at the end of the financial year which has the object of enabling Directors of the Company to acquire
benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate apart from the issue of the LTIP.
Statement on corporate governance and internal controls
(a)
Board responsibilities
The Board of Directors (the Board) is ultimately responsible for the proper stewardship of the Group’s and Company’s resources, the
achievement of corporate objectives and good corporate citizenship and discharges this responsibility through compliance with the
Islamic Financial Services Act 2013 and Bank Negara Malaysia’s (BNM) Guidelines on Directorship for Takaful Operators (BNM/RH/GL
004-1) and other directives, in addition to adopting other best practices on corporate governance.
The Board comprises seven non-executive directors and one executive director to enable a balanced and objective consideration of issues,
hence facilitating optimal decision making. The executive director adds value to the decision making process by providing a management
and operational perspective to issues placed before the Board.
(b)
Management accountability
The Group and the Company have an organisational structure showing all reporting lines as well as clearly documented job descriptions
for all management and executive employees. Authority limits, as approved by the Board, are clearly established and made available to all
employees.
(c)
Corporate independence
The Group and the Company have complied with BNM’s Guidelines on Related Party Transactions for Takaful Operators (BNM/RH/GL 0047). Necessary disclosures have been made to the Board and when required, prior Board’s approval has been obtained. All material related
party transactions have been disclosed in Note 42 to the financial statements.
(d)
Internal controls and operational risk management
The Board has overall oversight responsibility to ensure the Group and the Company maintain an adequate system of internal controls,
effective and efficient operations, and risk management, as well as procedures to ensure compliance with laws, regulations, internal
guidelines and requirements to safeguard the assets of the Group and the Company and stakeholders’ interests.
The Group and the Company established the Operational Risk Management Framework to ensure an ongoing process of identifying,
evaluating, monitoring and managing the significant risk exposures surrounding its business operations.
All new Takaful products are governed by the Group’s and the Company’s Product Development Framework.
Whistle Blowing Policy & Fraud and Integrity Policy, Shariah Governance Framework and Assets and Liabilities Management Framework
are also in place to provide basic structure and further strengthen the existing control mechanism underlying the business activities.
Business Continuity Management is consistently practiced and tested twice a year to safeguard the lives of the employees and others in
the office premises and ensure the business is up and running at all times.
The Board, Group Managing Director and Management Committee are consciously committed to the risk culture and ensure Board Risk
Committee perform as required.
073
(131646-K)
Directors’ Report
Statement on corporate governance and internal controls (continued)
(e)
Public accountability
As custodian of public funds, the Group’s and the Company’s dealings with the public are always conducted fairly, honestly and
professionally.
(f)
Financial reporting
The Group and the Company have maintained proper accounting records and the Group’s and the Company’s financial statements are
prepared in accordance with Malaysian Financial Reporting Standards (MFRS) issued by the Malaysian Accounting Standards Board
(MASB), International Financial Reporting Standards (IFRS), the requirements of the Companies Act, 1965, the Islamic Financial Services
Act 2013 and Takaful Guidelines / Circulars issued by BNM and Principles of Shariah.
Other statutory information
Before the financial statements of the Group and of the Company were made out, the Directors took reasonable steps to ascertain that:
i)
all known impaired debts have been written off and adequate impairment allowance made for impaired debts,
ii)
any current assets which were unlikely to be realised in the ordinary course of business have been written down to an amount which they
might be expected so to realise, and
iii)
there was adequate provision for incurred claims, including Incurred But Not Reported (IBNR) claims.
At the date of this report, the Directors are not aware of any circumstances:
i)
that would render the amount written off for impaired debts or the amount of the allowance for impaired debts and provision for incurred
claims including IBNR claims in the Group and in the Company inadequate to any substantial extent, or
ii)
that would render the value attributed to the current assets in the financial statements of the Group and of the Company misleading, or
iii)
which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company
misleading or inappropriate, or
iv)
not otherwise dealt with in this report or the financial statements, that would render any amount stated in the financial statements of the
Group and of the Company misleading.
At the date of this report, there does not exist:
i)
any charge on the assets of the Group or of the Company that has arisen since the end of the financial year and which secures the liabilities
of any other person, or
ii)
any contingent liability in respect of the Group or of the Company that has arisen since the end of the financial year.
074
(131646-K)
Directors’ Report
Other statutory information (continued)
No contingent liability or other liability of any company in the Group has become enforceable, or is likely to become enforceable within the
period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may substantially affect the ability of the
Group and of the Company to meet their obligations as and when they fall due.
For the purpose of this paragraph, contingent and other liabilities do not include liabilities arising from contracts of takaful underwritten in the
ordinary course of business of the Group and of the Company.
In the opinion of the Directors, the financial performance of the Group and of the Company for the financial year ended 31 December 2014 have
not been substantially affected by any item, transaction or event of a material and unusual nature nor has any such item, transaction or event
occurred in the interval between the end of the financial year and the date of this report.
Auditors
The auditors, Messrs KPMG Desa Megat & Co., have indicated their willingness to accept re-appointment.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
……………………………………………………..................……
……………………………………………………..................……
Kuala Lumpur
Date: 30 March 2015
075
(131646-K)
Statement by Directors
In the opinion of the Directors, the financial statements set out on pages 81 to 279 are drawn up in accordance with Malaysian Financial
Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act, 1965 in Malaysia and comply with
the Principles of Shariah so as to give a true and fair view of the financial position of the Group and of the Company as of 31 December 2014 and
of their financial performance and cash flows for the financial year then ended.
In the opinion of the Directors, the information set out in Note 44 on page 279 to the financial statements has been compiled in accordance
with the Guidance on Special Matter No.1, Determination of Realised and Unrealised Profits or Losses in the Context of Disclosures Pursuant to
Bursa Malaysia Securities Berhad Listing Requirements, issued by the Malaysian Institute of Accountants, and presented based on the format
prescribed by Bursa Malaysia Securities Berhad.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
……………………………………………………..................……
……………………………………………………..................……
Kuala Lumpur
Date: 30 March 2015
076
(131646-K)
Statutory Declaration
I, Lee Hin Sze, the officer primarily responsible for the financial management of Syarikat Takaful Malaysia Berhad, do solemnly and sincerely
declare that the financial statements set out on pages 81 to 279 are, to the best of my knowledge and belief, correct and I make this solemn
declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act, 1960.
Subscribed and solemnly declared by the above named in Kuala Lumpur in the Federal Territory on 30 March 2015.
……………………………………………………..................……
Lee Hin Sze
Before me:
077
(131646-K)
Report of the Shariah Advisory Body
In carrying out the roles and responsibilities of the Shariah Advisory Body of Syarikat Takaful Malaysia Berhad (Takaful Malaysia), we hereby
submit our report for the financial year ended 31 December 2014:
In compliance with the Islamic Financial Services Act 2013, the Shariah Advisory Body of Takaful Malaysia was established for the purpose of
advising Takaful Malaysia in ensuring its businesses, affairs and activities comply with Shariah.
The Management of Takaful Malaysia is responsible in ensuring that Takaful Malaysia conducts its businesses, affairs and activities in accordance
with the Shariah. It is our responsibility to form an independent opinion, based on our reviews of the operations of Takaful Malaysia, and to
produce this report.
We held six (6) meetings during the financial year ended 31 December 2014 in which we reviewed the principles and the contracts relating to the
products and transactions introduced by Takaful Malaysia.
We also conducted our reviews as to whether the businesses, operations and activities of Takaful Malaysia are in compliance with the Shariah
and the Shariah rulings as issued by the Shariah Advisory Council of Bank Negara Malaysia, as well as Shariah decisions made by us.
We assessed the work carried out by Shariah review and Shariah audit functions which included examining, on a test basis, each type of
transactions, the relevant documentations and procedures adopted by Takaful Malaysia. Our assessments were planned and performed in a
way to ensure all the information and explanations considered necessary were obtained in order to provide us with sufficient evidence to give
reasonable assurance that Takaful Malaysia has not violated the Shariah.
In addition, we hereby report the following:
1.
Throughout the financial year, we discussed and deliberated various issues in relation to Takaful products;
2.
We also approved the Mudharabah (profit) and surplus distribution rate declarations for Family and General Takaful products;
3.
Furthermore, we also approved several Shariah guidelines to be implemented by Takaful Malaysia; and
We also noted that reports were sent to Bank Negara Malaysia on a monthly basis which served as a declaration or official attestation on
the status of Shariah compliance of Takaful Malaysia.
4.
078
(131646-K)
Report of the Shariah Advisory Body
In our opinion:
1.
The contracts and related documentations used by Takaful Malaysia during the financial year ended 31 December 2014 were in compliance
with the Shariah;
2.
The Shariah basis for the allocation of profit and surplus between Shareholders’ Fund, Participants’ Investment Fund and Participants’ Risk
Fund were appropriate;
3.
All earnings from sources or by means prohibited by the Shariah were considered for disposal to charitable causes;
4.
The calculation of zakat was in compliance with the Shariah; and
5.
Any Shariah non-compliance events occurred during the financial year were reported to Bank Negara Malaysia and rectified accordingly.
We, the members of the Shariah Advisory Body of Takaful Malaysia, do hereby confirm that the operations of Takaful Malaysia for the financial
year ended 31 December 2014 were conducted in conformity with the Shariah.
We bear witness only to what we know, and we could not well guard against the unseen! (surah Yusuf, verse: 81)
Chairman of the SAB : ………………………………
Dr. Ahmad Shahbari @ Sobri Salamon
Member of the SAB : ………………………………
Dato’ Mohd Bakir Hj. Mansor
Kuala Lumpur,
Date: 30 March 2015
079
(131646-K)
Independent Auditors’ Report
to the members of Syarikat Takaful Malaysia Berhad
(Company No. 131646-K)
(Incorporated in Malaysia)
Report on the Financial Statements
We have audited the financial statements of Syarikat Takaful Malaysia Berhad, which comprise the statements of financial position as at
31 December 2014 of the Group and of the Company, and the statements of profit or loss and other comprehensive income, changes in equity
and cash flows of the Group and of the Company for the year then ended, and a summary of significant accounting policies and other explanatory
information, as set out on pages 81 to 279.
Directors’ Responsibility for the Financial Statements
The Directors of the Company are responsible for the preparation of these financial statements so as to give a true and fair view in accordance
with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act, 1965
in Malaysia. The Directors are also responsible for such internal controls as the Directors determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with approved
standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures
selected depend on our judgement, including the assessment of risks of material misstatement of the financial statements, whether due to fraud
or error. In making those risk assessments, we consider internal control relevant to the entity’s preparation of financial statements that give a
true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of the Group and of the Company as of 31 December
2014 and of their financial performance and cash flows for the year then ended in accordance with Malaysian Financial Reporting Standards,
International Financial Reporting Standards and the requirements of the Companies Act, 1965 in Malaysia.
Report on Other Legal and Regulatory Requirements
In accordance with the requirements of the Companies Act, 1965 in Malaysia, we also report the following:
a)
In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company have been properly kept
in accordance with the provisions of the Act.
b)
We have considered the accounts and the auditors’ reports of all the subsidiaries of which we have not acted as auditors, which are
indicated in Note 5 to the financial statements.
080
(131646-K)
Independent Auditors’ Report
to the members of Syarikat Takaful Malaysia Berhad
(Company No. 131646-K)
(Incorporated in Malaysia)
Report on Other Legal and Regulatory Requirements (continued)
c)
We are satisfied that the accounts of the subsidiaries that have been consolidated with the Company’s financial statements are in form
and content appropriate and proper for the purposes of the preparation of the financial statements of the Group and we have received
satisfactory information and explanations required by us for those purposes.
d)
The audit reports on the accounts of the subsidiaries did not contain any qualification or any adverse comment made under Section 174(3)
of the Act.
Other Reporting Responsibilities
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The information set out in
Note 44 on page 279 to the financial statements has been compiled by the Company as required by the Bursa Malaysia Securities Berhad Listing
Requirements and is not required by the Malaysian Financial Reporting Standards or International Financial Reporting Standards. We have
extended our audit procedures to report on the process of compilation of such information. In our opinion, the information has been properly
compiled, in all material respects, in accordance with the Guidance on Special Matter No.1, Determination of Realised and Unrealised Profits
or Losses in the Context of Disclosures Pursuant to Bursa Malaysia Securities Berhad Listing Requirements, issued by the Malaysian Institute of
Accountants, and presented based on the format prescribed by Bursa Malaysia Securities Berhad.
Other Matters
This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies Act, 1965 in Malaysia
and for no other purpose. We do not assume responsibility to any other person for the content of this report.
KPMG Desa Megat & Co
Firm Number: AF 0759
Chartered Accountants
Petaling Jaya, Selangor
Date: 30 March 2015
Mok Wan Kong
Approval Number: 2877/12/16 (J)
Chartered Accountant
081
(131646-K)
Statements of Financial Position
as at 31 December 2014
<------------------------------------------------------------- Group -------------------------------------------------------------->
2014
2013
Takaful
Family
General
Takaful
Family
General
Operator
Takaful
Takaful
Group Operator
Takaful
Takaful
Group
Note RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
ASSETS
Property and equipment
3
39,760 - - 256,100 24,308
-
-
240,935
Investment properties
4
10,838 217,508 21,810 33,816 16,604
216,003
23,740
39,720
Investment in associate
6
- - - - -
-
-
Other investments
7
431,952 3,390,049 494,528 4,278,729 484,169 3,642,815
605,251 4,694,140
Retakaful assets
8
- 259,801 422,659 682,460 -
183,463
452,470
635,933
Deferred tax assets
9
38,549 - - 38,549 41,724
-
-
41,724
Current tax assets
500 - - 500 - - - Loans and receivables,
excluding takaful receivables 10
164,596 663,993 106,163 887,768 160,537
521,902
89,576
717,476
Takaful receivables
11
- 90,972 37,619 128,591 -
68,197
48,959
117,156
Qard receivables
12 -------Cash and cash equivalents
13
146,499 597,341 112,435 856,275 89,171
265,736
75,712
430,619
Assets held for sale
14
- - 2,000 2,000 1,730
2,260
2,850
6,840
TOTAL ASSETS 832,694 5,219,664 1,197,214 7,164,788 818,243 4,900,376 1,298,558 6,924,543
163,006 418,371 - (24,912)
- 163,006 (26,368) 419,955 162,817
408,028
-
(23,028)
-
(24,922)
162,817
409,257
Total equity attributable to
owners of the Company
581,377 14,136 (24,912)
- (26,368) 582,961 - 13,485 570,845
18,342
(23,028)
-
(24,922)
-
572,074
17,825
TOTAL EQUITY
595,513 (24,912)
(26,368)
589,187 (23,028)
(24,922)
589,899
EQUITY AND LIABILITIES
Share capital
Reserves
15
15
596,446 LIABILITIES
Qard payables
17
Takaful contract liabilities
18
Expense reserves
19
Takaful payables
20
Other payables
21
Current tax liabilities
- 24,912 27,301 - - 5,077,546 1,103,465 6,143,211 142,127 - - 142,127 - 40,949 20,368 61,317 89,838 101,169 72,448 216,471 5,216 - - 5,216 -
23,028
25,634
- 4,750,730 1,181,016 5,893,651
131,522
-
-
131,522
-
25,859
49,569
75,428
91,367
123,787
67,261
227,876
6,167
-
-
6,167
TOTAL LIABILITIES
237,181 5,244,576 1,223,582 6,568,342 229,056 4,923,404 1,323,480 6,334,644
TOTAL EQUITY
AND LIABILITIES
832,694 5,219,664 1,197,214 7,164,788 818,243 4,900,376 1,298,558 6,924,543
The notes on pages 93 to 279 are an integral part of these financial statements.
082
(131646-K)
Statements of Financial Position
as at 31 December 2014
<----------------------------------------------------------- Company ------------------------------------------------------------>
2014
2013
Takaful
Family
General
Takaful
Family
General
Operator
Takaful
Takaful Company Operator
Takaful
Takaful Company
Note RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
ASSETS
3
27,216 - - 233,751 13,955
-
-
222,172
4
10,760 207,360 21,810 33,395 15,520
207,525
23,740
38,568
Investments in subsidiaries
5
49,376 - - 49,376 58,712
-
-
58,712
Investment in associate6 -------Other investments
7
403,764 3,134,283 488,352 3,988,599 468,467 3,451,164
600,343 4,481,879
Retakaful assets
8
- 251,452 414,220 665,672 -
175,861
434,990
610,851
Deferred tax assets
9
34,916 - - 34,916 40,279
-
-
40,279
Current tax assets
500 - - 500 - - - Loans and receivables,
excluding takaful receivables 10
155,112 649,074 96,748 870,538 134,751
495,498
75,538
667,840
Takaful receivables
11
- 86,548 31,715 118,263 -
62,835
40,511
103,346
Cash and cash equivalents
13
111,923 538,358 96,311 746,592 45,773
204,687
62,779
313,239
14
- - 2,000 2,000 1,730
2,260
2,850
6,840
TOTAL ASSETS
793,567 4,867,075 1,151,156 6,743,602 779,187 4,599,830 1,240,751 6,543,726
163,006 428,181 - - - 163,006 - 428,181 162,817
416,444
-
-
-
-
591,187 - - 591,187 579,261 - - 579,261
EQUITY AND LIABILITIES
Share capital
Reserves
15
15
Total equity attributable to
owners of the Company
162,817
416,444
LIABILITIES
18
Expense reserves
19
Takaful payables
20
Other payables
21
Current tax liabilities
- 4,733,280 1,061,389 5,756,869 - 4,458,849 1,127,203 5,547,957
137,673 - - 137,673 127,279
-
-
127,279
- 39,228 19,753 58,981 -
22,725
48,449
71,174
64,707 94,567 70,014 198,892 66,866
118,256
65,099
212,274
- - - - 5,781
-
-
5,781
TOTAL LIABILITIES
202,380 4,867,075 1,151,156 6,152,415 199,926 4,599,830 1,240,751 5,964,465
TOTAL EQUITY
AND LIABILITIES
793,567 4,867,075 1,151,156 6,743,602 779,187 4,599,830 1,240,751 6,543,726
083
(131646-K)
Statements of Profit or Loss and Other Comprehensive Income
<------------------------------------------------------------- Group -------------------------------------------------------------->
2014
2013
Takaful
Family
General
Takaful
Family
General
Operator
Takaful
Takaful
Group Operator
Takaful
Takaful
Group
Note RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Operating revenue
22
Takaful operator income
26,483 1,150,010 492,083 - 480,483 1,652,639 - 24,529 1,233,516
- 556,918
-
459,283 1,713,006
-
-
Gross earned contributions
Contributions ceded
to retakaful
23(i)
- 958,130 457,441 1,415,806 - 1,098,994
424,992 1,523,388
23(ii)
- (180,457)
-
(132,969)
Net earned contributions
23(iii)
- 892,393 (65,737)
(246,194)
276,984 1,169,612 (51,952)
- 1,047,042
(184,921)
292,023 1,338,467
Administrative income
Investment income
24
Realised gains and (losses)
25
Fair value gains and (losses)
26
Other operating income
27
- 26,483 3,441 1,282 10,898 2,590 191,950 37,490 12,894 3,277 37,934 29,164 4,519 (23)
3,263 40,524
243,025 45,450 13,346 9,462 -
24,529
11,816
(195)
11,951
1,022
181,023
117,092
9,025
1,133
29,932
30,877
15,844
596
1,798
30,954
232,705
144,597
9,676
5,483
Other income 42,104 248,201 74,857 351,807 48,101
309,295
79,047
423,415
(201,051)
70,578 (796,785)
121,754 -
-
(607,451)
47,009
(176,055)
32,834
(769,419)
79,843
Gross benefits and claims paid
Claims ceded to retakaful
Gross change to contract
liabilities
Change to contract liabilities
ceded to retakaful
28
28
- (601,070)
- 51,176 28
- (6,066)
61,333 55,267 -
(46,995)
(83,693)
(130,688)
28
- 17,976 (20,073)
(2,097)
-
16,687
92,416
109,103
Net benefits and claims
28
- (537,984)
(89,213)
(621,861)
-
(590,750)
(134,498)
(711,161)
Wakalah fee expense
Commission expense /
Administrative fees
Expense reserves
19
Management expenses
29
Other operating expenses
31
- (195,589)
(166,253)
- (246,744)
(146,055)
-
(118,547)
(10,415)
(206,076)
(12,729)
Other expenses
(347,767)
(211,156)
(175,360)
Total profit for the year
186,420 391,454 - (391,816)
Profit attributable to the
Takaful Operator / participants
- - - (15,567)
- (49) (118,596)
- (10,415)
- (204,404)
(9,058)
(36,240)
(130,270)
(42,770)
(236,312)
(17,940)
(112)
-
-
(8,796)
(201)
-
-
(2,985)
(130,324)
(42,770)
(234,131)
(18,229)
(369,655)
(427,292)
(255,652)
(149,241)
(425,454)
87,268 529,903 177,727
509,935
87,331
625,267
(87,104)
(343,206)
-
(520,574)
(87,155)
(445,963)
Profit / (Loss) before zakat
and taxation Zakat
Tax expense
32
186,420 (389)
(47,545)
(362)
- - 164 186,697 - (389)
- (47,573)
177,727
(1,517)
(43,261)
(10,639)
-
-
176
-
-
179,304
(1,517)
(43,407)
Profit / (Loss) for the year
138,486 (362)
164 132,949
(10,639)
176
134,380
138,735 The notes on pages 93 to 279 are an integral part of these financial statements.
084
(131646-K)
<------------------------------------------------------------- Group -------------------------------------------------------------->
2014
2013
Takaful
Family
General
Takaful
Family
General
Operator
Takaful
Takaful
Group Operator
Takaful
Takaful
Group
Note RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Other comprehensive income /
(expense), net of tax
Items that will not be
reclassified subsequently
to profit or loss
Revaluation of property
and equipment
Other comprehensive income
attributable to participants
Items that may be reclassified
subsequently to profit or loss
Fair value change of available for-sale financial assets
Foreign currency translation
differences for foreign
operations
138,486 2,500 - 2,500 (362)
164 138,735 132,949
(10,639)
176
134,380
- - 7,892 2,379
-
-
6,207
- - (5,477)
-
-
-
(4,265)
- - 2,415 2,379
-
-
1,942
(7,170)
(59,701)
(9,912)
(7,170)
1,882
(99,503)
(6,909)
1,882
5,036 (1,995)
(1,267)
5,093 (7,314)
(1,000)
(2,861)
(7,299)
60,174 9,569 -
99,303
8,066
-
(2,134)
(1,522)
(1,610)
(2,077)
(5,432)
(1,200)
(1,704)
(5,417)
366 (1,522)
(1,610)
338 (3,053)
(1,200)
(1,704)
(3,475)
138,852 (1,884)
(1,446)
139,073 129,896
(11,839)
(1,528)
130,905
attributable to:
140,137 (1,651)
(362)
- 164 140,521 - (1,786)
137,265
(4,316)
(10,639)
-
176
-
138,999
(4,619)
138,486 (362)
164 138,735 132,949
(10,639)
176
134,380
Total comprehensive income /
(expense) for the year
attributable to:
136,047 2,805 (1,884)
- (1,446) 136,402 - 2,671 137,882
(7,986)
(11,839)
-
(1,528)
-
139,193
(8,288)
138,852 (1,884)
(1,446)
129,896
(11,839)
(1,528)
130,905
Total other comprehensive
income / (expense) for
the year
Total comprehensive income /
(expense) for the year
33
- - 139,073 Basic earnings per ordinary
share (sen) 34
86.27
85.37
Diluted earnings per ordinary
share (sen)
34
85.87
84.83
085
(131646-K)
<----------------------------------------------------------- Company ------------------------------------------------------------>
2014
2013
Takaful
Family
General
Takaful
Family
General
Operator
Takaful
Takaful
Takaful Company
Note RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Operating revenue
22
Takaful operator income
23,764 1,032,970 444,918 - 446,688 1,499,062 - 21,669 1,103,000
- 500,584
-
416,459 1,537,381
-
-
Contributions ceded to
retakaful
23(i)
- 850,714 421,986 1,272,386 -
978,839
385,875 1,364,116
23(ii)
- (172,857)
(228,490)
-
(41,004)
(126,471)
23(iii)
- 795,081 249,129 1,043,896 -
937,835
259,404 1,196,641
(55,633)
(167,475)
Administrative income
Investment income
24
25
26
27
- 23,764 1,862 380 7,692 984 180,639 26,163 (959)
3,180 37,220 28,229 4,458 (23)
2,835 38,204 228,586 32,483 (160)
8,737 -
21,669
11,029
-
6,982
1,022
170,831
108,016
11,808
1,096
29,325
29,824
15,641
596
1,267
30,347
219,175
134,531
14,530
2,590
Other income 33,698 210,007 72,719 307,850 39,680
292,773
76,653
401,173
(186,704)
67,596 (714,917)
109,666 -
-
(540,752)
36,841
(157,328)
29,296
(686,637)
66,137
Gross benefits and claims paid
Claims ceded to retakaful
Gross change to contract
liabilities
Change to contract liabilities
ceded to retakaful
28
28
- (531,092)
- 42,070 28
- (6,944)
49,290 42,346 -
(35,702)
(87,902)
(123,604)
28
- 18,505 (11,342)
7,163 -
16,046
91,991
108,037
28
- (477,461)
(81,160)
(555,742)
-
(523,567)
(123,943)
(636,067)
(151,203)
-
-
(216,795)
(127,024)
-
(26)
(96,421)
- (10,394)
- (171,518)
(3,725)
(26,558)
(103,197)
(42,306)
(201,787)
(11,275)
(112)
-
-
(7,899)
(168)
-
-
(2,898)
(103,218)
(42,306)
(199,389)
(22,032)
Wakalah fee expense
Commission expense /
Administrative fees
Expense reserves
19
Management expenses
29
31
(96,395)
(10,394)
(173,735)
(9,039)
Other expenses
(289,563)
(184,497)
(154,954)
(304,891)
(358,565)
(224,806)
(130,090)
(366,945)
Total profit for the year
189,053 343,130 85,734 491,113 181,699
482,235
82,024
594,802
- (343,130)
(85,734)
(301,947)
-
(482,235)
(82,024)
(412,520)
Profit attributable to the
Takaful Operator / participants
-
(169,951)
- - - (14,546)
Profit before zakat and taxation
Zakat
Tax expense
32
189,053 (200)
(44,475)
- - - - 189,166 - (200)
- (44,503)
181,699
(1,268)
(41,550)
-
-
-
-
-
-
182,282
(1,268)
(41,696)
Profit for the year
144,378 - - 144,463 138,881
-
-
139,318
086
(131646-K)
<----------------------------------------------------------- Company ------------------------------------------------------------>
2014
2013
Takaful
Family
General
Takaful
Family
General
Operator
Takaful
Takaful
Takaful Company
Note RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Profit for the year
144,378 - - 144,463 138,881
-
-
139,318
117 - - 3,189 126
-
-
1,285
-
-
(3,157)
-
-
-
(1,596)
- - 32 126
-
-
(311)
(7,054)
2,517
(89,750)
(6,673)
2,517
-
89,750
6,673
-
Other comprehensive income /
(expense), net of tax
Items that will not be
reclassified subsequently to
profit or loss
Revaluation of property
and equipment
Fair value change of available for-sale financial assets
-
117 (7,054)
- (56,548)
(10,197)
56,548 10,197 - (7,054)
- - (7,054)
2,517
-
-
2,517
Total other comprehensive
(expense) / income for
the year
(6,937)
- - (7,022)
2,643
-
-
2,206
Total comprehensive income
for the year 137,441 - - 137,441 141,524
-
-
141,524
Profit for the year
attributable to:
144,378 - - 144,463 138,881
-
-
139,318
Total comprehensive income
for the year attributable to:
137,441 - - 137,441 141,524--
141,524
33
087
(131646-K)
Statements of Changes in Equity
<--------------------------------- Attributable to owners of the Company ------------------------------>
<------------------------------ Non - distributable ----------------------------->Distributable
Non-
Share
Share Translation Revaluation Fair value
LTIP Retained controlling
capital premium reserve reserve reserve reserve earnings
Total interests
Group
Note RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2013 162,817 4,098 (8,834) 5,040 7,827
Total
equity
RM’000
-328,300499,248 26,113525,361
Revaluation of
property and
equipment 33---
376--
575
951
991
1,942
Fair value of
available-for-sale
financial assets
33
-
-
-
-
2,073
-
-
2,073
(191)
1,882
Foreign currency
translation
differences
for foreign
operations
33
-
-
(2,830)
-
-
-
- (2,830)
(4,469) (7,299)
Other comprehensive
(expense) / income
for the year
33
-
-
(2,830)
376
2,073
-
575
194
(3,669) (3,475)
Profit / (Loss) for
the year ------
138,999
138,999
(4,619)
134,380
Total comprehensive
(expense) / income
for the year --
(2,830)
376
2,073-
139,574
139,193
(8,288)
130,905
Contributions by and
distributions to
owners of the
Company
-Share-based
payment
transactions
16
-
-
-
-
-
2,016
-
2,016
-
2,016
- Dividends to
owners of the
Company35------
(68,383)
(68,383)-
(68,383)
Total transactions
with owners
of the Company -----
2,016
(68,383)
(66,367)-
(66,367)
At 31 December 2013162,8174,098
(11,664)5,4169,9002,016
399,491
572,07417,825
589,899
Note 15 Note 15 Note 15 Note 15 Note 15 Note 15
088
(131646-K)
<--------------------------------- Attributable to owners of the Company ------------------------------>
<------------------------------ Non - distributable ----------------------------->Distributable
Non-
Share
Share Translation Revaluation Fair value
LTIP Retained controlling
capital premium reserve reserve reserve reserve earnings
Total interests
Group
Note RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2014 162,817 4,098 (11,664)
5,416 9,900 2,016 399,491 572,074 Revaluation of
property and
equipment
33
- - - 1,271 - - 95 1,366 Fair value of
available-for-sale
financial assets
33
- - - - (7,188)
- - (7,188)
Foreign currency
translation
differences for
foreign operations 33
- - 1,703 - - - - 1,703 Other comprehensive
income / (expense)
for the year
Profit / (Loss)
for the year
Total comprehensive
income / (expense)
for the year
- - - - - - 1,703 - 1,703 1,271 - 1,271 (7,188)
- (7,188)
- 95 (4,119)
Total
equity
RM’000
17,825 589,899
1,049 2,415
18 (7,170)
3,390 5,093
4,457 338
- 140,521 140,521 (1,786) 138,735
- 140,616 136,402 2,671 139,073
Contributions by and
distributions
to owners
of the Company
- LTIP exercised
-Share-based
payment
transactions
- Dividends to
owners of the
Company
16
189 1,509 - - - (1,698)
- 4,814 - - -
- 4,814
16
- - - - - 35
- - - - - - (130,329) (130,329)
- (130,329)
- - - 3,116 (130,329) (125,515)
- (125,515)
- - - - - - Capital repayment
from a subsidiary
189 - 1,509 - Total transactions
with owners
of the Company
189 1,509 At 31 December 2014
163,006 5,607 (9,961)
6,687 2,712 Note 15
Note 15
Note 15
Note 15
Note 15
- 4,814 - - - (7,011)
(7,011)
3,116 (130,329) (125,515)
(7,011) (132,526)
5,132 409,778 582,961 13,485 596,446
Note 15
089
(131646-K)
Company
Note
<------------------------------ Attributable to owners of the Company --------------------------->
<------------------------ Non - distributable ------------------------> Distributable
Share
Share Revaluation Fair value
LTIP Retained
Total
capital premium reserve
reserve
reserve earnings
equity
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2013
162,817
4,098
1,247
7,704
-
328,238
504,104
-
-
-
-
(311)
-
-
2,517
-
-
-
-
(311)
2,517
Revaluation of property and equipment
Fair value of available-for-sale financial assets
33
33
Other comprehensive (expense) / income
for the year
33 --
(311)
2,517--
2,206
Profit for the year
-
-
-
-
- 139,318 139,318
Total comprehensive (expense) / income
for the year
-
-
-
-
-
-
(311) 2,517
-139,318141,524
Contributions by and distributions to owners
of the Company
- Share-based payment transactions
- Dividends to owners of the Company
16
35
Total transactions with owners of the Company
-
-
-
-
2,016
-
-
(68,383)
2,016
(68,383)
----
2,016
(68,383)
(66,367)
At 31 December 2013
162,817 4,098
Note 15
Note 15
936 10,221 2,016399,173579,261
Note 15
Note 15
Note 15
Note 15
090
(131646-K)
Company
Note
<------------------------------ Attributable to owners of the Company --------------------------->
<------------------------ Non - distributable ------------------------> Distributable
Share
Share Revaluation Fair value
LTIP Retained
Total
capital premium reserve
reserve
reserve earnings
equity
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2014
162,817 Revaluation of property and equipment
33
33
4,098 936 10,221 2,016 - -
- -
(22)
-
- (7,054)
- -
Other comprehensive (expense) / income
for the year
33
Profit for the year
-
-
-
-
(22)
-
(7,054)
-
-
-
Total comprehensive (expense) / income
for the year
-
-
(22) (7,054)
399,173
579,261
54 -
32
(7,054)
54
144,463
(7,022)
144,463
-144,517157,441
Contributions by and distributions to owners
of the Company
- LTIP exercised
- Share-based payment transactions
- Dividends to owners of the Company
16
16
35
Total transactions with owners of the Company
189
-
-
1,509
-
-
1891,509
-
-
-
-
-
-
(1,689)
-
4,814
-
4,814
- (130,329) (130,329)
-
-3,116
(130,329)
(125,515)
At 31 December 2014 163,0065,607 9143,1675,132
413,361
591,187
Note 15
Note 15
Note 15
Note 15
Note 15
Note 15
091
(131646-K)
Statements of Cash Flows
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Cash flows from operating activities
186,697 179,304 189,166 182,282
Adjustments for:
Depreciation
11,577 13,574 8,742 11,241
Equity settled share-based payment
4,814 2,016 4,814 2,016
Fair value change of investment properties
(1,645)
(6,101)
(1,620)
(5,754)
Fair value change of fair value through profit or loss financial assets
(11,701)
(3,575)
1,780 (8,776)
Profit from financing receivables
(274)
(3,630)
(274)
(3,630)
Profit from Islamic debt securities, investment accounts
and Islamic accepted bills
(198,132)
(179,160)
(183,853)
(165,697)
Dividend income from Shariah approved shares
(31,116)
(30,001)
(30,852)
(29,724)
Gains on disposal of available-for-sale financial assets
(44,248)
(144,886)
(31,553)
(135,064)
Gains on disposal of property and equipment
(119)
(391)
(59)
(147)
Gains on disposal of investment properties
(638)
-
(426)
(Gains) / Losses on disposal of assets held for sale
(445)
680 (445)
680
Write-off of property and equipment
52 51 52 37
Amortisation of premiums, net of accretion of discounts
6,118 8,938 6,229 8,692
Impairment loss of financial assets
15,051 2,247 13,789 1,508
(Writeback of impairment loss) / Impairment loss of investment in a subsidiary
-
-
(1,648)
5,017
Impairment loss of property and equipment
227 6
227 Profit from Malaysian Government Islamic papers
(17,678)
(27,180)
(17,678)
(27,180)
Operating loss before changes in working capital
(81,460)
(188,108)
(43,609)
(164,499)
Profit from Islamic debt securities, investment accounts, Islamic
accepted bills and profit from Malaysian Government Islamic papers
Dividend income from Shariah approved shares
Increase in retakaful assets
Increase in receivables
Increase in Takaful contract liabilities
(Decrease) / Increase in payables
215,810 21,226 (45,559)
(179,816)
299,645 (14,818)
206,340 16,085 (202,981)
(118,103)
590,575 86,136 201,531 20,962 (54,821)
(217,341)
272,205 (14,220)
192,877
15,808
(199,916)
(99,113)
546,284
82,215
Zakat paid
Income taxes paid
215,028 (1,264)
(43,653)
389,944 (1,225)
(60,500)
164,708 (546)
(43,653)
373,656
(1,048)
(60,500)
Net cash generated from operating activities
170,111 328,219 120,509 312,108
092
(131646-K)
Statements of Cash Flows
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Cash flows from investing activities
Purchase of investments
Proceeds from sale of investments
Maturity of other investments
Purchase of property and equipment
Proceeds from sale of property and equipment
Proceeds from sale of investment properties
Proceeds from sale of assets held for sale
Net cash generating from / (used in) in investing activities
(3,531,527) (3,211,437) (3,231,828) (3,079,041)
3,754,762 2,756,813 3,509,424 2,662,651
168,620 207,160 159,474 202,634
(20,968)
(7,522)
(19,844)
(6,589)
810 1,673 460 251
8,224 -
7,219 7,285 3,110 7,285 3,110
387,206 (250,203)
432,190 (216,984)
Distributions from a subsidiary
Distributions to non-controlling interests
Dividends paid to owners of the Company
-
(7,011)
(130,329)
-
-
(84,665)
10,984 -
(130,329)
(84,665)
Net cash used in financing activities
(137,340)
(84,665)
(119,345)
(84,665)
Net increase / (decrease) in cash and cash equivalents
Effect of exchange rate fluctuations on cash held
Cash and cash equivalents at 1 January
419,977 (6,649)
433,353 10,459
5,679 (14,984)
-
430,619452,252313,239302,780
Cash and cash equivalents at 31 December
856,275 Cash flows from financing activities
430,619 746,592 313,239
Cash and cash equivalents included in the statements of cash flows comprise the following statements of financial position amounts:
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Cash and bank balances and fixed and call deposits with licensed financial
institutions with maturity less than three months
- Takaful Operator (Note 13)
- Family Takaful Fund (Note 13)
- General Takaful Fund (Note 13)
146,499 597,341 112,435 89,171 265,736 75,712 111,923 538,358 96,311 45,773
204,687
62,779
856,275 430,619 746,592 313,239
093
(131646-K)
Notes to the Financial Statements
Syarikat Takaful Malaysia Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of
Bursa Malaysia Securities Berhad. The address of the principal place of business and registered office of the Company is as follows:
26th Floor, Annexe Block
50000 Kuala Lumpur
The consolidated financial statements of the Company as at and for the financial year ended 31 December 2014 comprise the Company and its
subsidiaries (together referred to as the “Group”) and the Group’s interest in associates. The financial statements of the Company as at and for
the financial year ended 31 December 2014 do not include other entities.
The Company is principally engaged in managing family and general takaful businesses, whilst the principal activities of the subsidiaries are as
stated in Note 5 to the financial statements. There has been no significant change in the nature of these activities during the financial year.
The immediate holding company during the financial year is BIMB Holdings Berhad, a company incorporated in Malaysia and listed on the Main
Market of Bursa Malaysia Securities Berhad. The ultimate holding corporation of the Company during the financial year is Lembaga Tabung Haji,
a statutory body established under the Tabung Haji Act 1995 (Act 535).
The financial statements were authorised for issue by the Board of Directors on 30 March 2015.
1.
Basis of preparation
(a)
Statement of compliance
The financial statements of the Group and the Company have been prepared in accordance with Malaysian Financial Reporting
Standards (MFRSs), International Financial Reporting Standards, the Companies Act, 1965, Islamic Financial Services Act 2013,
Takaful Guidelines / Circulars issued by Bank Negara Malaysia (BNM) and Principles of Shariah.
A Takaful Operator is required to present consolidated financial statements for itself and the Takaful funds it manages and controls
in accordance with the requirements of MFRS 127, Consolidated and Separate Financial Statements. The statements of financial
position and the statements of profit or loss and other comprehensive income of the Takaful Operator, Family Takaful Fund and
General Takaful Fund are supplementary financial information presented in accordance with the requirements of BNM and Islamic
Financial Services Act 2013 in Malaysia to segregate assets, liabilities, income and expenses of Takaful funds from its own. The
statements of financial position and profit or loss and other comprehensive income of the Takaful Operator include only assets,
liabilities, income and expenses of the Takaful Operator, excluding the Takaful funds managed by it. The statements of financial
position and profit or loss and other comprehensive income of the Family and General Takaful Fund include only the assets,
liabilities, income and expenses of the family solidarity fund and General Takaful Fund that is set up, managed and controlled by the
Takaful Operator.
094
(131646-K)
1.
Basis of preparation (continued)
(a)
Statement of compliance (continued)
The following are accounting standards, amendments and interpretations that have been issued by the Malaysian Accounting
Standards Board (MASB) but have not been adopted by the Group and the Company:
MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 July 2014
•
Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards (Annual Improvements 2011-2013
Cycle)
•
Amendments to MFRS 2, Share-based Payment (Annual Improvements 2010-2012 Cycle)
•
Amendments to MFRS 3, Business Combinations (Annual Improvements 2010-2012 Cycle and 2011-2013 Cycle)
•
Amendments to MFRS 8, Operating Segments (Annual Improvements 2010-2012 Cycle)
•
Amendments to MFRS 13, Fair Value Measurement (Annual Improvements 2010-2012 Cycle and 2011-2013 Cycle)
•
Amendments to MFRS 116, Property, Plant and Equipment (Annual Improvements 2010-2012 Cycle)
•
Amendments to MFRS 119, Employee Benefits – Defined Benefit Plans: Employee Contributions
•
Amendments to MFRS 124, Related Party Disclosures (Annual Improvements 2010-2012 Cycle)
•
Amendments to MFRS 138, Intangible Assets (Annual Improvements 2010-2012 Cycle)
•
Amendments to MFRS 140, Investment Property (Annual Improvements 2011-2013 Cycle)
MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2016
•
Amendments to MFRS 5, Non-current Assets Held for Sale and Discontinued Operations (Annual Improvements 2012-2014
Cycle)
•
Amendments to MFRS 7, Financial Instruments: Disclosures (Annual Improvements 2012-2014 Cycle)
•
Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in Associates and Joint Ventures –
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
•
Amendments to MFRS 10, Consolidated Financial Statements, MFRS 12, Disclosure of Interests in Other Entities, and MFRS
128, Investments in Associates and Joint Ventures – Investment Entities: Applying the Consolidation Exception
•
Amendments to MFRS 11, Joint Arrangements - Accounting for Acquisitions of Interest in Joint operations
•
MFRS 14, Regulatory Deferral Accounts
•
Amendments to MFRS 101, Presentation of Financial Statements – Disclosure Initiative
•
Amendments to MFRS 116, Property, Plant and Equipment and MFRS138, Intangible Assets - Clarification of Acceptable
Methods of Depreciation and Amortisation
•
Amendments to MFRS 116, Property, Plant and Equipment and MFRS141, Agriculture - Agriculture: Bearer Plants
•
Amendments to MFRS 119, Employee Benefits (Annual Improvements 2012-2014 Cycle)
•
Amendments to MFRS 127, Separate Financial Statements – Equity Method in Separate Financial Statements
•
Amendments to MFRS 134, Interim Financial Reporting (Annual Improvements 2012-2014 Cycle)
•
MFRS 15, Revenue from Contracts with Customers
•
MFRS 9, Financial Instruments (2014)
The Group and the Company plan to apply the abovementioned standards, amendments and interpretations:
•
•
•
•
from the annual period beginning on 1 January 2015 for those accounting standards, amendments or interpretations that are
effective for annual periods beginning on or after 1 July 2014.
from the annual period beginning on 1 January 2016 for those accounting standards, amendments or interpretations that
are effective for annual periods beginning on or after 1 January 2016, except for MFRS 141, Agriculture - Agriculture: Bearer
Plants.
effective for annual periods beginning on or after 1 January 2017.
effective for annual periods beginning on or after 1 January 2018.
095
(131646-K)
1.
Basis of preparation (continued)
(a)
Statement of compliance (continued)
The initial application of the abovementioned amendments and interpretation are not expected to have any material impacts to the
financial statements of the Group and the Company except as mentioned below:
MFRS 15, Revenue from Contracts with Customers
MFRS 15 replaces the guidance in MFRS 111, Construction Contracts, MFRS 118, Revenue, IC Interpretation 13, Customer Loyalty
Programmes, IC Interpretation 15, Agreements for Construction of Real Estate, IC Interpretation 18, Transfer of Assets from
Customers and IC Interpretation 131, Revenue – Barter Transactions Involving Advertising Services. Upon adoption of MFRS 15, it
is expected that the timing of revenue recognition for non-insurance contracts might be different as compared with the current
practices.
The adoption of MFRS 15 will result in a change in accounting policy. The Group and the Company is currently assessing the financial
impact of adopting MFRS 15.
MFRS 9, Financial Instruments
MFRS 9 replaces the guidance in MFRS 139, Financial Instruments: Recognition and Measurement on the classification and
measurement of financial assets and financial liabilities, and on hedge accounting.
The Group is currently assessing the financial impact that may arise from the adoption of MFRS 9.
(b)
Basis of measurement
(c)
Functional and presentation currency
These financial statements are presented in Ringgit Malaysia (RM), which is the Company’s functional currency. All financial
information is presented in RM and has been rounded to the nearest thousand, unless otherwise stated.
(d)
Use of estimates and judgements
The preparation of financial statements in conformity with MFRS which requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and the reported amount of assets, liabilities, income and expenses.
Actual results may differ from these estimates.
The financial statements have been prepared on the historical cost basis other than as disclosed in Note 2.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimates are revised and in any future periods affected.
There are no significant areas of estimation uncertainty and critical judgements in applying accounting policies that have significant
effect on the amounts recognised in the financial statements other than those disclosed in the following notes:
•
•
•
•
Note 2(f) and Note 4 – Investment properties
Note 2(c) and Note 39 – Financial instruments
Note 2(o), (p) and Note 19 - Computation of expense reserves
Note 2(n), (o), Note 8 and Note 18 – Provision for outstanding claims including IBNR claims and actuarial liabilities
096
(131646-K)
2.
Summary of significant accounting policies
The accounting policies set out below have been applied consistently to the periods presented in these financial statements, and have
been applied consistently by Group entities, unless otherwise stated.
(a)
Basis of consolidation
(i)
Subsidiaries
Subsidiaries are entities, including unincorporated entities, controlled by the Company. The financial statements of
subsidiaries are included in the consolidated financial statements from the date that control commences until the date that
control ceases.
The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and
has the ability to affect those returns through its power over the entity. Potential voting rights are considered when assessing
control only when such rights are substantive. The Group also considers it has de facto power over an investee when, despite
not having the majority of voting rights, it has the current ability to direct the activities of the investee that significantly affect
the investee’s return.
Investments in subsidiaries are measured in the Company’s statement of financial position at cost less any impairment losses,
unless the investment is classified as held for sale or distribution. The cost of investments includes transaction costs.
(ii)
Business combinations
Business combinations are accounted for using the acquisition method from the acquisition date, which is the date on which
control is transferred to the Group.
The Group measures the cost of goodwill at the acquisition date as:
•
•
•
•
the fair value of the consideration transferred; plus
the recognised amount of any non-controlling interests in the acquiree; plus
if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less
the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
For each business combination, the Group elects whether it measures the non-controlling interests in the acquiree either at
fair value or at the proportionate share of the acquiree’s identifiable net asset at the acquisition date.
Transaction costs, other than those associated with the issue of Islamic debt or equity securities, that the Group incurs in
connection with a business combination are expensed as incurred.
(iii) Acquisition of non-controlling interests
The Group treats all changes in its ownership interest in a subsidiary that do not result in a loss of control as equity transactions
between the Group and its non-controlling interest holders. Any difference between the Group’s share of net assets before
and after the change, and any consideration received or paid, is adjusted to or against Group reserves.
097
(131646-K)
2.
Summary of significant accounting policies (continued)
(a)
Basis of consolidation (continued)
(iv) Loss of control
Upon the loss of control of a subsidiary, the Group derecognises the assets and liabilities of the former subsidiary, any noncontrolling interests and the other components of equity related to the former subsidiary. Any surplus or deficit arising on
the loss of control is recognised in profit or loss. If the Group retains any interest in the former subsidiary, then such interest
is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity accounted investee or
as an available-for-sale financial asset depending on the level of influence retained.
(v)
Associates
Associates are entities, including unincorporated entities, in which the Group has significant influence, but not control, over
the financial and operating policies.
Investments in associates are accounted for in the consolidated financial statements using the equity method less any
impairment losses, unless it is classified as held for sale or distribution. The cost of the investment includes transaction costs.
The consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of the
associate, after adjustments if any, to align the accounting policies with those of the Group, from the date that significant
influence commences until the date that significant influence ceases.
When the Group’s share of losses exceeds its interest in an associate, the carrying amount of that interest including any longterm investments is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Group
has an obligation or has made payments on behalf of the associate.
When the Group ceases to have significant influence over an associate, any retained interest in the former associate at the
date when significant influence is lost is measured at fair value and this amount is regarded as the initial carrying amount of
a financial asset. The difference between the fair value of any retained interest plus proceeds from the interest disposed of
and the carrying amount of the investment at the date when equity method is discontinued is recognised in profit or loss.
When the Group’s interest in an associate decreases but does not result in a loss of significant influence, any retained interest
is not re-measured. Any gain or loss arising from the decrease in interest is recognised in profit or loss. Any gains or losses
previously recognised in other comprehensive income are also reclassified proportionately to profit or loss if that gain or loss
would be required to be reclassified to profit or loss on the disposal of the related assets or liabilities.
Investments in associates are measured in the Company’s statement of financial position at cost less any impairment losses,
unless the investment is classified as held for sale or distribution. The cost of investments includes transaction costs.
(vi) Non-controlling interests
Non-controlling interests at the end of the reporting period, being the equity in a subsidiary not attributable directly or
indirectly to the equity holders of the Company, are presented in the consolidated statement of financial position and
statement of changes in equity within equity, separately from equity attributable to the owners of the Company. Noncontrolling interests in the results of the Group is presented in the consolidated statement of profit or loss and other
comprehensive income as an allocation of the profit or loss and the comprehensive income for the year between noncontrolling interests and the owners of the Company.
Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing
so causes the non-controlling interests to have a deficit balance.
098
(131646-K)
2.
(a)
Basis of consolidation (continued)
(vii) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are
eliminated in preparing the consolidated financial statements.
Unrealised gains arising from transactions with associates are eliminated against the investment to the extent of the Group’s
interest in the associates. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that
there is no evidence of impairment.
(b)
Foreign currency
(i)
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of the Group entities at exchange
rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional
currency at the exchange rate at that date.
Non-monetary assets and liabilities denominated in foreign currencies are not retranslated at the reporting date, except for
those that are measured at fair value that are retranslated to the functional currency at the exchange rate at the date that
the fair value was determined.
Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising on the
retranslation of available-for-sale equity instruments, which are recognised in other comprehensive income.
(ii)
Operations denominated in functional currencies other than Ringgit Malaysia
The assets and liabilities of operations denominated in functional currencies other than RM and fair value adjustments
arising on acquisition, are translated to RM at exchange rates at the end of the reporting period. The income and expenses
of foreign operations are translated to RM at exchange rates at the dates of the transactions.
Foreign currency differences are recognised in other comprehensive income and accumulated in the foreign currency
translation reserve (FCTR) in equity. However, if the operation is a non-wholly-owned subsidiary, then the relevant
proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is
disposed of such that control, significant influence or joint control is lost, the cumulative amount in the FCTR related to that
foreign operation is reclassified to profit or loss as part of the profit or loss on disposal.
When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation, the relevant proportion
of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment
in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the
relevant proportion of the cumulative amount is reclassified to profit or loss.
099
(131646-K)
2.
(c)
Financial instruments
(i)
Initial recognition and measurement
A financial asset or a financial liability is recognised in the statement of financial position when, and only when, the Group or
the Company becomes a party to the contractual provisions of the instrument.
A financial instrument is recognised initially, at its fair value plus, in the case of a financial instrument not at fair value through
profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument.
An embedded derivative is recognised separately from the host contract and accounted for as a derivative if, and only if, it is
not closely related to the economic characteristics and risks of the host contract and the host contract is not categorised as
fair value through profit or loss. The host contract, in the event an embedded derivative is recognised separately, is accounted
for in accordance with policy applicable to the nature of the host contract.
(ii)
Financial instrument categories and subsequent measurement
The Group and the Company categorise financial instruments as follows:
Financial assets
(a)
Financial assets at fair value through profit or loss
Fair value through profit or loss category comprises financial assets that are held for trading, including derivatives
(except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument) or
financial assets that are specifically designated into this category upon initial recognition.
Derivatives that are linked to and must be settled by delivery of unquoted equity instruments whose fair values cannot
be reliably measured are measured at cost.
Other financial assets categorised as fair value through profit or loss are subsequently measured at their fair values
with the gain or loss recognised in profit or loss.
(b)
Held-to-maturity investments
Held-to-maturity investments category comprises Islamic debt instruments that are quoted in an active market and
the Group or the Company has the positive intention and ability to hold them to maturity.
Financial assets categorised as held-to-maturity investments are subsequently measured at amortised cost using the
effective interest method.
(c)
Loans and receivables
Loans and receivables category comprises Islamic debt instruments that are not quoted in an active market (including
fixed deposits with financial institutions with maturities more than 3 months).
Financial assets categorised as loans and receivables are subsequently measured at amortised cost using the effective
interest method.
100
(131646-K)
2.
(c)
Financial instruments (continued)
(ii)
Financial instrument categories and subsequent measurement (continued)
Financial assets (continued)
(d)
Available-for-sale financial assets
Available-for-sale category comprises investment in equity and Islamic debt securities instruments that are not held
for trading nor held to maturity.
Investments in equity instruments that do not have a quoted market price in an active market and whose fair value
cannot be reliably measured are measured at cost. Other financial assets categorised as available-for-sale are
subsequently measured at their fair values with the gain or loss recognised in other comprehensive income, except
for impairment losses, foreign exchange gains and losses arising from monetary items and gains and losses of hedged
items attributable to hedge risks of fair value hedges which are recognised in profit or loss. On derecognition, the
cumulative gain or loss recognised in other comprehensive income is reclassified from equity into profit or loss. Profit
income calculated for an Islamic debt instrument using the effective interest method is recognised in profit or loss.
(e)
Takaful receivables
Takaful receivables are recognised when due and measured on initial recognition at the fair value of the consideration
receivable. Subsequent to initial recognition, takaful receivables are measured at amortised cost, using the effective
interest method.
All financial assets, except for those measured at fair value through profit or loss, are subject to review for impairment
(see Note 2(j)(i) and (ii)).
Financial liabilities
All financial liabilities are initially measured at fair value and subsequently measured at amortised cost other than
those categorised as fair value through profit or loss.
Fair value through profit or loss category comprises financial liabilities that are derivatives (except for a derivative
that is a financial guarantee contract or a designated and effective hedging instrument) or financial liabilities that are
specifically designated into this category upon initial recognition.
Derivatives that are linked to and must be settled by delivery of unquoted equity instruments whose fair values cannot
be reliably measured are measured at cost.
Financial liabilities categorised as fair value through profit or loss are subsequently measured at their fair values with
the gain or loss recognised in profit or loss.
101
(131646-K)
2.
(c)
(iii) Regular way purchase or sale of financial assets
A regular way purchase or sale is a purchase or sale of a financial asset under a contract whose terms require delivery of the
asset within the time frame established generally by regulation or convention in the marketplace concerned.
A regular way purchase or sale of financial assets is recognised and derecognised, as applicable, using trade date accounting.
Trade date accounting refers to:
(a)
the recognition of an asset to be received and the liability to pay for it on the trade date, and
(b)
derecognition of an asset that is sold, recognition of any gain or loss on disposal and the recognition of a receivable
from the buyer for payment on the trade date.
(iv) Derecognition
A financial asset or part of it is derecognised when, and only when the contractual rights to the cash flows from the financial
asset expire or the financial asset is transferred to another party without retaining control or substantially all risks and
rewards of the asset. On derecognition of a financial asset, the difference between the carrying amount and the sum of the
consideration received (including any new asset obtained less any new liability assumed) and any cumulative gain or loss that
had been recognised in equity is recognised in profit or loss.
A financial liability or a part of it is derecognised when, and only when, the obligation specified in the contract is discharged
or cancelled or expires. On derecognition of a financial liability, the difference between the carrying amount of the financial
liability extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or
liabilities assumed, is recognised in profit or loss.
(d)
(i)
Recognition and measurement
The land and buildings are stated at cost / valuation less any accumulated depreciation and any accumulated impairment
losses. Items of equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses.
The Group and the Company revalue their land and buildings annually and at shorter intervals whenever the fair values of
the revalued assets are expected to differ materially from their carrying value. Additions subsequent to their revaluation are
stated in the financial statements at cost until the next revaluation exercise.
An external independent valuation company, having the appropriate recognised professional qualifications, values the
Group’s land and buildings on an annual basis. The revalued amounts are based on market value, being the estimated
amount for which a property could be exchanged between a willing buyer and a willing seller in an arm’s length transaction.
Surpluses arising from revaluation are dealt with in the revaluation reserve account. Any deficit arising is offset against the
revaluation reserve to the extent of any previous surpluses recognised for the same property. In all other cases, a decrease
in carrying amount is charged to profit or loss.
Cost includes expenditures that are directly attributable to the acquisition of the asset and any other costs directly attributable
to bringing the asset to working condition for its intended use, and the costs of dismantling and removing the items and
restoring the site on which they are located.
102
(131646-K)
2.
(d)
Property and equipment (continued)
(i)
Recognition and measurement (continued)
Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.
When significant parts of an item of property and equipment have different useful lives, they are accounted for as separate
items (major components) of property and equipment.
The gain or loss on disposal of an item of property and equipment is determined by comparing the proceeds from disposal
with the carrying amount of property and equipment and is recognised net within “realised gains and losses” in profit or loss.
(ii)
Subsequent costs
The cost of replacing a component of an item of property and equipment is recognised in the carrying amount of the item if
it is probable that the future economic benefits embodied within the component will flow to the Group or the Company, and
its cost can be measured reliably. The carrying amount of the replaced component is derecognised to profit or loss. The costs
of the day-to-day servicing of property and equipment are recognised in profit or loss as incurred.
(iii) Depreciation
Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed,
and if a component has a useful life that is different from the remainder of that asset, then that component is depreciated
separately.
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an
item of property and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives unless
it is reasonably certain that the Group will obtain ownership by the end of the lease term. Freehold land is not depreciated.
Property and equipment under construction are not depreciated until the assets are ready for their intended use.
The annual depreciation rates for the current and comparative periods are as follows:
Buildings
Renovation
Furniture, fixtures and fittings
Motor vehicles
Computer and equipment
2.0%
16.7%
16.7% - 20.0%
20.0%
20.0% - 33.3%
The depreciable amount is determined after deducting the at end of the reporting period, and adjusted as appropriate.
Depreciation methods, useful lives and residual values are reviewed at end of the reporting period, and adjusted as
appropriate.
103
(131646-K)
2.
(e)
Leased assets
(i)
Finance lease
Leases in terms of which the Group or the Company assumes substantially all the risks and rewards of ownership are classified
as finance leases. Upon initial recognition, the leased asset is measured at an amount equal to the lower of its fair value and
the present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance
with the accounting policy applicable to that asset.
Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of
the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant
periodic rate of profit on the remaining balance of the liability. Contingent lease payments are accounted for by revising the
minimum lease payments over the remaining term of the lease when the lease adjustment is confirmed.
Leasehold land which in substance is a finance lease is classified as property and equipment.
(ii)
Operating lease
Leases, where the Group or the Company does not assume substantially all the risks and rewards of ownership are classified
as operating leases and, except for property interest held under operating lease, the leased assets are not recognised on
the Group’s or the Company’s statement of financial position. Property interest held under an operating lease, which is held
to earn rental income or for capital appreciation or both, is classified as investment property and measured using fair value
model.
Payments made under operating leases are recognised in profit or loss on a straight-line basis over the term of the lease.
Lease incentives received are recognised in profit or loss as an integral part of the total lease expense, over the term of the
lease. Contingent rentals are charged to profit or loss in the reporting period in which they are incurred.
Leasehold land which in substance is an operating lease is classified as prepaid lease payments.
(f)
Investment property
(i)
Investment property carried at fair value
Investment properties are properties which are owned or held under a leasehold interest to earn rental income or for capital
appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of services or for
administrative purposes.
Investment properties are measured initially at cost and subsequently at fair value with any change therein recognised in
profit or loss for the period in which they arise.
Cost includes expenditure that is directly attributable to the acquisition of the investment property.
An investment property is derecognised on its disposal, or when it is permanently withdrawn from use and no future
economic benefits are expected from its disposal. The difference between the net disposal proceeds and the carrying amount
is recognised in profit or loss in the period in which the item is derecognised.
104
(131646-K)
2.
(f)
Investment property (continued)
(ii)
Reclassifications to / from investment property carried at fair value
When an item of property and equipment is transferred to investment property following a change in its use, any difference
arising at the date of transfer between the carrying amount of the item immediately prior to transfer and its fair value is
recognised directly in equity as a revaluation of property and equipment. However, if a fair value gain reverses a previous
impairment loss, the gain is recognised in profit or loss. Upon disposal of an investment property, any surplus previously
recorded in equity is transferred to retained earnings; the transfer is not made through profit or loss.
When the use of a property changes such that it is reclassified as property and equipment, its fair value at the date of
reclassification becomes its cost for subsequent accounting.
(iii) Determination of fair value
An external, independent valuation firm, having appropriate recognised professional qualifications and recent experience
in the location and category of property being valued, values the Group’s and the Company’s investment property portfolio
annually.
The fair values are based on market values, being the estimated amount for which a property could be exchanged on the date
of the valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein
the parties had each acted knowledgeably.
(g)
Non-current assets held for sale
Non-current assets, or disposal groups comprising assets and liabilities that are expected to be recovered primarily through sale
rather than through continuing use, are classified as held for sale.
Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured in accordance
with the Group’s accounting policies. Thereafter, generally the assets, or disposal group are measured at the lower of their carrying
amount and fair value less costs to sell.
Any impairment loss on a disposal group is first allocated to goodwill, and then to the remaining assets and liabilities on pro-rata
basis, except that no loss is allocated to financial assets, deferred tax assets and investment property, which continue to be measured
in accordance with the Group’s accounting policies. Impairment losses on initial classification as held for sale and subsequent gains
or losses on remeasurement are recognised in profit or loss. Gains are not recognised in excess of any cumulative impairment loss.
Intangible assets and property and equipment once classified as held for sale are not amortised or depreciated. In addition, equity
accounting of equity accounted investees ceases once classified as held for sale.
(h)
Cash and cash equivalents and placements with financial institutions
Cash and cash equivalents consist of cash on hand, balances and deposits with banks and highly liquid investments which have
an insignificant risk of changes in fair value with original maturities of three months or less, and are used by the Group and the
Company in the management of their short term commitments. For the purpose of the statement of cash flows, cash and cash
equivalents are presented net of bank overdrafts and pledged deposits.
105
(131646-K)
2.
(i)
Qard
Any deficits arising in the Takaful funds are made good via a benevolent loan, or Qard, granted by the Takaful Operator to the Takaful
funds. Qard is stated at cost less any provision for impairment losses. In the Takaful funds, the Qard is stated at cost. The Qard shall
be repaid from future surpluses of the Takaful funds.
Qard receivables are assessed by Takaful Operator at each reporting date whether there is any indication of impairment. An
impairment loss of Qard is recognised if its carrying amount exceeds its recoverable amount.
The recoverable amount is the net surplus of the Participants’ Risk Fund (PRF) or part of the Participants’ Risk Fund where the
Participants’ Risk Fund is managed under smaller sub-funds (PRF). The net surplus of the PRF is the amount of the PRF less the best
estimate value of liabilities calculated according to valuation methods prescribed via Guidelines on Valuation Basis of Liabilities for
General Takaful Business and Guidelines on Valuation Basis of Liabilities for Family Takaful Business). In deriving the net surplus of
the PRF, the value of the PRF should be as at that point in time and there should not be assumption of growth of the PRF.
Impairment losses are recognised in profit or loss. Impairment losses are subsequently reversed in profit or loss if objective evidence
exists that the Qard receivable is no longer impaired.
(j)
Impairment
(i)
Financial assets, excluding takaful receivables
All financial assets (except for financial assets categorised as fair value through profit or loss, investments in subsidiaries and
investment in associate) are assessed at each reporting date whether there is any objective evidence of impairment as a
result of one or more events having an impact on the estimated future cash flows of the asset. Losses expected as a result of
future events, no matter how likely, are not recognised. For an investment in an equity instrument, a significant or prolonged
decline in the fair value below its cost is an objective evidence of impairment. If any such objective evidence exists, then the
financial asset’s recoverable amount is estimated.
An impairment loss in respect of loans and receivables (excluding takaful receivables where the policy is set out in Note 2(j)(ii)
below) and held-to-maturity investments is recognised in profit or loss and is measured as the difference between the asset’s
carrying amount and the present value of estimated future cash flows discounted at the asset’s original effective profit rate.
The carrying amount of the asset is reduced through the use of an allowance account.
An impairment loss in respect of available-for-sale financial assets is recognised in profit or loss and is measured as the
difference between the asset’s acquisition cost (net of any principal repayment and amortisation) and the asset’s current fair
value, less any impairment loss previously recognised. Where a decline in the fair value of an available-for-sale financial asset
has been recognised in other comprehensive income, the cumulative loss in other comprehensive income is reclassified from
equity to profit or loss.
An impairment loss in respect of unquoted equity instrument that is carried at cost is recognised in profit or loss and is
measured as the difference between the financial asset’s carrying amount and the present value of estimated future cash
flows discounted at the current market rate of return for a similar financial asset.
Impairment losses recognised in profit or loss for an investment in an equity instrument classified as available-for-sale is not
reversed through profit or loss.
If, in a subsequent period, the fair value of an Islamic debt instrument increases and the increase can be objectively related
to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed, to the extent
that the asset’s carrying amount does not exceed what the carrying amount would have been had the impairment not been
recognised at the date the impairment is reversed. The amount of the reversal is recognised in profit or loss.
106
(131646-K)
2.
(j)
Impairment (continued)
(ii)
Takaful receivables
If there is objective evidence that the takaful receivable is impaired, the Group and the Company reduce the carrying amount
of the takaful receivable accordingly and recognises that impairment loss in profit or loss. The Group and the Company gather
the objective evidence that a takaful receivable is impaired using the same process adopted for financial assets carried at
amortised cost. The impairment loss is calculated under the same method used for those financial assets. These processes
are described in Note 2(j)(i).
(iii) Other assets
The carrying amounts of other assets (except for deferred tax asset and investment property measured at fair value and noncurrent assets classified as held for sale) are reviewed at the end of each reporting period to determine whether there is any
indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated.
For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating units. Subject
to an operating segment ceiling test, for the purpose of goodwill impairment testing, cash-generating units to which goodwill
has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at
which goodwill is monitored for internal reporting purposes. The goodwill acquired in a business combination, for the
purpose of impairment testing, is allocated to group of cash-generating units that are expected to benefit from the synergies
of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating
unit.
An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated
recoverable amount.
Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are
allocated to reduce the carrying amount of the other assets in the cash-generating unit (groups of cash-generating units) on
a pro-rata basis.
Impairment losses recognised in prior periods are assessed at the end of each reporting period for any indications that the
loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to
determine the recoverable amount since the last impairment loss was recognised. An impairment loss is reversed only to
the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net
of depreciation or amortisation, if no impairment loss had been recognised. Reversals of impairment losses are credited to
profit or loss in the year in which the reversals are recognised.
(k)
Equity instruments
Instruments classified as equity are measured at cost on initial recognition and are not remeasured subsequently.
(i)
Ordinary shares
Ordinary shares are classified as equity.
107
(131646-K)
2.
(k)
Equity instruments (continued)
(ii)
Distributions of assets to owners of the Company
The Group measures a liability to distribute assets as a dividend to the owners of the Company at the fair value of the
assets to be distributed. The carrying amount of the dividend is remeasured at each reporting period and at the settlement
date, with any changes recognised directly in equity as adjustments to the amount of the distribution. On settlement of
the transaction, the Group recognises the difference, if any, between the carrying amount of the assets distributed and the
carrying amount of the liability in profit or loss.
(l)
Employee benefits
(i)
Short-term employee benefits
Short-term employee benefit obligations in respect of salaries, annual bonuses, paid annual leave and sick leave are measured
on an undiscounted basis and are expensed as the related service is provided.
A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group
and the Company have a present legal or constructive obligation to pay this amount as a result of past service provided by
the employee and the obligation can be estimated reliably.
(ii)
State plans
The Group’s and the Company’s contribution to the statutory pension fund is charged to profit or loss in the financial year to
which they relate. Once the contributions have been paid, the Group and the Company have no further payment obligations.
(iii) Share-based payment transactions
The grant date fair value of share-based payment granted to employees is recognised as an employee expense, with a
corresponding increase in equity, over the period that the employees unconditionally become entitled to the awards. The
amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market
vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number
of awards that meet the related service and non-market performance conditions at the vesting date.
For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is
measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.
The fair value of the employee share options is measured using Monte Carlo Simulation. Measurement inputs include
share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic
volatility adjusted for changes expected due to publicly available information), expected dividends, and the risk-free interest
rate (based on government bonds). Service and non-market performance conditions attached to the transactions are not
taken into account in determining fair value.
(m) Provisions
A provision is recognised if, as a result of a past event, the Group and the Company have a present legal or constructive obligation
that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments
of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.
108
(131646-K)
2.
(n)
General Takaful Fund
The General Takaful Fund is maintained in accordance with the Islamic Financial Services Act 2013. Included in General Takaful Fund
are funds arising from:
•
•
General Takaful; and
General retakaful funds.
The General Takaful underwriting results are determined for each class of takaful business after taking into account retakaful,
unearned contributions, claims incurred and administrative fees.
Contribution income
Contributions are recognised in a financial period in respect of risks assumed during that particular financial period based on the
inception date. Inward treaty retakaful contributions are recognised on the basis of periodic advices received from ceding takaful
operators.
Unearned contribution reserves
The Unearned Contribution Reserves (UCR) represent the portion of the net contributions of takaful certificates written that relate
to the unexpired periods of the certificates at the end of the financial year.
In determining the UCR at the end of the reporting period, the method that most accurately reflects the actual unearned
contributions is used, as follows:
a)
b)
1/365th method for all General Takaful business.
1/8th method for all classes of General Treaty Inward Retakaful business.
Provision for outstanding claims
A liability for outstanding claims is recognised in respect of direct takaful business. The amount of outstanding claims is the best
estimate of the expenditure required together with related expenses less recoveries, if any, to settle the present obligation at the
end of the reporting period. Any difference between the current estimated cost and subsequent settlement is dealt with in the
takaful statement of profit or loss and other comprehensive income of the Group and of the Company in the year in which the
settlement takes place.
Provision is also made for the cost of claims (together with related expenses) and Incurred But Not Reported Claims (IBNR) at the
end of the reporting period, using a mathematical method of estimation by a qualified external actuary where historical claims
experience are used to project future claims. The provision includes a risk margin for adverse deviation. As with all projections,
there are elements of uncertainty and the projected claims may be different from actual. These uncertainties arise from changes in
underlying risk, changes in spread of risks, claims settlement pattern as well as uncertainties in the projection model and underlying
assumptions.
(o)
Family Takaful Fund
Included in Family Takaful Fund are funds arising from:
•
•
•
Family Takaful;
Group Family Takaful; and
Family retakaful funds.
109
(131646-K)
2.
(o)
Family Takaful Fund (continued)
The Family Takaful Fund is maintained in accordance with the requirements of the Islamic Financial Services Act 2013 and includes
the amounts attributable to participants which represents the participants’ share of the underwriting surplus and return on the
investments, where applicable and are distributable in accordance with the terms and conditions prescribed by the Group and the
Company.
The surplus transfer from the Family Takaful Fund to profit or loss is based on the pre-determined profit sharing ratio of the
underwriting surplus and return on investments.
Contribution income
Contribution is recognised as soon as the amount of the contribution can be reliably measured. Initial contribution is recognised from
inception date and subsequent contribution is recognised when it is due. At the end of each financial period, all due contributions
are accounted for to the extent that they can be reliably measured.
Investment-linked business
Investments of the investment-linked business are stated at closing market prices. Any increase or decrease in value of these
investments is taken into the investment-linked business revenue accounts.
Actuarial reserves
Actuarial reserves comprise the Prospective Actuarial Valuation, Cash Flow Projection Valuation and Unearned Contribution
Valuation as explained below:
(i)
Prospective Actuarial Valuation
For credit-related products, the liabilities of Family Takaful Fund shall be valued based on the sum of present value of future
benefits and any expected future expenses payable from the takaful funds, less the present value of future gross tabarru’
arising from the certificate, discounted at the appropriate risk discount rate as defined in the valuation guidelines.
For a credit-related takaful certificate whose sustainability of tabarru’ deductions is dependent on the performance of the
Participants Investment Fund (PIF), the calculation is subject to adjusting the future gross tabarru’ cash flow such that it is
limited to the period where the PIF can sustain the tabarru’ and assuming that the takaful coverage is in force for the full
duration of the takaful contract.
(ii)
Cash Flow Projection Valuation
For products with PIF other than credit-related products, the liabilities shall be valued by projecting future cash flows to
ensure that all future obligations can be met without recourse to additional finance or capital support at any future time
during the duration of the certificate. The cash flow projection shall use a basis that is consistent with the requirements of
the valuation guidelines.
110
(131646-K)
2.
(o)
(iii) Unearned Contribution Valuation
Yearly renewable products or extensions shall be valued according to the following:
(a)
For a certificate covering death or survival, the liabilities shall be valued on an unexpired risk basis using a prospective
estimate of expected future payments arising from future events covered as at the valuation date. These future
payments shall include allowance for direct claims related expenses, direct investment-related expenses, cost of
retakaful and expected future contribution refunds expected during the unexpired period.
(b)
For a certificate covering contingencies other than death or survival, the net liability is the maximum of unexpired risk
reserve or unearned contribution reserve.
Claims and provisions for claims arising on family and group family takaful certificates, including settlement costs, are
accounted for using the case basis method and for this purpose, the benefits payable under a family takaful certificate are
recognised as follows:
(p)
a)
Maturity or other policy benefit payments due on specified dates are accounted for as claims payable on the due
dates.
b)
Death, surrender and other benefits without due dates are treated as claims payable on the date of receipts of
intimation of death of the participant or occurrence of contingency covered.
c)
For individual family, group health and medical business, provision is made for the cost of claims (together with related
expenses) and IBNR at the end of the reporting period, using a mathematical method of estimation by a qualified
internal actuary where historical claims experience are used to project future claims. The provision includes a risk
margin for adverse deviation. As with all projections, there are elements of uncertainty and the projected claims may
be different from actual. These uncertainties arise from changes in underlying risk, changes in spread of risks, claim
settlement pattern as well as uncertainties in the projection model and underlying assumptions.
Expense reserves
The expense reserves is reported as a liability in Takaful Operator’s Fund.
(i)
The expense reserve for mudharabah certificates is calculated based on best estimate of the provision for unexpired expense
risk (UER) and the provision for risk margin for adverse deviation (PRAD). The expense reserve for wakalah certificates refers
to the higher of aggregate of the Unearned Wakalah Fee (UWF) for all lines of business or best estimate of the provision for
UER and the PRAD at total fund level.
(ii)
Family Takaful Fund
Expense reserves consists of the following:
(a)
Expense liabilities
The method used to value expense liabilities shall be consistent with the method used to value takaful liabilities of the
corresponding family takaful certificate (for example, for a long-term ordinary takaful certificate, the valuation method
for expense liabilities should also be long-term in nature).
111
(131646-K)
2.
(p)
Expense reserves (continued)
(ii)
(b)
Deficiency Reserve for Skim Anuiti Takaful KWSP
In addition to the expense liabilities above, an additional requirement is also complied as stipulated below:
If Participant Investment Fund (PIF) is expected to be insufficient to meet future annuity certain benefit and / or future
life annuity tabarru’, another provision shall be set aside that is in line with requirement of the valuation guideline.
Upon PIF insufficiency, the Operator’s Fund shall honour the annuity certain benefit payment to participants as well
as the tabarru’ to PRF.
(q)
Product classification
The Family Takaful Fund and General Takaful Fund consist of certificate contracts that transfer takaful risk.
Takaful contracts are those contracts that transfer significant takaful risk. A takaful contract is a contract under which the fund
has accepted significant takaful risk from another party (the certificate holders) by agreeing to compensate the participants if a
specified uncertain future event (the takaful event) adversely affects the participants. As a general guideline, to determine whether
a contract has significant takaful risk, benefits paid are compared with benefits payable if the takaful event did not occur.
Investment contracts are those contracts that do not transfer significant insurance risk. There are no contracts that are classified as
investment contracts in the Family and General Takaful Funds.
Once a contract has been classified as a takaful contract, it remains a takaful contract for the remainder of its life-time, even if the
takaful risk reduces significantly during this period, unless all rights and obligations are extinguished or expired.
Takaful contracts in the current portfolio are classified as being without discretionary participation features (DPF) as it does not
satisfy the criteria for DPF. DPF is a contractual right to receive, as a supplement to guaranteed benefits, additional benefits that are:
•
•
•
(r)
likely to be a significant portion of the total contractual benefits;
whose amount or timing is contractually at the discretion of the issuer; and
that are contractually based on the:
-
performance of a specified pool of contracts or a specified type of contract;
-
realised and / or unrealised investment returns on a specified pool of assets held by the issuer; or
-
the profit or loss of the company, fund or other entity that issues the contract.
Retakaful
The funds cede takaful risk in the normal course of business. Retakaful assets represent balances receivable and recoverable from
retakaful operators. Amounts recoverable from retakaful operators are estimated in a manner consistent with the outstanding claims
provision or settled claims associated with the retakaful’s certificates and are in accordance with the related retakaful contracts.
Ceded retakaful arrangements do not relieve the fund from its obligations to participants. Contributions and claims are presented
on a gross basis for both ceded and assumed retakaful.
Retakaful assets are reviewed for impairment at each reporting date or more frequently when an indication of impairment arises
during the reporting period. Impairment occurs when there is objective evidence as a result of an event that occurred after initial
recognition of the retakaful asset that the Family and General Takaful Fund may not receive all outstanding amounts due under the
terms of the contract and the event has a reliably measurable impact on the amounts that the Family and General Takaful Fund will
receive from the retakaful operator. The impairment loss is recorded in profit or loss.
112
(131646-K)
2.
(r)
Retakaful (continued)
Gains or losses on buying retakaful, if any, are recognised in profit or loss immediately at the date of purchase and are not amortised.
The funds also assume retakaful risk in the normal course of business for Family Takaful and General Takaful contracts when
applicable.
Contributions and claims on assumed retakaful are recognised as revenue or expenses in the same manner as they would be if
the retakaful were considered direct business, taking into account the product classification of the retakaful business. Retakaful
liabilities represent balances due to retakaful operators. Amounts payable are estimated in a manner consistent with the related
retakaful contract.
Retakaful assets or liabilities are derecognised when the contractual rights are extinguished or expired or when the contract is
transferred to another party.
Retakaful contracts that do not transfer significant takaful risk are accounted for directly through the statement of financial position.
These are deposit assets or financial liabilities that are recognised based on the consideration paid or received less any explicit
identified contributions or fees to be retained by the retakaful operators. Investment income on these contracts is accounted for
using the effective yield method when accrued.
(s)
Other revenue recognition
(i)
Financing income
Income from financing is recognised on an accrual basis, except where financing is considered impaired, i.e. where repayments
are in arrears for more than 90 days, in which case recognition of such income is suspended. Subsequent to suspension,
income is recognised on the receipt basis until all arrears have been paid.
Income is recognised on a time proportion basis that takes into account the effective yield of the asset.
(ii)
Wakalah fees
Wakalah fees are recognised as income or expenses by the respective funds based on a predetermined percentage of
gross contributions upon inception of certificates. Wakalah surplus / (deficit) is arrived at after deducting commission and
management expenses against the Wakalah fees charged.
(iii) Rental income
Rental is recognised on an accrual basis except where default in payment of rent has already occurred and rent dues remain
outstanding for over 90 days, in which case recognition of rental income is suspended. Subsequent to suspension, income is
recognised on the receipt basis until all arrears have been paid.
(iv) Dividend income
Dividend income is recognised in profit or loss on the date that the Group’s or the Company’s right to receive payment is
established, which in the case of quoted securities is the ex-dividend date.
(t)
Zakat
This represents tithes payable by the Group and the Company to comply with the Principles of Shariah and as approved by the
Shariah Advisory Body. Zakat is computed at 2.5% of zakat base of the Company, which is computed using the “Adjusted Growth
method” as approved by the Shariah Committee. The zakat computation is reviewed by the Shariah Committee. The Board has the
discretion to pay additional zakat above the obligatory amount payable.
113
(131646-K)
2.
(u)
Income tax expense
Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the
extent that it relates to items recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income for the year, using tax rates enacted or substantively
enacted by the end of the reporting period, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the liability method, providing for temporary differences between the carrying amounts of assets
and liabilities in the statement of financial position and their tax bases. Deferred tax is not recognised for the initial recognition of
assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss.
Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on
the laws that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they
relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to
settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary
difference can be utilised. Deferred tax assets are reviewed at the end of each reporting date and are reduced to the extent that it
is no longer probable that the related tax benefit will be realised.
(v)
Operating lease payments
The Group recognises its Ijarah financing obligations as operating leases. Lease payments under the operating lease are recognised
as an expense in profit or loss on a straight-line basis over the lease term.
(w) Earnings per share
The Group presents basic earnings per share (EPS) data for its ordinary shares.
Basic EPS is calculated by dividing the consolidated profit or loss attributable to ordinary shareholders of the Company by the
weighted average number of ordinary shares outstanding during the period, adjusted for own shares held.
Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of
ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares, which comprise
convertible notes and share options granted to employees.
(x)
Operating segments
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. All operating
segments’ operating results are reviewed regularly by the chief operating decision maker, which in this case is the Chief Executive
Officer of the Group, to make decisions about resources to be allocated to the segment and to assess its performance, and for which
discrete financial information is available.
114
(131646-K)
2.
(y)
Fair value measurements
Fair value of an asset or a liability, except for share-based payments and lease transactions, is determined as the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. The measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the principal
market or in the absence of a principal market, in the most advantageous market.
For non-financial asset, the fair value measurement takes into account a market participant’s ability to generate economic benefits
by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest
and best use.
When measuring the fair value of an asset or liability, the Group uses observable market data as far as possible. Fair value are
categorised into different levels in a fair value hierarchy based on the input used in the valuation technique as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can assess at the measurement
date.
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly.
Level 3: unobservable inputs for the asset or liability.
The Group and the Company recognise transfers between levels of the fair value hierarchy as of the date of the event or change in
circumstances that caused the transfers.
115
(131646-K)
3.
Group Takaful Operator
Office
equipment,
furniture,
Freehold
Leasehold
Motor
fixtures
Land Buildings
Land Buildings
vehicles and fittings
Cost / Valuation
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
At 1 January 2013
Additions
Disposals
Write-offs
Revaluation
Effect of movement in exchange rates
At 31 December 2013 / 1 January 2014
Additions
Disposals
Write-offs
Revaluation
At 31 December 2014
Total
RM’000
935
315
5,854
4,691
1,910
109,631
123,336
-
-
-
-
465
4,358
4,823
-
- (812)(380)(429)(343)
(1,964)
-
-
-
-
-
(4,513)
(4,513)
94
26
2,044
(844)
-
-
1,320
-
-
(1,020)
(578)
(162)
(1,525)
(3,285)
1,029
- - - (69)
- 341
- - - 179 - 6,066
- - - 1,394 295 2,889
- - - (83)
127 1,784
107,608
119,717
1,285 18,523 19,808
(209)
(407)
(616)
- (482)
(482)
- - 1,421
54 406 882
960 520 7,755 2,933 2,914 125,648 140,730
116
(131646-K)
3.
Office
equipment,
furniture,
Freehold
Leasehold
Motor
fixtures
Accumulated depreciation and
Land Buildings
Land Buildings
impairment loss
Note
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Total
RM’000
At 1 January 2013
Accumulated depreciation
Accumulated impairment loss
-
-
-
275
852
92,260
93,387
---
197--
197
Depreciation for the year
29
Disposals
Write-offs
Adjustment for revaluation
-
-
-
-
-
-
-
-
-
-
736
94,513
95,249
---
160--
160
Depreciation for the year
29
Disposals
Write-offs
-
-
At 31 December 2014
- - - - 949 99,854 100,803
---
167--
167
- -
- 472 85292,26093,584
6
491
315
315
8,372
9,499
- (10) (4)(356)(312)(682)
-
-
-
-
(4,462)
(4,462)
(6)
(481)
(572)
-
-
(1,059)
-
-
(51)
(75)
(1,345)
(1,471)
-
7
- - (7)
- - - 751 - - (751)
- - 160 321 - - (321)
7
736 361 (173)
- - 25 94,513 5,811 (400)
(430)
- 360 95,409
7,251
(573)
(430)
(1,079)
392
167 949 99,854 100,970
Carrying amounts
At 1 January 2013
935 315 5,854 4,219 1,058 17,371 29,752
At 31 December 2013 /
1 January 2014
1,029 341 6,066 2,729 1,048 13,095 24,308
At 31 December 2014
960 520 7,755 2,766 1,965 25,794 39,760
117
(131646-K)
3.
Group
Office
equipment,
furniture,
Freehold
Leasehold
Motor
fixtures
Land Buildings
Land Buildings
Total
Cost / Valuation
Note
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
At 1 January 2013
49,272
131,121
20,528
22,977
1,910
109,631
335,439
Additions
-
2,699
-
-
465
4,358
7,522
Disposals
-
- (812)(380)(429)(343)
(1,964)
Write-offs
-
-
-
-
-
(4,513)
(4,513)
Reclassified from investment
properties
4
-
5,535
-
-
-
-
5,535
Reclassified to assets held for sale
14
-
-
(800)
(460)
-
-
(1,260)
Revaluation
1,284
(4,541)
4,469
(139)
-
-
1,073
(25)
(21)
(1,930)
(1,062)
(162)
(1,525)
(4,725)
Additions
Disposals
Write-offs
Converted to freehold building
during the year
14
Revaluation
50,531
134,793
- 1,160 (257)
(406)
- - At 31 December 2014
53,333 - - 3,056 3
3,644 - (3,596)
4
135,599 21,455
- - - 20,936
- - - - (842)
2,755 571 (3,644)
(1,158)
240 243 23,939 16,617 1,784
107,608
1,285 18,523 (209)
(407)
- (482)
- - - 54 2,914 -
- - 406 125,648 337,107
20,968
(1,279)
(482)
(2,000)
2,455
1,281
358,050
118
(131646-K)
3.
Group
Office
equipment,
furniture,
Freehold
Leasehold
Motor
fixtures
Land Buildings
Land Buildings
impairment loss
Note
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
At 1 January 2013
Total
RM’000
-
-
-
275
852
92,260
93,387
61 39114774 - -988
61
39 114 1,049 85292,26094,375
Charge for the year
29
-
2,787
1,139
961
315
8,372
13,574
Impairment loss
31 -6----6
Disposals
-
- (10) (4)(356)(312)(682)
Write-offs
-
-
-
-
-
(4,462)
(4,462)
-
(2,787)
(1,129)
(1,218)
-
-
(5,134)
-
(3)
-
(82)
(75)
(1,345)
(1,505)
-
-
-
-
736
94,513
95,249
61 42114706 - -923
Charge for the year
29
Impairment loss
31
Disposals
Write-offs
61 42114706736
94,513
96,172
- 2,783 1,665 957 361 5,811 11,577
139 - 88 - - - 227
(1)
(14)
- - (173)
(400)
(588)
- - - - - (430)
(430)
- (2,783)
(1,665)
(957)
- - (5,405)
- - - 12 25 360 397
At 31 December 2014
- 199 - 28 - 202 - 718 949 - 99,854 100,803
- 1,147
199 28 202 718 949 99,854 101,950
Carrying amounts
At 1 January 2013
49,211
131,082
20,414
21,928
1,058
17,371
241,064
1 January 2014
50,470134,75121,34120,230 1,04813,095240,935
At 31 December 2014
53,134 135,571 23,737 15,899 1,965 25,794 256,100
119
(131646-K)
3.
Company Takaful Operator
Office
equipment,
furniture,
Freehold
Leasehold
Motor
fixtures
Land Buildings
Land Buildings
Cost / Valuation
Note
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Total
RM’000
At 1 January 2013
935
315
-
-
897
98,057
100,204
Additions
-
-
-
-
174
3,716
3,890
Disposals ----
(329)
(343)
(672)
Write-offs
-
-
-
-
-
(2,867)
(2,867)
Revaluation
94
26
-
-
-
-
120
1 January 2014
Additions
Disposals
Write-offs
Revaluation
1,029
- - - (69)
341
- - - 179 -
-
At 31 December 2014
960 520 - -
-
- 742
683 - - - 1,425 98,563
100,675
18,001 18,684
(4)
(4)
(482)
(482)
- 110
116,078 118,983
At 1 January 2013
Charge for the year
29
Disposals
Write-offs
-
-
-
-
319
81,849
82,168
-
6
-
-
156
7,794
7,956
----
(256)
(312)
(568)
-
-
-
-
-
(2,830)
(2,830)
-
(6)
-
-
-
-
(6)
1 January 2014
Charge for the year
29
Disposals
Write-offs
- - - - 219 86,501 86,720
- 7
- - 188 5,292 5,487
-----(3)
(3)
-
-
-
-
-
(430)
(430)
-
(7)
-
-
-
-
(7)
At 31 December 2014
-
-
-
-
407 91,360 91,767
Carrying amounts
At 1 January 2013
935
315
-
-
578
16,208
18,036
1 January 2014
1,029
341
-
-
523
12,062
13,955
At 31 December 2014
960 520 - - 1,018 24,718 27,216
120
(131646-K)
3.
Company
Office
equipment,
furniture,
Freehold
Leasehold
Motor
fixtures
Land Buildings
Land Buildings
Cost / Valuation
Note
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Total
RM’000
At 1 January 2013
49,115
130,983
10,055
15,074
897
98,057
304,181
Additions
-
2,699
-
-
174
3,716
6,589
Disposals ----
(329)
(343)
(672)
Write-offs
-
-
-
-
-
(2,867)
(2,867)
Reclassified from investment
properties
4
-
5,535
-
-
-
-
5,535
14
-
-
(800)
(460)
-
-
(1,260)
Revaluation
1,274
(4,538)
481
777
-
-
(2,006)
1 January 2014
Additions
Disposals
Write-offs
Converted to freehold building
during the year
14
Revaluation
At 31 December 2014
50,389
134,679
- 1,160 (112)
(288)
- - - - 3,056 53,333 3,644 - (3,596)
135,599 9,736
- - - 15,391
- - - - (842)
7
(3,644)
(1,158)
428 8,901 11,017 742
683 - - - - - 1,425 98,563
18,001 (4)
(482)
- - - 116,078 309,500
19,844
(404)
(482)
(2,000)
(105)
326,353
121
(131646-K)
3.
Company (continued)
Office
equipment,
furniture,
Freehold
Leasehold
Motor
fixtures
Land Buildings
Land Buildings
impairment loss
Note
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
At 1 January 2013
Total
RM’000
-
-
-
-
319
81,849
82,168
60 28114406 - -608
60 28114406319
81,849
82,776
Charge for the year
29
-
2,784
172
335
156
7,794
11,241
Disposals ----
(256)
(312)
(568)
Write-offs
-
-
-
-
-
(2,830)
(2,830)
-
(2,784)
(172)
(335)
-
-
(3,291)
-
-
-
-
219
86,501
86,720
60 28114406 - -608
Charge for the year
29
Impairment loss
31
Disposals
Write-offs
60 28114406219
86,501
87,328
- 2,783 169 310 188 5,292 8,742
139 - 88 - - - 227
- - - - - (3)
(3)
- - - - - (430)
(430)
- (2,783)
(169)
(310)
- - (3,262)
At 31 December 2014
- 199 - 28 - 202 - 406 407 - 91,360 - 91,767
835
199 28 202 406 407 91,360 92,602
Carrying amounts
At 1 January 2013
49,055
130,955
9,941
14,668
578
16,208
221,405
50,329
134,651
9,622
14,985
523
12,062
222,172
53,134 135,571 8,699 10,611 1,018 24,718 233,751
1 January 2014
At 31 December 2014
122
(131646-K)
3.
3.1
Revaluation of properties
All the Group’s and Company’s land and buildings were revalued in December 2014 by independent professional qualified valuers
using the comparison method.
Had the land and buildings of the Group and of the Company been carried at historical cost less accumulated depreciation, their
carrying amounts would have been as follows:
Group
Company
2014
2013
2014
2013
2014
2013
2014
2013
RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
Freehold land
Freehold buildings
Leasehold land and buildings
487 48743,60143,846
132 13795,26594,569
3,281
3,486
19,079
23,997
487
137
-
48743,60143,705
13795,26594,504
-
13,683
19,029
3,900 4,110157,945162,412
619
624152,549157,238
3.2
Included in the carrying amounts of the leasehold land and buildings are:
Group
Company
2014
2013
2014
2013
2014
2013
2014
2013
RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
with unexpired lease
period of
- more than 50 years
- less than 50 years
- 10,521 - 8,795 11,510 28,126 17,277 24,294 - - - - 11,510 7,800 17,277
7,330
10,521 8,795 39,636 41,571 - - 19,310 24,607
3.3
During the year 2014, a leasehold building was corverted to freehold building.
123
(131646-K)
4.
Group
Note
Takaful Operator
2014
2013
RM’000 RM’000
Family Takaful
2014
2013
RM’000 RM’000
General Takaful
2014
2013
RM’000 RM’000
Group
2014
2013
RM’000 RM’000
At 1 January
Additions
Disposal
Reclassified to property
and equipment
3
Reclassified to assets held
for sale
14
Fair value gains / (losses)
for the year - net
26
Effect of movement in
exchange rates
16,60418,194216,003212,81323,74025,77439,72045,470
- - 1,067 2,479 93 220 - (6,181)
- (2,053)
- - - (7,586)
-
At 31 December
Comprising of:
Freehold land and buildings
more than 50 years
less than 50 years
- - - (1,730)
- - - - - (2,810)
(2,000)
(2,850)
(23)
596 385 317 2,090 4,938 30 (177)
401 (1,417)
10,838 16,604 217,508 216,003 21,810 3,880 8,931 179,515 177,095 6,880 6,830 24,085 78 843 10,838 16,604 - (5,535)
- (6,130)
1,645 6,101
37 (186)
23,740 33,816 39,720
14,840 14,800 11,010 16,975
26,867 570 2,550 20,025 18,030
13,908 12,041 6,400 6,390 2,781 4,715
217,508 216,003 21,810 23,740 33,816 39,720
- - The following are amounts arising from investment properties that have been recognised in profit or loss during the financial year.
Rental income
Note
24
Takaful Operator
2014
2013
RM’000 RM’000
670 642 Family Takaful
2014
2013
RM’000 RM’000
8,169 7,320 General Takaful
2014
2013
RM’000 RM’000
732 783 Group
2014
2013
RM’000 RM’000
3,887 3,087
124
(131646-K)
4.
Investment properties (continued)
Company
Note
Takaful Operator
2014
2013
RM’000 RM’000
Family Takaful
2014
2013
RM’000 RM’000
General Takaful
2014
2013
RM’000 RM’000
Company
2014
2013
RM’000 RM’000
At 1 January 15,52017,250207,525204,82423,74025,77438,56844,479
Additions
- - 1,067 2,479 93 220 - Disposal
(5,140)
- (2,053)
- - - (6,793)
Reclassified to property
and equipment 3 -------
(5,535)
Reclassified to assets
held for sale
14
- (1,730)
- (2,810)
(2,000)
(2,850)
- (6,130)
Fair value gains / (losses)
for the year - net
26
380 - 821 3,032 (23)
596 1,620 5,754
At 31 December
Comprising of:
more than 50 years
less than 50 years
10,760 15,520 207,360
207,525 21,810 23,740 33,395 38,568
3,880 8,690 179,515 177,095 14,840 14,800 11,010 16,975
6,880 6,830 24,085 26,867 570 2,550 20,025 18,030
3,760 3,563 6,400 6,390 2,360 3,563
207,360 207,525 21,810 23,740 33,395 38,568
- 10,760 - 15,520 The following are amounts arising from investment properties that have been recognised in profit or loss during the financial year.
Rental income
Note
24
Takaful Operator
2014
2013
RM’000 RM’000
670 642 Family Takaful
2014
2013
RM’000 RM’000
7,623 6,709 General Takaful
2014
2013
RM’000 RM’000
732 783 Company
2014
2013
RM’000 RM’000
3,867 3,051
125
(131646-K)
4.
Investment properties comprise a number of commercial properties that are leased to third parties. During the financial year, a property
has been transferred to assets held for sale (see note 14).
Fair value information
Fair value of investment properties are categorised as follows:
2014
Takaful Operator
Family Takaful
General Takaful
Group
Level 1
RM’000
Group
Level 2
Level 3
RM’000
RM’000
Total
RM’000
-
-
3,880 3,880
-
-
-
-
6,880 78 6,880
78
-
-
10,838 10,838
-
-
179,515 179,515
-
-
-
-
24,085 13,908 24,085
13,908
-
-
217,508 217,508
-
-
14,840 14,840
-
-
-
-
570 6,400 570
6,400
-
-
21,810 21,810
-
-
11,010 11,010
-
-
-
-
20,025 2,781 20,025
2,781
-
-
33,816 33,816
126
(131646-K)
4.
Fair value information (continued)
2014
Takaful Operator
Family Takaful
General Takaful
Company
Level 1
RM’000
Company
Level 2
Level 3
RM’000
RM’000
Total
RM’000
-
-
3,880 3,880
-
-
6,880 6,880
-
-
10,760 10,760
-
-
179,515 179,515
-
-
-
-
24,085 3,760 24,085
3,760
-
-
207,360 207,360
-
-
14,840 14,840
-
-
-
-
570 6,400 570
6,400
-
-
21,810 21,810
-
-
11,010 11,010
-
-
-
-
20,025 2,360 20,025
2,360
-
-
33,395 33,395
127
(131646-K)
4.
2013
Takaful Operator
Family Takaful
General Takaful
Group
Level 1
RM’000
Group
Level 2
Level 3
RM’000
RM’000
Total
RM’000
-
-
8,931
8,931
-
-
-
-
6,830
843
6,830
843
-
-16,60416,604
-
-
177,095
177,095
-
-
-
-
26,867
12,041
26,867
12,041
-
-216,003216,003
-
-
14,800
14,800
-
-
-
-
2,550
6,390
2,550
6,390
-
-23,74023,740
-
-
16,975
16,975
-
-
-
-
18,030
4,715
18,030
4,715
-
-39,72039,720
128
(131646-K)
4.
2013
Takaful Operator
Family Takaful
General Takaful
Company
Level 1
RM’000
Company
Level 2
Level 3
RM’000
RM’000
Total
RM’000
-
-
8,690
8,690
-
-
6,830
6,830
-
-15,52015,520
-
-
177,095
177,095
-
-
-
-
26,867
3,563
26,867
3,563
-
-207,525207,525
-
-
14,800
14,800
-
-
-
-
2,550
6,390
2,550
6,390
-
-23,74023,740
-
-
16,975
16,975
-
-
-
-
18,030
3,563
18,030
3,563
-
-38,56838,568
Policy on transfer between levels
The fair value of an asset to be transferred between levels is determined as of the date of the event or change in circumstances that caused
the transfer.
129
(131646-K)
4.
Level 1 fair value
Level 1 fair value is derived from quoted price (unadjusted) in active markets for identical investment properties that the entity can access
at the measurement date.
Level 2 fair value
Level 2 fair value is estimated using inputs other than quoted prices included within Level 1 that are observable for the investment
property, either directly or indirectly.
Level 2 fair values of land and buildings have been generally derived using the sales comparison approach. Sales price of comparable
properties in close proximity are adjusted for differences in key attributes such as property size. The most significant input into this
valuation approach is price per square foot of comparable properties.
Transfer between Level 1 and 2 fair values
There is no transfer between Level 1 and 2 fair values during the financial year.
Level 3 fair value
Level 3 fair value is estimated using unobservable inputs for the investment property.
The following table shows a reconciliation of Level 3 fair values:
Group
Note
Takaful
Operator
RM’000
Family
Takaful
RM’000
General
Takaful
RM’000
Group
RM’000
18,194
-
-
(1,730)
212,813
2,479
-
(2,810)
25,774
220
-
(2,850)
45,470
(5,535)
(6,130)
317
4,938
596
6,101
(177)
(1,417)
-
(186)
At 31 December 2013
16,604
216,003
23,740
39,720
At 1 January 2013
Additions
Reclassified to property and equipment
3
14
Gains and losses recognised in profit or loss
- Change in fair value - unrealised
26
130
(131646-K)
4.
The following table shows a reconciliation of Level 3 fair values (continued):
Group
Note
At 1 January 2014
Additions
Disposal
14
26
Takaful
Operator
RM’000
16,604
- (6,181)
- Family
Takaful
RM’000
216,003
1,067 (2,053)
- General
Takaful
RM’000
23,740
93 - (2,000)
39,720
(7,586)
-
385 2,090 Effect of movement in exchange rates
30 401 At 31 December 2014
10,838 217,508 21,810 33,816
Takaful
Operator
RM’000
Family
Takaful
RM’000
General
Takaful
RM’000
Company
RM’000
17,250
-
-
(1,730)
204,824
2,479
-
(2,810)
25,774
220
-
(2,850)
44,479
(5,535)
(6,130)
-
3,032
596
5,754
23,740
93 - (2,000)
38,568
(6,793)
-
Company
Note
At 1 January 2013
Additions
Reclassified to property and equipment
3
14
26
Additions
Disposal
14
26
At 31 December 2014
15,520
- (5,140)
-
207,525
1,067 (2,053)
-
(23)
Group
RM’000
- 1,645
37
380 821 (23)
1,620
10,760 207,360 21,810 33,395
131
(131646-K)
4.
The following table shows the valuation techniques used in the determination of fair values within Level 3, as well as the significant
unobservable inputs used in the valuation models.
Valuation technique
Significant unobservable inputs
Inter-relationship between
significant unobservable
inputs and fair value measurement
Comparison method: The valuation method consider
the sales and listing of comparable properties
recorded in the area and adjustments are made
between the subject properties and those similar
properties. The adjustments are made in relation
to location and accessibility, size and shape of the
lot, physical features, legal and legislation constraints, building design and condition, supply and demand,
building code and public restriction.
The estimated fair value would
increase (decrease) if:
- the rate were higher or lower
- the historical sales transaction
were higher or lower
Adjustment rate based on the
comparable of sales in the past
that was analysed by the National
Property Information Centre (NAPIC) under Valuation and Property
Services Department, Ministry of
Finance Malaysia.
Valuation processes applied by the Group and the Company for Level 3 fair value
The Group’s and the Company’s investment properties were valued by independent professional valuer firms, using the comparison, cost
and investment methods of valuations, where applicable.
In the comparison method approach, the sales and listings of comparable properties within nearby locations are compiled. From the
compiled data, adjustments are made by the valuers between the subject property and those similar properties.
The adjustments made are in relation to location, size and shape of the lot, physical features, legal and legislative constraints, building
design and condition, time element, planning provision, improvements and renovation works made, if any, surrounding developments,
facilities and amenities available and other factors that may affect the value of the subject property. These adjustments are therefore
subject to uncertainties such as property market outlook, potential increases in rental rates and general economic conditions.
In the cost method approach, the indication of values consists of the sum of the present worth of the improvement value.
For the valuation of the improvements, the valuers have considered the following:
i)
Cost of replacement of the building in accordance with current trend of market prices for materials, labour, contractor’s overhead,
profit and fees;
ii) Accrued depreciation as evidenced by the observed condition and present and prospective serviceability in comparison with new
units of like kind; and
iii) Extent, character and utility of the property.
The investment method is the capitalisation of net rent from a property. Net rent is the residue of gross annual rent less annual expenses
(outgoings) required to sustain the rent with allowance for void and management fees.
During the year, the external valuers performed an update valuation of market value of these investment properties in arriving at the fair
value, after considering the properties’ existing condition. In prior year, the external valuers have considered the results of all these three
methods in their valuation and applied professional judgement in the selection of the fair value of these investment properties.
132
(131646-K)
5.
Investments in subsidiaries
Company Takaful Operator /
Company
2014
2013
RM’000
RM’000
At cost
Unquoted shares
Less: Accumulated impairment losses
69,775
(20,399)
80,759
(22,047)
49,376 58,712
Details of the subsidiaries are as follows:
Country of
Name of subsidiaries
Principal activities
incorporation
Effective
ownership interest
2014
2013
Asean Retakaful International
Family and General
(L) Ltd. (ARIL)** retakaful business
Malaysia
63.09%
63.09%
P.T. Syarikat Takaful
Indonesia and
its subsidiaries*
Investment holding
Indonesia
56.00%
56.00%
P.T. Asuransi Takaful
Umum*
General Takaful
business
Indonesia
64.70%
64.70%
P.T. Asuransi Takaful
Keluarga*
Family Takaful
business
Indonesia
74.80%
74.80%
*
**
Not audited by KPMG Desa Megat & Co
Members’ Voluntary Winding-up commenced on 21 May 2012. The subsidiary has been consolidated based on management
accounts.
Non-controlling interests in subsidiaries
The Group’s subsidiaries that have non-controlling interests (NCI) are not material to the Group.
6.
Investment in associate
Investment in associate company amounting to RM2,473,000 (2013: RM2,473,000) was fully impaired during the financial year ended
30 June 2007.
133
(131646-K)
7.
Other investments
The other investments comprise the following:
Note
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
Takaful Operator
Available-for-sale (AFS)
Fair value through profit or loss (FVTPL)
Held-to-maturity (HTM)
425,767 3,937 2,248 475,590 6,614
1,965
403,764 -
-
468,467
-
431,952 484,169 403,764 468,467
2,719,452 227,618 442,979 3,094,385 181,689 366,741 2,643,713 63,385 427,185 3,022,304
67,506
361,354
3,390,049 3,642,815 3,134,283 3,451,164
453,249 41,279 569,349 35,902 450,726 37,626 567,669
32,674
494,528 605,251 488,352 600,343
3,560,668 231,555 486,506 4,101,229 188,303 404,608 3,460,403 63,385 464,811 4,020,345
67,506
394,028
4,278,729 4,694,140 3,988,599 4,481,879
(a)
(b)
(c)
Family Takaful
(a)
(b)
(c)
General Takaful
(a)
(c)
Group / Company
(a)
(b)
(c)
134
(131646-K)
7.
Other investments (continued)
(a) AFS financial assets
At fair value
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
Takaful Operator
Equity securities
- Quoted in Malaysia
- Quoted outside Malaysia
- Unquoted in Malaysia
- Unquoted outside Malaysia
43,227 7,087 380 38
93,173 508 380 36
43,227 -
380 -
93,173
380
-
50,732 94,097 43,607 93,553
Unit trusts
26,237 14,292 23,303 5,712 26,237 -
23,303
-
40,529 29,015 26,237 23,303
Institutional Trust Account
38,259 64,268 38,259 64,268
-
10,013
-
10,013
Islamic debt securities
586
257,861
867
239,235
-
257,861
239,235
258,447 240,102 257,861 239,235
37,800 38,095 37,800 38,095
425,767 475,590 403,764 468,467
Malaysian Government Islamic papers
Investment in linked funds
135
(131646-K)
7.
(a) AFS financial assets (continued)
At fair value
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
Equity securities
331,569 7,660
704,490 34
331,569 -
704,490
-
339,229 704,524 331,569 704,490
Unit trusts
138,601 66,087
83,133 66,435
138,601 -
83,133
-
204,688 149,568 138,601 83,133
84,900 196,482 84,900 196,482
236,397 383,832 236,397 383,832
1,992
1,852,246
-
4,267
1,654,367
1,345
-
1,852,246
-
1,654,367
-
1,854,238 1,659,979 1,852,246 1,654,367
2,719,452 3,094,385 2,643,713 3,022,304
Family Takaful
136
(131646-K)
7.
(a)
AFS financial assets (continued)
At fair value
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
General Takaful
Equity securities
53,624 133,234 53,624 133,234
Unit trusts
21,535 2,523
20,874 1,680
21,535 -
20,874
-
24,058 22,554 21,535 20,874
26,154 38,147 26,154 38,147
5,069 61,886 5,069 61,886
344,344 313,528 344,344 313,528
453,249 569,349 450,726 567,669
137
(131646-K)
7.
(a)
AFS financial assets (continued)
At fair value
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
Equity securities
428,420 14,747
380 38
930,897 542
380 36
428,420 -
380 -
930,897
380
-
443,585 931,855 428,800 931,277
Unit trusts
186,373 82,902
127,310 73,827
186,373 -
127,310
-
269,275 201,137 186,373 127,310
149,313 298,897 149,313 298,897
241,466 455,731 241,466 455,731
2,578
2,454,451 -
5,134
2,207,130 1,345
-
2,454,451 -
2,207,130
-
2,457,029 2,213,609 2,454,451 2,207,130
3,560,668 4,101,229 3,460,403 4,020,345
Group / Company
138
(131646-K)
7.
(b) FVTPL financial assets
At fair value
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
Takaful Operator
Equity securities
701
2,573
-
-
3,236
4,041
-
-
3,937 6,614
-
-
Equity securities
49,229
42,893
51,239
27,010
49,229
-
51,239
-
92,122 78,249
49,229 51,239
Unit trusts
22,943 18,451
-
-
98,397 14,156 68,722
16,267 -
14,156 16,267
112,553 84,989 14,156 16,267
227,618 181,689 63,385 67,506
Family Takaful
139
(131646-K)
7.
(b) FVTPL financial assets (continued)
At fair value
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
Group / Company
Equity securities
49,229
43,594
92,82380,82249,22951,239
Unit trusts
22,943
18,451
-
-
101,633
14,156
72,763
16,267
-
14,156
16,267
115,789 89,030 14,156 16,267
231,555 188,303 63,385 67,506
51,239
29,583
49,229
-
51,239
-
140
(131646-K)
7.
(c) HTM financial assets
At amortised cost
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
Takaful Operator
2,248
1,965
-
-
15,794
314,535
5,387
248,637
-
314,535
248,637
330,329 254,024 314,535 248,637
112,650
112,717
112,650
112,717
442,979 366,741 427,185 361,354
Family Takaful
General Takaful
3,653
5,000 3,228
- -
5,000 -
8,653 3,228 5,000 -
32,626 32,674 32,626 32,674
41,279 35,902 37,626 32,674
21,695
319,535 10,580
248,637 -
319,535 248,637
341,230 259,217 319,535 248,637
145,276 145,391 145,276 145,391
486,506 404,608
464,811 394,028
Group / Company
141
(131646-K)
7.
(c) HTM financial assets (continued)
At fair value
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
Takaful Operator
2,093
1,944
-
-
15,441
316,651 5,338
246,841 -
316,651 246,841
332,092 252,179 316,651 246,841
112,582 112,851 112,582 112,851
444,674 365,030 429,233 359,692
Family Takaful
General Takaful
3,555
5,000 3,169
- -
5,000 -
8,555 3,169 5,000 -
32,663 32,778 32,663 32,778
41,218 35,947 37,663 32,778
21,089
321,651 10,451
246,841 -
321,651 246,841
342,740 257,292 321,651 246,841
145,245 145,629 145,245 145,629
487,985 402,921 466,896 392,470
Group / Company
142
(131646-K)
7.
(d)
Carrying values of financial instruments
Note
AFS
RM’000
FVTPL
RM’000
HTM
RM’000
Group
RM’000
At 1 January 20133,928,857220,299290,431
4,439,587
Purchases2,951,239138,913121,285
3,211,437
Maturities
(142,032)
(60,602)
(4,526)
(207,160)
Disposals (2,517,880) (94,047)
-(2,611,927)
Dividend capitalised
13,916--
13,916
Fair value gains / (losses) recorded in:
Profit or loss
26
-
3,575
-
3,575
39.2
2,721
-
-
2,721
Participants’ fund
(106,412)
-
-
(106,412)
Net assets value attributable to unitholders
(3,881)
-
-
(3,881)
Impairment losses incurred during the year
31
(2,037)
-
(210)
(2,247)
24
(8,616)
-
(322)
(8,938)
(14,646)
(19,835)
(2,050)
(36,531)
At 31 December 2013 / 1 January 20144,101,229188,303404,608
4,694,140
Purchases
3,191,765 254,747 85,015 3,531,527
Maturities
(161,159)
(4,145)
(3,316)
(168,620)
Disposals
(3,485,373)
(225,141)
- (3,710,514)
9,890 - - 9,890
Profit or loss
26
-
11,701
-
11,701
39.2
(9,521)
-
-
(9,521)
(69,613)
-
-
(69,613)
295
-
-
295
31
(14,690)
-
(361)
(15,051)
24
(6,027)
- (91)
(6,118)
3,872 6,090 651 10,613
At 31 December 2014
3,560,668 231,555 486,506 4,278,729
143
(131646-K)
7.
(d)
Carrying values of financial instruments (continued)
Note
AFS
RM’000
FVTPL
RM’000
HTM
RM’000
Group
RM’000
At 1 January 20133,829,204113,682274,630
4,217,516
Purchases 2,912,127 47,440 119,4743,079,041
Maturities
(142,032)
(60,602)
-
(202,634)
Disposals (2,485,797) (41,790)
-(2,527,587)
13,916--
13,916
Profit or loss
26
-
8,776
-
8,776
39.2
3,356
-
-
3,356
(96,424)
-
-
(96,424)
(3,881)
-
-
(3,881)
31
(1,508)
-
-
(1,508)
24
(8,616)
-
(76)
(8,692)
At 31 December 2013 / 1 January 2014 4,020,345 67,506 394,0284,481,879
Purchases
3,074,292 86,551 70,985 3,231,828
Maturities
(159,474)
-
-
(159,474)
Disposals
(3,388,979)
(88,892)
- (3,477,871)
9,890
-
-
9,890
Profit or loss
26
-
(1,780)
-
(1,780)
39.2
(9,405)
-
-
(9,405)
(66,745)
-
-
(66,745)
295
-
-
295
31
(13,789)
- - (13,789)
24
(6,027)
- (202)
(6,229)
At 31 December 2014
(e)
3,460,403 63,385 464,811 3,988,599
Fair values of financial instruments
Quoted market prices category are financial instruments that are measured in whole or in part by reference to published quotes in
an active market. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available
from an exchange and published market price from print medias.
Market observable financial instruments are measured using a valuation technique based on assumptions that are supported by
prices from observable current market transactions and are instruments for which pricing is obtained from Bond Pricing Agency
Malaysia and regulatory agency. The fair value of investments in structured products are obtained via investments bankers and / or
fund managers.
Non-market observable inputs means that fair values are determined in whole or in part using a valuation technique based on
assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are
they based on available market data. The main asset class in this category are unquoted equity securities and Institutional Trust
Account.
The fair values of the unquoted equity securities were determined to approximate the carrying amount as these are immaterial in
the context of the financial statements.
144
(131646-K)
7.
(f)
Maturity of other investments
The following investments mature after 12 months:
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Takaful Operator
AFS financial assets
FVTPL financial assets
HTM financial assets
270,151 3,237
1,812
249,845 4,041
1,944
269,854 -
-
249,248
-
2,062,626 108,784 441,557 1,959,035 77,699 363,869 2,059,823 12,399 427,185 1,956,143
15,805
361,354
335,215 40,905 370,388 35,303 335,215 37,626 370,388
32,674
2,667,992 112,021 484,274 2,579,268 81,740 401,116 2,664,892 12,399 464,811 2,575,779
15,805
394,028
Family Takaful
General Takaful
Group / Company
145
(131646-K)
8.
Retakaful assets
Note
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
18(a)
18(c)
53,157 206,644 35,123 148,340 52,126 199,326 33,621
142,240
259,801 183,463 251,452 175,861
352,710 69,949 372,270 80,200 346,103 68,117 357,445
77,545
422,659 452,470 414,220 434,990
405,867 69,949 206,644 407,393 80,200 148,340 398,229 68,117 199,326 391,066
77,545
142,240
682,460 635,933 665,672 610,851
Family Takaful
Claims liabilities
Actuarial liabilities
General Takaful
Claims liabilities
Contribution liabilities
18(a)
18(b)
Group / Company
Claims liabilities
Contribution liabilities
18(a)
18(b)
18(c)
146
(131646-K)
9.
Deferred tax assets / (liabilities)
<------------------------------------------------- Group ------------------------------------------------->
Assets
Liabilities
Net
2014
2013
2014
2013
2014
2013
RM’000RM’000RM’000RM’000RM’000RM’000
Takaful Operator
Other investments
Loans and receivables, excluding
takaful receivables
Takaful receivables
Other payables
Expense reserves
Unabsorbed tax losses
-
-
654
-
-
-
(359)
(1,895)
-
(359)
(1,989)
(2,591)
(359)
(1,895)
654 (359)
(1,989)
(2,591)
1,311
406
8,257
28,093
2,082
411
720
12,177
32,495
860
-
-
-
-
-
-
-
-
-
-
1,311 406 8,257 28,093 2,082 411
720
12,177
32,495
860
Tax assets / (liabilities)
Set off of tax
40,803 (2,254)
46,663
(4,939)
(2,254)
2,254 (4,939)
4,939 38,549 -
41,724
-
Net tax assets
38,549 41,724 38,549 41,724
- - Group
Other investments
takaful receivables
Takaful receivables
Other payables
Expense reserves
-
-
654
-
-
-
(393)
(1,861)
-
(425)
(1,923)
(2,591)
(393)
(1,861)
654 (425)
(1,923)
(2,591)
1,311
406
8,257
28,093
2,082
411
720
12,177
32,495
860
-
-
-
-
-
-
-
-
-
-
1,311 406 8,257 28,093 2,082 411
720
12,177
32,495
860
Set off of tax
40,803 (2,254)
46,663 (4,939)
(2,254)
2,254 (4,939)
4,939 38,549 -
41,724
-
Net tax assets
38,549 41,724 38,549 41,724
- - 147
(131646-K)
9.
Deferred tax assets / (liabilities) (continued)
<----------------------------------------------- Company ----------------------------------------------->
Assets
Liabilities
Net
2014
2013
2014
2013
2014
2013
RM’000RM’000RM’000RM’000RM’000RM’000
Takaful Operator
Investment in subsidiaries
Other investments
takaful receivables
Takaful receivables
Other payables
Expense reserves
-
2,972
443
-
3,384
-
(1,895)
-
-
(1,989)
-
(2,755)
(1,895)
2,972 443 (1,989)
3,384
(2,755)
269
390
5,319
27,418
321
704
8,794
31,820
-
-
-
-
-
-
-
-
269 390 5,319 27,418 321
704
8,794
31,820
Set off of tax
36,811 (1,895)
45,023 (4,744)
(1,895)
1,895 (4,744)
4,744 34,916 -
40,279
-
Net tax assets
34,916 40,279 34,916 40,279
- - Company
Other investments
takaful receivables
Takaful receivables
Other payables
Expense reserves
-
-
2,972
443 -
-
3,384
-
(34)
(1,861)
-
-
(66)
(1,923)
-
(2,755)
(34)
(1,861)
2,972 443 (66)
(1,923)
3,384
(2,755)
269
390
5,319
27,418
321
704
8,794
31,820
-
-
-
-
-
-
-
-
269 390 5,319 27,418 321
704
8,794
31,820
Set off of tax
36,811 (1,895)
45,023 (4,744)
(1,895)
1,895 (4,744)
4,744 34,916 -
40,279
-
Net tax assets
34,916 40,279 34,916 40,279
- - 9.
(197)
(141)
1,080
10,577
(1,181)
630
863
11,435
21,918
2,253
34,382
(359)
(1,989)
(2,591)
(1)
94
886 (693)
-
-
-
-
-
146
-
(839)
(839)
(603)
(22)
(2)
(338)
-
(212)
(9)
-
(20)
(603)
41,724
411
720
12,177
32,495
860
(425)
(1,923)
(2,591)
41,724
(5,728)
880 (314)
(4,003)
(4,402)
1,164 (1)
62 886 (5,696)
1
-
8
(359)
(1,895)
654
2,383 -
32 -
2,351 2,351 170 20 - 83 - 58 1
- 8
170 38,549
1,311
406
8,257
28,093
2,082
(393)
(1,861)
654
38,549
- 20 1,311
- - 406
-
83
8,257
-
-
28,093
-
58
2,082
- -
2,351 LAPORAN TAHUNAN 2014 ANNUAL REPORT 8,638
54
(143)
(1,411)
(616)
(1,780)
(321)
Group
Other investments
takaful receivables
Takaful receivables
Other payables
Expense reserves
8,784
34,382
(9)
-
(20)
-
(22)
411
880 - (2)720(314)
-
(338)
12,177
(4,003)
-
-
32,495
(4,402)
-
(212)
860
1,164
-
-
(839)
54
3
(1,411)
630
(197)
863(141)
11,435
1,080
21,918
10,577
2,253
(1,181)
(404)
(1,992)
(321)
Other investments
takaful receivables
Takaful receivables
Other payables
Expense reserves
Recognised
Recognised
Recognised
in other
Effect of
Recognised
in other
Effect of
in profit comprehensive
movement
As at
in profitcomprehensive
movement
As at
or loss
income in exchange 31.12.2013 /
or loss
income in exchange
As at
1.1.2013
(Note 32)
(Note 32)
rate
1.1.2014
(Note 32)
(Note 32)
rate
31.12.2014
RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
148
(131646-K)
9.
(1,992)
2,130
(321)
383
863
8,317
21,243
30,623 (212)
(1,780)
2,130
(321)
383
863
8,317
21,243
30,623 Company Takaful Operator
Other investments
Loans and receivables, excluding takaful receivables
Takaful receivables
Other payables
Expense reserves
Company
Other investments
Takaful receivables
Other payables
Expense reserves
10,349 (693)
146
-
-
(839)
-
-
-
-
(839)
-
-
(839)
-
-
-
-
40,279 (66)
(1,923)
3,384
(2,755)
321
704
8,794
31,820
40,279 (1,989)
3,384 (2,755)
321 704 8,794 31,820 (7,746)
- 62 (412)
847 (52)
(314)
(3,475)
(4,402)
(7,714)
94 (412)
847 (52)
(314)
(3,475)
(4,402)
2,383 32 - - 2,351 - - - - 2,351 - - 2,351 - - - - 34,916
(34)
(1,861)
2,972
443
269
390
5,319
27,418
34,916
(1,895)
2,972
443
269
390
5,319
27,418
-
(143)
1,254
(1,595)
(62)
(159)
477
10,577
10,495 3
1,254
(1,595)
(62)
(159)
477
10,577
Recognised
Recognised
Recognised
in other
in other
in profit comprehensive
As at
in profitcomprehensive
As at
or loss
income 31.12.2013 /
or loss
income
As at
1.1.2013
(Note 32)
(Note 32)
1.1.2014
(Note 32)
(Note 32)
31.12.2014
RM’000RM’000RM’000RM’000RM’000RM’000RM’000
149
(131646-K)
150
(131646-K)
10.
Note
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
Takaful Operator
Financing receivables
Secured financing
Unsecured financing
Staff financing
Allowance for impairment
83
290 3,522 (1,031)
21
325 5,230 (1,245)
-
290 2,649 (821)
325
4,015
(1,026)
2,864 4,331 2,118 3,314
Fixed and call deposits with licensed financial institutions
with maturity more than three months
Licensed banks in Malaysia
Banks outside Malaysia
96,629 2,687
98,731 4,037
96,629 -
85,737
-
99,316 102,768 96,629 85,737
22,229 8,788 22,410 4,003 238 4,748 5,043 25,661 9,746 5,465 350 7,173 22,229 7,887 22,410 3,044 238 557 5,043
25,661
9,746
4,148
350
752
62,416 53,438 56,365 45,700
164,596 160,537 155,112 134,751
Other receivables
Investment receivable
Due from Family Takaful Fund
21
Due from General Takaful Fund
21
Prepayment
Sundry deposits
Sundry receivables
Family Takaful
Secured financing
70,301
70,301
70,301
70,301
Allowance for impairment (301)(301)(301)(301)
70,00070,00070,00070,000
440,622 5,024
391,281 7,179
440,622 -
383,575
-
445,646 398,460 440,622 383,575
Other receivables
137,852 40,902 136,526 40,157
Due from Takaful Operator
21
8,566
10,491
-
Sundry deposits 1,1711,1811,1711,181
Prepayment
241 - 241 Sundry receivables
517 868 514 585
148,347 53,442 138,452 41,923
663,993 521,902 649,074 495,498
151
(131646-K)
10.
Loans and receivables, excluding takaful receivables (continued)
Note
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
General Takaful
Secured financing
5,381
5,381
5,381
5,381
Allowance for impairment (381)(381)(381)(381)
5,0005,0005,0005,000
64,075
1,475
62,732
1,762
64,075
-
60,175
-
65,550 64,494 64,075 60,175
Other receivables
26,751 7,214 26,751 7,214
Due from Takaful Operator
21
7,121
6,101
-
Due from Family Takaful Fund
21
99
2,540
99
2,540
Prepayment 10835 -35
Sundry deposits 715574715574
Sundry receivables
819 3,618 108 35,613 20,082 27,673 10,363
106,163 89,576 96,748 75,538
Group / Company
Secured financing
Unsecured financing
Staff financing
Allowance for impairment
75,765 290
3,522 (1,713)
75,703 325
5,230 (1,927)
75,682 290
2,649 (1,503)
75,682
325
4,015
(1,708)
77,864 79,331 77,118 78,314
601,326 9,186
552,744 12,978
601,326 -
529,487
-
610,512 565,722 601,326 529,487
Other receivables
Prepayment
Sundry deposits
Sundry receivables
186,832 4,352 2,124 6,084 53,159 5,500 2,105 11,659 185,506 3,393 2,124 1,071 52,414
4,183
2,105
1,337
199,392 72,423 192,094 60,039
887,768 717,476 870,538 667,840
152
(131646-K)
10.
Loans and receivables, excluding takaful receivables (continued)
The following loans and receivables, excluding takaful receivables mature after 12 months:
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Takaful Operator
Other receivables
1,383 25,000
238
3,552 5,000
350
885 25,000
238
2,738
5,000
350
26,621 8,902 26,123 8,088
Family Takaful
Other receivables
70,00070,00070,00070,000
145,000 43,000 145,000 43,000
1,171
1,181
1,171
1,181
216,171 114,181 216,171 114,181
General Takaful
Other receivables
5,0005,0005,0005,000
20,000
7,000
20,000
7,000
715
574
715
574
25,715 12,574
25,715 12,574
Group / Company
Other receivables
76,383 190,000 2,124 78,740 55,000 2,105 75,885 190,000 2,124 77,738
55,000
2,105
268,507 135,845 268,009 134,843
Offsetting of financial assets and financial liabilities
No financial assets and liabilities have been set off for presentation purposes.
153
(131646-K)
11.
Takaful receivables
Note
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
Family Takaful
Due contributions
Due from retakaful / co-takaful
66,230 25,794 46,601 24,377 64,247 23,323 44,851
20,738
Less: Allowance for impaired debts
39.4
92,024 (1,052)
70,978 (2,781)
87,570 (1,022)
65,589
(2,754)
90,972 68,197 86,548 62,835
Due contributions
28,844 12,210 41,752 12,948 26,430 8,406 36,591
9,554
39.4
41,054 (3,435)
54,700 (5,741)
34,836 (3,121)
46,145
(5,634)
37,619 48,959 31,715 40,511
95,074 38,004 88,353 37,325 90,677 31,729 81,442
30,292
39.4
133,078 (4,487)
125,678 (8,522)
122,406 (4,143)
111,734
(8,388)
128,591 117,156 118,263 103,346
General Takaful
Group / Company
Due contributions
Offsetting of financial assets and financial liabilities
No financial assets and liabilities have been set off for presentation purposes.
12.
Qard receivables
Takaful Operator
Note
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
At 1 January ---Increase during the year
362
11,458
-
Qard written off
31
(362)
(11,458)
-
At 31 December ---
The Qard is not repayable and has been fully written off, taking into the consideration the subsidiary and it’s Takaful Funds are under
Members’ Voluntary Winding-up since 21 May 2012 and there is no expected future experience of the fund to generate surplus.
154
(131646-K)
13.
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Takaful Operator
Cash and bank balances
Fixed and call deposits with licensed financial institutions with
maturity less than three months
1,877 1,933 300 840
125,681 18,941
62,310 24,928
111,623 -
44,933
-
146,499 89,171 111,923 45,773
Family Takaful
31,581 39,750 24,484 32,871
522,350 43,410
171,816 54,170
513,874 -
171,816
-
597,341 265,736 538,358 204,687
5,332 40,705 3,000 37,240
96,135 10,968
25,539 9,468
93,311 -
25,539
-
112,435 75,712 96,311 62,779
General Takaful
Group / Company
38,790 82,388 27,784 70,951
744,166 73,319
259,665 88,566
718,808 -
242,288
-
856,275 430,619 746,592 313,239
155
(131646-K)
14.
As at 31 December 2014, the assets held for sale are as follows:
Note
Group and Company
2014
2013
RM’000
RM’000
Takaful Operator
At 1 January
Settlement for asset held for sale
Transferred from investment properties
4
1,730
(1,730)
-
1,340
(1,340)
1,730
At 31 December
-
1,730
Family Takaful
At 1 January
4
2,260
(2,260)
-
1,360
(1,910)
2,810
At 31 December
-
2,260
General Takaful
At 1 January
4
2,850
(2,850)
2,000
540
(540)
2,850
At 31 December
2,000 2,850
Group / Company
At 1 January
Transferred from property and equipment
3
4
6,840
(6,840)
2,000
-
3,240
(3,790)
1,260
6,130
At 31 December
2,000 6,840
The carrying value of investment properties is the same as its carrying value before being reclassified to current assets.
156
(131646-K)
15.
Share capital and reserves
Takaful Operator / Group / Company
Number
Number
Amount
of shares
Amount
of shares
2014
2014
2013
2013
RM’000’000
RM’000’000
Authorised
Ordinary shares of RM1.00 each
500,000 500,000 500,000 500,000
Issued and fully paid
Ordinary shares of RM1.00 each
At 1 January
Issued under LTIP
162,817 189
162,817 189
162,817 -
162,817
-
At 31 December
163,006 163,006 162,817 162,817
Ordinary shares
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at
meetings of the Company.
Share premium
Share premium comprises the premium paid on subscription of shares in the Company over and above the par value of the shares.
Translation reserve
The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign
operations.
Fair value reserve
The fair value reserve comprises the cumulative net change in the fair value of available-for-sale financial assets recognised in other
comprehensive income until the investments are derecognised or impaired.
Revaluation reserve
The revaluation reserve relates to the revaluation of land and buildings.
LTIP (Long Term Incentive Plan) reserve
The LTIP reserve comprises the cumulative value of employee services received for the issue of Restricted Share Plan and Performance
Share Plan. When the LTIP is exercised, the amount from the LTIP reserve is transferred to share premium. When the LTIP expires, the
amount from the LTIP reserve is transferred to retained earnings. LTIP is disclosed in note 16.
157
(131646-K)
15.
Share capital and reserves (continued)
Retained earnings
The Company may distribute single tier exempt dividend to its shareholders out of its retained earnings. Pursuant to Section 60(1) of the
IFSA, the Company is required to obtain Bank Negara Malaysia’s written approval prior to declaring or paying any dividend with effect from
financial year beginning 1 January 2014.
Pursuant to the RBC Framework for Takaful Operator, the Company shall not pay dividends if its Capital Adequacy Ratio position is less than
its internal target capital level or if the payment of dividend would impair its Capital Adequacy Ratio position to below its internal target.
16.
Employee benefits
Share-based payments arrangement
At the Extraordinary General Meeting held on 24 July 2013, the Company’s shareholders approved the establishment of a Long Term
Incentive Plan (LTIP), which comprises a Restricted Share Plan (RSP) and a Performance Share Plan (PSP), of not more than 10% of issued
and paid-up share capital of the Company (excluding treasury shares) to eligible employees and executive director of the Company. The
LTIP was effected on 25 July 2013 following the submission of the By-Laws for the LTIP to Bursa Malaysia Securities Berhad, the receipt of
all required approvals and the compliance with the requirements pertaining to the LTIP.
The salient features of the LTIP are, inter alia, as follows:
i)
The RSP is a restricted share plan for selected key employees and the executive director of the Group. The RSP Grant is intended
as a one-off grant, subject to the discretion of the LTIP Committee for future grants, to retain key employees for the development,
growth and success of the Group. The RSP will be vested to the RSP Grantees at no consideration over a period of up to three
(3) years pro-rata which may include additional holding periods for each vesting as determined by the LTIP committee, whereby
selected employees will be assessed based on, amongst others, the individual performance and achievement, which may include
but are not limited to, profit after zakat and taxation and / or other financial measures as may be relevant, in accordance with terms
and conditions stipulated and determined by the LTIP Committee in its discretion. The LTIP Committee is a committee established
by the Board to implement and administer the LTIP in accordance with the LTIP By-Laws.
ii)
The PSP is a performance share plan for selected key employees and the executive director of the Group. The PSP Grant is an annual
grant to incentivise key employees for the long-term success and growth of the Group as well as shareholders’ value enhancement.
The PSP will be vested to the RSP Grantees at no consideration over a period of up to three (3) years cliff vesting schedule whereby
selected employees will be assessed based on, amongst others, the total shareholders’ return, which is the improvement in stock
price including dividends paid, and the long-term financial performance of the Company over a period of three (3) financial years,
or such other period of time should the LTIP committee choose to do so, in accordance with terms and conditions stipulated and
determined by the LTIP Committee in its discretion.
iii)
Eligible employees are those executives (including executive director) of the Group (other than subsidiaries which are dormant)
who have attained the age of 18 years; entered into a full-time or fixed-term contract of employment with and is on the payroll of a
company within the Group; have not served notice of resignation or received notice of termination on the date of the offer; whose
service / employment have been confirmed in writing; and have fulfilled other eligibility criteria which has been determined by the
LTIP Committee at its sole and absolute discretion from time to time.
iv)
The total number of Takaful Malaysia Shares to be offered to any one of the employees and / or to be vested in any one of the
grantees shall not be more than 10% of the Takaful Malaysia Shares made available under the LTIP and shall not either singly or
collectively through persons connected with the said employee, holds 20% or more of the Company’s issued and paid up share
capital.
158
(131646-K)
16.
Employee benefits (continued)
The salient features of the LTIP are, inter alia, as follows (continued):
v)
The maximum number of Takaful Malaysia Shares to be allotted and issued under LTIP shall not be more than in aggregate 10% of
the issued and paid-up ordinary share capital of the Company at any point in time during the duration of the LTIP.
vi)
The LTIP shall be in force for a period of ten (10) years from the effective date of implementation of the LTIP.
vii)
The new Takaful Malaysia Shares to be allotted and issued pursuant to the LTIP shall, upon allotment and issuance, rank pari passu
in all respects with the then existing issued Takaful Malaysia Shares and shall be entitled to any rights, dividends, allotments and
/ or distributions attached thereto and / or which may declared, made or paid to the Company’s shareholders, provided that the
relevant allotment date of such new shares is before the record date (as defined in the LTIP By-Laws) for any right, allotment or
distribution.
viii) If the LTIP Committee so decides (but not otherwise), in the event of any alteration in the capital structure of the Company during
the duration of the LTIP, such corresponding alterations (if any) may be made in the number of unvested Takaful Malaysia Shares
and / or the method and / or manner in the vesting of the Takaful Malaysia Shares comprised in a grant.
During the year, the number of the shares granted are as follows:
Restricted Performance
Shares
Shares
Number
Number
of shares
of shares
(’000)
(’000)
Total
(’000)
At 1 January 2013
Granted during the year
-
607
-
724
1,331
Outstanding at 31 December 2013 / 1 January 2014
Granted during the year
Exercised during the year
Forfeited during the year
607
-
(189)
(39)
724
460
-
(111)
1,331
460
(189)
(150)
Outstanding at 31 December 2014
379 1,073 1,452
During the financial year, 189,500 shares were exercised. The weighted average share price at the date of exercise for the year was RM8.96
(2013: No shares exercised).
159
(131646-K)
16.
Employee benefits (continued)
The fair value of services received in return for Restricted Shares and Performance Shares granted are based on the fair value of Restricted
Shares and Performance Shares granted respectively, measured using the Monte Carlo Simulation, with the following inputs:
Fair value and assumption
Fair value at grant date
Restricted
shares
2014
10.533
6.996
Weighted average share price
7.194
7.194
10.533
Share price at grant date
7.755
7.755
12.580
Expected volatility (weighted average volatility)
34.30%
34.30%
31.19% to
34.30%
Option life (expected weighted average life)
3
3
3
Expected dividends
0.0384
0.0384
0.0384 to
0.0431
Risk-free interest rate (based on Malaysian government bonds)
3.30% to
3.30% to
3.43% to
3.52%
3.52%
3.52%
6.996
7.755
34.30%
Value of employee services received for issue of shares
7.194
Restricted Performance Performance
shares
shares
shares
2013
2014
2013
7.194
3
0.0384
3.43%
Group and Company
2014
2013
RM’000RM’000
Expense recognised as share-based payments
Shares granted in 2013
- Restricted shares
- Performance shares
2,327
2,017
1,148
868
4,344 2,016
470
-
4,814 2,016
Shares granted in 2014
- Performance shares
160
(131646-K)
17.
Qard payables
Group
2014
2013
RM’000RM’000
Family Takaful
At 1 January
Increase during the year
23,028
362
1,522
10,398
11,458
1,172
At 31 December
24,912 23,028
General Takaful
At 1 January
25,634
1,667
23,888
1,746
At 31 December
27,301 25,634
18.
The takaful contract liabilities comprise the following:
Note
Family Takaful
(a)
(c)
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
203,058 4,874,488 195,807 4,554,923 183,319 4,549,961 176,375
4,282,474
5,077,546 4,750,730 4,733,280 4,458,849
605,433 290,899 207,133 665,467 296,425 219,124 584,001 276,584 200,804 633,291
280,111
213,801
1,103,465 1,181,016 1,061,389 1,127,203
Group / Company
Provision for unearned contributions
808,491 290,899 5,043,821 861,274 296,425 4,735,952 767,320 276,584 4,712,965 809,666
280,111
4,458,180
6,143,211 5,893,651 5,756,869 5,547,957
General Takaful
(a)
(b)
(c)
(a)
(b)
(c)
161
(131646-K)
18.
Takaful contract liabilities (continued)
(a)
The provision for outstanding claims and its movements are further analysed as follows:
<------------------------------------------------ Group ------------------------------------------------>
2014 2013
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
Provision for claims reported by participants 33,310 Provision for IBNR
169,748 (3,352)
(49,805)
29,958 119,943 40,150
155,657
(2,278)
(32,845)
37,872
122,812
203,058 (53,157)
149,901 195,807
(35,123)
160,684
General Takaful
229,797 (259,623)
(93,087)
116,013 136,710 433,215
232,252
(291,300)
(80,970)
141,915
151,282
605,433 (352,710)
252,723 665,467
(372,270)
293,197
Group
399,545 (262,975)
(142,892)
145,971 256,653 473,365
387,909
(293,578)
(113,815)
179,787
274,094
(405,867)
402,624 861,274
(407,393)
453,881
808,491 <--------------------------------------------- Company --------------------------------------------->
2014 2013
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
164,401 (2,526)
(49,600)
16,392 114,801 26,139
150,236
(1,568)
(32,053)
24,571
118,183
183,319 (52,126)
131,193 176,375
(33,621)
142,754
General Takaful
223,583 (253,588)
(92,515)
106,830 131,068 407,039
226,252
(277,129)
(80,316)
129,910
145,936
584,001 (346,103)
237,898 633,291
(357,445)
275,846
Company
387,984 (256,114)
(142,115)
123,222 245,869 433,178
376,488
(278,697)
(112,369)
154,481
264,119
(398,229)
369,091 809,666
(391,066)
418,600
767,320 162
(131646-K)
18.
(a)
Provision for outstanding claims (continued)
Movement of provision for outstanding claims:
Note
<------------------------------------------------ Group ------------------------------------------------>
2014
2013
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Family Takaful
At 1 January
28
195,807
Claims incurred during the year
593,045 Claims paid during the year
28
(601,070)
Increase in IBNR
14,091 Effect of movement in exchange rates
1,185 At 31 December
28
203,058 (35,123)
(52,192)
51,176 (16,960)
160,684
540,853 (549,894)
(2,869)
148,565
618,967
(607,451)
35,479
(18,671)
(45,815)
47,009
(17,881)
129,894
573,152
(560,442)
17,598
(58)
1,127 247
235
482
(53,157)
149,901 195,807
(35,123)
160,684
General Takaful
At 1 January
28 665,467(372,270)293,197 584,509(282,479)302,030
209,162 (83,806)
125,356 313,703
(179,774)
133,929
Adjustment to claims incurred
in prior accident years
(66,989)
45,418 (21,571)
(91,255)
74,157
(17,098)
Claims paid during the year
28
(201,051)
70,578 (130,473)
(176,055)
32,834
(143,221)
Increase in IBNR
(2,455)
(12,117)
(14,572)
37,300
(19,633)
17,667
exchange rates
1,299 (513)
786 (2,735)
2,625
(110)
At 31 December
28
605,433 (352,710)
252,723 665,467
(372,270)
293,197
Group
At 1 January
28 861,274(407,393)453,881 733,074(301,150)431,924
796,871 (135,998)
660,873 918,583
(225,695)
692,888
(66,989)
45,418 (21,571)
(91,255)
74,157
(17,098)
28
(796,785)
121,754 (675,031)
(769,419)
79,843
(689,576)
Increase in IBNR
11,636 (29,077)
(17,441)
72,779
(37,408)
35,371
exchange rates
2,484 (571)
1,913 (2,488)
2,860
372
At 31 December
28
808,491 (405,867)
402,624 861,274
(407,393)
453,881
163
(131646-K)
18.
(a)
Provision for outstanding claims (continued)
Note
<---------------------------------------------- Company ---------------------------------------------->
2014
2013
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Family Takaful
At 1 January
28
28
Increase in IBNR
176,375
523,871 (531,092)
14,165 (33,621)
(43,028)
42,070 (17,547)
142,754
480,843 (489,022)
(3,382)
140,673
541,505
(540,752)
34,949
(17,575)
(35,555)
36,841
(17,332)
123,098
505,950
(503,911)
17,617
At 31 December
183,319 (52,126)
131,193 176,375
(33,621)
142,754
28
General Takaful
At 1 January
28 633,291(357,445)275,846 545,389(265,454)279,935
207,072 (89,473)
117,599
299,608
(175,963)
123,645
(66,989)
45,418 (21,571)
(91,255)
74,157
(17,098)
28
(186,704)
67,596
(119,108)
(157,328)
29,296
(128,032)
Increase in IBNR
11,496 (29,746)
(18,250)
36,877
(19,481)
17,396
At 31 December
28
548,001
(346,103)
237,898
633,291
(357,445)
275,846
Company
At 1 January
28 809,666(391,066)418,600 686,062(283,029)403,033
728,064 (132,501)
595,563 829,670
(211,518)
618,152
Adjustment to claims incurred in
prior accident years
(66,989)
45,418 (21,571)
(91,255)
74,157
(17,098)
28
(714,917)
109,666 (605,251)
(686,637)
66,137
(620,500)
Increase in IBNR
11,496 (29,746)
(18,250)
71,826
(36,813)
35,013
At 31 December
28
767,320 (398,229)
369,091 809,666
(391,066)
418,600
164
(131646-K)
18.
(b)
The provision for unearned contributions and its movements are further analysed as follows:
<------------------------------------------------ Group ------------------------------------------------>
2014
2013
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
General Takaful / Group
290,899 (69,949)
220,950 296,425
(80,200)
216,225
<---------------------------------------------- Company ---------------------------------------------->
2014
2013
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
General Takaful / Company
276,584 (68,117)
208,467 280,111
(77,545)
202,566
Movement of provision for unearned contributions:
<------------------------------------------------ Group ------------------------------------------------>
2014
2013
Gross
Retakaful
Net
Gross
Retakaful
Net
Note
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
General Takaful
At 1 January
Contributions written
during the year
23
Contributions earned
during the year
23
exchange rates
At 31 December
296,425
(80,200)
216,225
295,439
(72,297)
223,142
451,319 (170,096)
281,223 428,406
(141,347)
287,059
(457,441)
180,457 (276,984)
(424,992)
132,969
(292,023)
596 (110)
486 (2,428)
475
(1,953)
290,899 (69,949)
220,950 296,425
(80,200)
216,225
295,439
(72,297)
223,142
427,808
(141,347)
286,461
(424,394)
132,969
(291,425)
(2,428)
475
(1,953)
296,425
(80,200)
216,225
Group
At 1 January
296,425
(80,200)
216,225
during the year
451,554 (170,096)
281,458 Contributions earned
during the year
(457,676)
180,457 (277,219)
exchange rates
596 (110)
486 At 31 December
290,899 (69,949)
220,950 165
(131646-K)
18.
(b)
Provision for unearned contributions (continued)
Note
General Takaful
At 1 January
during the year
23
during the year
23
At 31 December
<---------------------------------------------- Company ---------------------------------------------->
2014
2013
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
280,111
(77,545)
202,566
279,351
(69,745)
209,606
418,459 (163,429)
255,030 386,635
(134,271)
252,364
(421,986)
172,857 (249,129)
(385,875)
126,471
(259,404)
276,584 (68,117)
208,467 280,111
(77,545)
202,566
280,111
(77,545)
202,566
279,351
(69,745)
209,606
Company
At 1 January
during the year
during the year
418,145 (163,429)
254,716 386,037
(134,271)
251,766
(421,672)
172,857 (248,815)
(385,277)
126,471
(258,806)
At 31 December
276,584 (68,117)
208,467 280,111
(77,545)
202,566
(c)
Participants’ fund balance at end of the reporting period comprise the following:
<------------------------------------------------ Group ------------------------------------------------>
2014
2013
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
Unallocated surplus /
accumulated surplus
AFS reserve
Translation reserve
Net assets value attributable
to unitholders
4,022,862 (206,644)
3,816,218 3,708,819
(148,340)
3,560,479
732,842 (61,878)
765
- -
-
732,842 (61,878)
765 699,984
(2,177)
1,238
-
-
-
699,984
(2,177)
1,238
179,897
-
179,897 147,059
-
147,059
4,874,488 (206,644)
4,667,844 4,554,923
(148,340)
4,406,583
General Takaful
Unallocated surplus /
accumulated surplus
AFS reserve
Translation reserve
213,255
(6,356)
234
-
-
-
213,255 (6,356)
234 215,677
3,556
(109)
-
-
-
215,677
3,556
(109)
207,133 -
207,133 219,124
-
219,124
166
(131646-K)
18.
(c)
Participants’ fund (continued)
<------------------------------------------------ Group ------------------------------------------------>
2014
2013
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Group
4,022,858 Unallocated surplus / accumulated surplus 946,098 AFS reserve
(68,234)
Translation reserve
999
to unitholders
142,100
5,043,821 (206,644) 3,816,214 - 946,098 -
(68,234)
-
999 3,708,819
915,661
1,379
1,129
(148,340)
-
-
-
3,560,479
915,661
1,379
1,129
-
142,100 108,964
-
108,964
(206,644)
4,837,177 4,735,952
(148,340)
4,587,612
<---------------------------------------------- Company ---------------------------------------------->
2014
2013
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
3,776,136 Unallocated surplus / accumulated surplus 732,842
AFS reserve
(48,083)
to unitholders
89,066
(199,326)
-
-
3,576,810 732,842 (48,083)
3,498,433
699,984
8,465
(142,240)
-
-
3,356,193
699,984
8,465
-
89,066 75,592
-
75,592
4,549,961 (199,326)
4,350,635 4,282,474
(142,240)
4,140,234
General Takaful
Unallocated surplus / accumulated surplus
AFS reserve
207,301
(6,497)
-
-
207,301 (6,497)
210,101
3,700
-
-
210,101
3,700
200,804 -
200,804 213,801
-
213,801
(199,326) 3,576,810 - 940,143 - (54,580)
3,498,433
910,085
12,165
(142,240)
-
-
3,356,193
910,085
12,165
51,266 37,497
-
37,497
4,513,639 4,458,180
(142,240)
4,315,940
Company
3,776,136 Unallocated surplus / accumulated surplus 940,143 AFS reserve
(54,580)
to unitholders
51,266 4,712,965 - (199,326)
167
(131646-K)
18.
(c)
The participants’ fund movements are analysed as follows:
<------------------------------------------------ Group ------------------------------------------------>
2014
2013
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
At 1 January
4,554,923
958,130 Investment income
191,950 Realised gains and (losses)
37,490 Fair value gains and (losses)
12,894 Other operating income
3,277 Net benefits and claims
(607,136)
Fees deducted (net)
(192,999)
(15,567)
Profit paid to participants
(552)
Increase in actuarial liabilities
58,295 Profit attributable to the Takaful Operator
(67,443)
Excess payment transferred to participants
(1,239)
Change in AFS reserve
(59,701)
Withholding tax
(10,655)
12,821 (148,340) 4,406,583
(65,737)
892,393 - 191,950 - 37,490 - 12,894 - 3,277 69,152 (537,984)
- (192,999)
- (15,567)
- (552)
(58,016)
279 (3,414)
(70,857)
- (1,239)
- (59,701)
- (10,655)
(289)
12,532 4,254,771
1,098,994
181,023
117,092
9,025
1,133
(654,446)
(245,834)
(8,796)
(762)
38,482
(92,464)
7,067
(99,503)
(3,417)
(47,442)
(63,856)
(51,952)
-
-
-
-
63,696
-
-
-
(85,501)
(11,745)
-
-
-
1,018
4,190,915
1,047,042
181,023
117,092
9,025
1,133
(590,750)
(245,834)
(8,796)
(762)
(47,019)
(104,209)
7,067
(99,503)
(3,417)
(46,424)
At 31 December
(206,644)
4,554,923
(148,340)
4,406,583
4,874,488 4,667,844 General Takaful
At 1 January
Investment income
Fees deducted (net)
Profit attributable to the Takaful Operator
Withholding tax
219,124
276,984 29,164 4,519 (23)
3,263 (89,213)
(128,368)
(9,058)
(29,877)
(59,186)
(9,912)
(626)
342
-219,124220,795
-
276,984 292,023
-
29,164 30,877
-
4,519 15,844
-
(23)
596
-
3,263
1,798
-
(89,213)
(134,498)
-
(128,368)
(116,324)
-
(9,058)
(2,985)
-
(29,877)
(30,877)
-
(59,186)
(49,447)
-
(9,912)
(6,908)
-
(626)
(613)
-
342 (1,157)
-220,795
-
292,023
-
30,877
-
15,844
-
596
-
1,798
-
(134,498)
-
(116,324)
-
(2,985)
-
(30,877)
-
(49,447)
-
(6,908)
-
(613)
-
(1,157)
At 31 December
207,133 -
-
207,133 219,124
219,124
168
(131646-K)
18.
(c)
<------------------------------------------------ Group ------------------------------------------------>
2014
2013
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Group
At 1 January
Investment income
Fees deducted (net)
Withholding tax
4,735,952
1,235,114 221,114 42,009 12,871 6,540 (696,349)
(321,367)
(24,625)
(30,429)
58,295 (126,334)
(1,239)
(69,613)
(11,281)
13,163 (148,340) 4,587,612
(65,737) 1,169,377 - 221,114 - 42,009 -
12,871 -
6,540 69,152 (627,197)
- (321,367)
- (24,625)
- (30,429)
(58,016)
279 (3,414)
(129,748)
- (1,239)
- (69,613)
- (11,281)
(289)
12,874 4,434,586
1,391,017
211,900
132,936
9,621
2,931
(782,178)
(362,158)
(11,781)
(31,639)
38,482
(145,792)
7,067
(106,411)
(4,030)
(48,599)
(63,856)
(51,952)
-
-
-
-
63,696
-
-
-
(85,501)
(11,745)
-
-
-
1,018
4,370,730
1,339,065
211,900
132,936
9,621
2,931
(718,482)
(362,158)
(11,781)
(31,639)
(47,019)
(157,537)
7,067
(106,411)
(4,030)
(47,581)
At 31 December
5,043,821 (206,644)
4,735,952
(148,340)
4,587,612
4,837,177 <---------------------------------------------- Company ---------------------------------------------->
2014
2013
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
At 1 January
4,282,474
850,714 Investment income
180,639 Realised gains and (losses)
26,163 Fair value gains and (losses)
(959)
3,180 Net benefits and claims
(538,036)
Fees deducted (net)
(168,967)
(14,546)
(171)
58,703 Profit attributable to the Takaful Operator
(60,791)
(1,239)
(56,548)
Withholding tax
(10,655)
(142,240)
(55,633)
-
-
-
-
60,575 -
-
-
(57,086)
(4,942)
-
-
-
4,140,234
3,958,110
(58,161) 3,899,949
795,081 978,839
(41,004)
937,835
180,639 170,831
-
170,831
26,163 108,016
-
108,016
(959)
11,808
-
11,808
3,180 1,096
-
1,096
(477,461)
(576,454)
52,887
(523,567)
(168,967)
(215,885)
-
(215,885)
(14,546)
(7,899)
-
(7,899)
(171)
(390)
-
(390)
1,617 37,409
(84,079)
(46,670)
(65,733)
(96,907)
(11,883)
(108,790)
(1,239)
7,067
-
7,067
(56,548)
(89,750)
-
(89,750)
(10,655)(3,417)
- (3,417)
At 31 December
(199,326)
4,350,635 4,549,961 4,282,474
(142,240)
4,140,234
169
(131646-K)
18.
(c)
<---------------------------------------------- Company ---------------------------------------------->
2014
2013
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
General Takaful
At 1 January
Investment income
Fees deducted (net)
Withholding tax
213,801
249,129 28,229 4,458 (23)
2,835 (81,160)
(114,009)
(3,725)
(29,877)
(58,031)
(10,197)
(626)
-213,801217,693
-
249,129 259,404
-
28,229 29,824
-
4,458 15,641
-
(23)
596
-
2,835 1,267
-
(81,160)
(123,943)
-
(114,009)
(97,867)
-
(3,725)
(2,898)
-
(29,877)
(30,655)
-
(58,031)
(47,975)
-
(10,197)
(6,673)
-
(626)
(613)
-217,693
-
259,404
-
29,824
-
15,641
-
596
-
1,267
-
(123,943)
-
(97,867)
-
(2,898)
-
(30,655)
-
(47,975)
-
(6,673)
-
(613)
At 31 December
200,804 -
200,804 213,801
-
213,801
Company
At 1 January
Investment income
Fees deducted (net)
Withholding tax
4,458,180
1,099,843 208,868 30,621 (982)
6,015 (619,196)
(282,976)
(18,271)
(30,048)
58,703 (118,527)
(1,239)
(66,745)
(11,281)
(142,240)
(55,633)
-
-
-
-
60,575 -
-
-
(57,086)
(4,942)
-
-
-
4,315,940
1,044,210 208,868 30,621 (982)
6,015 (558,621)
(282,976)
(18,271)
(30,048)
1,617 (123,469)
(1,239)
(66,745)
(11,281)
4,134,823
1,238,243
200,655
123,657
12,404
2,363
(693,631)
(313,752)
(10,797)
(31,045)
37,409
(148,763)
7,067
(96,423)
(4,030)
(58,161)
(41,004)
-
-
-
-
52,887
-
-
-
(84,079)
(11,883)
-
-
-
4,076,662
1,197,239
200,655
123,657
12,404
2,363
(640,744)
(313,752)
(10,797)
(31,045)
(46,670)
(160,646)
7,067
(96,423)
(4,030)
At 31 December
4,712,965 (199,326)
4,513,639 4,458,180
(142,240)
4,315,940
170
(131646-K)
19.
Expense reserves
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
20.
At 1 January
Provision for the year, net
131,522
10,415 190
89,486
42,770 (734)
127,279
10,394 -
84,973
42,306
-
At 31 December
142,127 131,522 137,673 127,279
Takaful payables
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Family Takaful
Due to retakaful companies
Due to intermediaries / participants
30,218 10,731 17,941 7,918 28,497 10,731 14,807
7,918
40,949 25,859 39,228 22,725
General Takaful
16,190 4,178 43,418 6,151 15,576 4,177 42,298
6,151
20,368 49,569 19,753 48,449
Group / Company
46,408 14,909 61,359 14,069 44,073 14,908 57,105
14,069
61,317 75,428 58,981 71,174
171
(131646-K)
21.
Other payables
Note
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
Takaful Operator
Deposit payable
Outstanding purchases of investment securities
Due to Family Takaful Fund
10
Due to General Takaful Fund
10
Zakat payable
Other payables and accruals
252 2,403 8,566
7,121
663 70,833 272 1,207 10,491
6,101
1,505 71,791 252 2,403 -
-
200 61,852 272
1,207
1,009
64,378
89,838 91,367 64,707 66,866
Family Takaful
Advanced takaful contribution
Deposit payable
Profit payable to participants
Unclaimed monies
Due to Takaful Operator
10
Due to General Takaful Fund
10
5,009 5,772 1,539 423 18,271 8,788 99 61,268 4,325 6,081 1,193 659 6,542 25,661 2,540 76,786 5,009 2,030 17 423 18,271 7,887 99 60,831 4,325
1,963
16
659
6,542
25,661
2,540
76,550
101,169 123,787 94,567 118,256
General Takaful
Deposit payable
Due to Takaful Operator
10
6,335 274 2,283 3,109 22,410 38,037 6,610 328 2,038 2,481 9,746 46,058 6,335 274 1,921 3,109 22,410 35,965 6,610
328
1,670
2,481
9,746
44,264
72,448 67,261 70,014 65,099
Group / Company
Deposit payable
Unclaimed monies
Zakat payable
11,344 6,298 3,822 423 23,783 663 170,138 10,935 6,681 3,231 659 10,230 1,505 194,635 11,344 2,556 1,938 423 23,783 200 158,648 10,935
2,563
1,686
659
10,230
1,009
185,192
216,471 227,876 198,892 212,274
172
(131646-K)
22.
Operating revenue
Note
Company
2014
2013
RM’000
RM’000
Takaful Operator
Investment income
24
26,483 24,529 23,764 21,669
Family Takaful
Gross contributions
Investment income
23
24
958,060 191,950 1,052,493 181,023 852,331 180,639 932,169
170,831
1,150,010 1,233,516 1,032,970 1,103,000
451,319 29,164 428,406 30,877 418,459 28,229 386,635
29,824
480,483 459,283 446,688 416,459
1,409,614 243,025 1,480,301 232,705 1,270,476 228,586 1,318,206
219,175
1,652,639 1,713,006 1,499,062 1,537,381
General Takaful
Gross contributions
Investment income
23
24
Group / Company
Gross contributions
Investment income
23
24
23.
Group
2014
2013
RM’000
RM’000
Note
Family Takaful
(i) Gross contributions
22
Change in actuarial reserves / unearned
contributions reserves
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
958,060 1,052,493 852,331 932,169
70 46,501 (1,617)
46,670
958,130 1,098,994 850,714 978,839
(ii)
Retakaful
(65,737)
(51,952)
(55,633)
(41,004)
Contributions ceded to retakaful
(65,737)
(51,952)
(55,633)
(41,004)
(iii)
892,393 1,047,042 795,081 937,835
173
(131646-K)
23.
Net earned contributions (continued)
Note
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
451,319 428,406 418,459 386,635
6,122 (3,414)
3,527 (760)
18(b)
457,441 424,992 421,986 385,875
(ii) Retakaful
18(b)
(170,096)
(141,347)
(163,429)
(134,271)
(10,361)
8,378 (9,428)
7,800
(180,457)
(132,969)
(172,857)
(126,471)
(iii)
276,984 292,023 249,129 259,404
1,409,614 1,480,301 1,270,476 1,318,206
6,192 43,087 1,910 45,910
1,415,806 1,523,388 1,272,386 1,364,116
(ii) Retakaful
(235,833)
(193,299)
(219,062)
(175,275)
(10,361)
8,378 (9,428)
7,800
(246,194)
(184,921)
(228,490)
(167,475)
(iii)
1,169,612 1,338,467 1,043,896 1,196,641
General Takaful
18(b),22
18(b)
Group / Company
22
174
(131646-K)
24.
Investment income
Note
Takaful Operator
Rental income from investment properties
4
Dividend income
- Equity securities
- quoted outside Malaysia
Profit income
- Islamic debt securities
Dividend income
- Equity securities
- quoted in Malaysia
5
- Unit trusts
Profit income
- Institutional Trust Account
- Malaysian Government Islamic papers
Profit income
LAR profit income
Cash and cash equivalents profit income
Investment expenses
Total investment income
22
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
670 642 670 642
23
272
-
-
262
172
-
-
2,263 133
1,056 2,121 5
1,458 2,263 -
1,056 2,121
1,458
2,201
12,231 23
(1,191)
3,119
10,934 408
(1,104)
2,201
12,175 23
(1,191)
3,119
10,837
408
(1,104)
133
7,261 1,799 (381)
121
5,349 1,317 (285)
-
6,937 11 (381)
4,457
16
(285)
26,483 24,529 23,764 21,669
175
(131646-K)
24.
Investment income (continued)
Note
Family Takaful
4
Dividend income
- Equity securities
Profit income
Dividend income
- Equity securities
- Unit trusts
Profit income
Profit income
LAR profit income
Investment expenses
22
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
8,169 7,320 7,623 6,709
1,220 33 1,255 - 1,220 - 1,255
-
6,062 4,638 767 16,211 75 6,516 17,001 - 3,903 16,211 - 6,516 17,001
3,903
6,300 88,398 11,189 (3,442)
9,508 88,532 18,059 (5,495)
6,300 88,005 11,189 (3,442)
9,508
87,781
18,059
(5,495)
13,949 4,368 (43)
31,665 3,766 (2,486)
10,206 4,368 (275)
21,310 3,548 (2,855)
12,945 4,368 (154)
31,227 115 (2,251)
9,095
4,368
(29)
20,660
69
(2,855)
191,950 181,023 180,639 170,831
802
176
(131646-K)
24.
Note
General Takaful
4
Dividend income
- Equity securities
- Unit trusts
Profit income
Profit income
LAR profit income
Investment expenses
22
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
732 783 732 783
2,885 701 3,461 525 2,885 701 3,461
525
1,599 17,001 819 (1,394)
1,845 17,108 3,066 (2,017)
1,599 17,001 819 (1,394)
1,845
17,108
3,066
(2,017)
231
1,279
(48)
4,895 653 (189)
271
1,279
(47)
4,220 592 (209)
-
1,279
(48)
4,818 26 (189)
1,279
(47)
4,007
23
(209)
29,164 30,877 28,229 29,824
177
(131646-K)
24.
Note
Group / Company
4
Dividend income
- Equity securities
Profit income
Dividend income
- Equity securities
- Unit trusts
Profit income
7(d)
Profit income
7(d)
LAR profit income
Investment expenses
22
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
3,887 3,087 3,867 3,051
1,220
56
1,255
272
1,220
-
1,255
-
6,324 4,810 767 802
21,359 208
8,273 22,583 5
5,886 21,359 -
8,273 22,583
5,886
10,100 117,630 12,031 (6,027)
14,472 116,574 21,533 (8,616)
10,100 117,181 12,031 (6,027)
14,472
115,726
21,533
(8,616)
14,313 5,647 (91)
43,821 6,218 (1,944)
10,598 5,647 (322)
30,879 5,457 (1,415)
12,945 5,647 (202)
42,982 152 (1,709)
9,095
5,647
(76)
29,124
108
(1,415)
243,025 232,705 228,586 219,175
178
(131646-K)
25.
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Takaful Operator
Realised gains / (losses):
63 Investment properties
580 Asset held for sale
(221)
391 3
147
368 -
27 (221)
27
944 453
7,417 166
944 -
7,417
-
- AFS financial assets
Equity securities
Unit trusts
- unquoted in Malaysia
Investment units in commodity, equity and fixed income closed end fund
465 854
1,969 377
465 -
1,969
-
107
196
-
1,151
163
155
107
196
-
1,151
163
155
3,019 11,398 1,712 10,855
3,441 11,816 1,862 11,029
Family Takaful
114 -
114 -
Asset held for sale
69
(691)
69
(691)
14,500
305
61,236
-
14,500
-
61,236
-
4,200
10,999
2,729
9,076
4,200
-
2,729
-
5,276
23
2,004
40,065
-
4,677
5,276
-
2,004
40,065
4,677
37,307 117,783 25,980 108,707
37,490 117,092 26,163 108,016
Equity securities
Unit trusts
179
(131646-K)
25.
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
General Takaful
Asset held for sale
597
(16)
597
(16)
2,188 11,517 2,188 11,517
404
61
859
203
404
-
859
-
600
669
2,544
737
600
669
2,544
737
3,922 15,860 3,861 15,657
4,519 15,844 4,458 15,641
Group / Company
119 391 59 147
638 426 -
Asset held for sale
445
(680)
445
(680)
17,632
758
80,170
166
17,632
-
80,170
-
5,069
11,914
5,557
9,656
5,069
-
5,557
-
Equity securities
Unit trusts
Equity securities
Unit trusts
5,983
23 2,869 - 43,760
- 5,577 5,983
- 2,869 43,760
5,577
44,248 144,886 31,553 135,064
45,450 144,597 32,483 134,531
180
(131646-K)
26.
Note
Takaful Operator
Fair value gains / (losses) arising from:
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
4
385 317 380 -
Equity securities
1,023
(334)
-
-
(126)
(178)
-
-
897 (512)
-
-
1,282 (195)
380 -
Family Takaful
2,090 4,938 821 3,032
(1,696)
14,259
7,551 (1,297)
(1,696)
-
7,551
-
(1,675)
(84)
-
(3,392)
(403)
1,628
-
(84)
-
(403)
1,628
10,804 4,087 (1,780)
8,776
12,894 9,025 (959)
11,808
(23)
596
(23)
596
4
Equity securities
Commodity, equity and fixed income closed end fund
General Takaful
4
181
(131646-K)
26.
Fair value gains and (losses) (continued)
Note
Group / Company
4
Equity securities
Commodity, equity and fixed income closed end fund
7(d)
27.
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
1,645 6,101 1,620 5,754
(1,696)
15,282
7,551 (1,631)
(1,696)
-
7,551
-
(1,801)
(84)
-
(3,570)
(403)
1,628
-
(84)
-
(403)
1,628
11,701 3,575 (1,780)
8,776
13,346 9,676 (160)
14,530
Note
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
Takaful Operator
Income from Family Takaful business, service charge and
management fees
Writeback of allowance for impaired financing
Writeback of impairment of investment in subsidiary
Miscellaneous income
10,215 224 - 459 11,090 8
- 853 5,592 205 1,648 247 6,755
227
-
10,898 11,951 7,692 6,982
Family Takaful
Writeback of allowance for impaired debts
39.4
1,732 1,545 1,120 13 1,732 1,448 1,096
-
3,277 1,133 3,180 1,096
182
(131646-K)
27.
Other operating income (continued)
Note
28.
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
General Takaful
Writeback of allowance for impaired debts
39.4
2,513 750 1,241 557 2,513 322 1,267
-
3,263 1,798 2,835 1,267
622 -
Group / Company
Income from Family Takaful business, service charge and
management fees
Writeback of:
- Allowance for impaired debts
39.4
- Allowance for impaired financing
- Impairment of investment in subsidiary
2,239 1,691 4,245 224 - 2,754 2,361 8
- 1,423 4,245 205 1,648 2,017 2,363
227
-
9,462 5,483 8,737 2,590
Note
Family Takaful
Gross benefits / claims paid
Retakaful recoveries
18(a)
18(a)
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
(601,070)
51,176 (607,451)
47,009 (531,092)
42,070 (540,752)
36,841
(549,894)
(560,442)
(489,022)
(503,911)
(203,058)
(195,807)
(183,319)
(176,375)
(195,807)
1,185 (148,565)
247
(176,375)
-
(140,673)
-
(6,066)
(46,995)
(6,944)
(35,702)
53,157 35,123 52,126 33,621
35,123 (58)
18,671 235
33,621 -
17,575
-
17,976 16,687 18,505 16,046
(537,984)
(590,750)
(477,461)
(523,567)
Net benefits / claims paid
Gross change in contract liabilities:
At 31 December
18(a)
Less:
At 1 January
18(a)
Change in contract liabilities ceded to retakaful companies:
At 31 December
18(a)
Less:
At 1 January
18(a)
183
(131646-K)
28.
Net benefits and claims (continued)
Note
General Takaful
18(a)
18(a)
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
(201,051)
70,578 (176,055)
32,834 (186,704)
67,596 (157,328)
29,296
(130,473)
(143,221)
(119,108)
(128,032)
(605,433)
(665,467)
(584,001)
(633,291)
(665,467)
1,299 (584,509)
(2,735)
(633,291)
-
(545,389)
-
61,333 (83,693)
49,290 (87,902)
352,710 372,270 346,103 357,445
372,270 (513)
282,479 2,625
357,445 -
265,454
-
(20,073)
92,416 (11,342)
91,991
(89,213)
(134,498)
(81,160)
(123,943)
(796,785)
121,754 (769,419)
79,843 (714,917)
109,666 (686,637)
66,137
(675,031)
(689,576)
(605,251)
(620,500)
(808,491)
(861,274)
(767,320)
(809,666)
(861,274)
2,484 (733,074)
(2,488)
(809,666)
-
(686,062)
-
55,267 (130,688)
42,346 (123,604)
405,867 407,393 398,229 391,066
407,393 (571)
301,150 2,860
391,066 -
283,029
-
(2,097)
109,103 7,163 108,037
(621,861)
(711,161)
(555,742)
(636,067)
At 31 December
18(a)
Less:
At 1 January
18(a)
At 31 December
18(a)
Less:
At 1 January
18(a)
Group / Company
18(a)
18(a)
At 31 December
18(a)
Less:
At 1 January
18(a)
At 31 December
18(a)
Less:
At 1 January
18(a)
184
(131646-K)
29.
Management expenses
Note
Group
2014
2013
RM’000
RM’000
Takaful Operator
Personnel expenses (including key management personnel)
Directors’ remuneration
- Salaries and other emoluments
- Fees
Shariah Committee remuneration
- Company
29(i)
- Subsidiaries
Wages, salaries and others
Contributions to Employees’ Provident Fund
5,815 978 5,534 911 371 154 101,910 11,752 236 173 117,379 14,174 120,980 138,407 Company
2014
2013
RM’000
RM’000
5,663 747 5,383
696
371 - 82,305 11,752 236
97,098
14,038
100,838 117,451
Depreciation of property and equipment
3
7,251 9,499 5,487 7,956
Auditors’ remuneration Company auditors
- Statutory audit 544572544572
- Other services
208
20
208
20
Other auditors
- Statutory audit
100
121
-
License fees
221 220 114 154
Legal fees
603 192 423 123
Professional fees
14,527 15,956 13,430 14,530
Rental of properties
7,018 7,522 5,550 5,429
Rental of equipments
1,461 1,256 1,461 1,251
Repair and maintenance
- property and equipment
9,765 8,302 9,210 7,472
Travelling expenses
2,958 3,241 2,689 2,914
Utilities
2,121 1,823 978 929
Communication costs
5,517 6,338 4,446 4,892
Advertising
4,590 3,455 2,931 1,754
Other expenses
28,212 39,388 25,426 36,340
85,096 97,905 72,897 84,336
Total management expenses
206,076 236,312 173,735 201,787
All management expenses are borne by the Takaful Operator.
185
(131646-K)
29.
Management expenses (continued)
Note
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
Group / Company
Personnel expenses (including key management personnel)
Directors’ remuneration
- Salaries and other emoluments
- Fees
- Company
29(i)
- Subsidiaries
Wages, salaries and others
Contributions to Employees’ Provident Fund
5,815 978 5,534 911 371 154 101,596 11,752 236 173 116,781 14,174 120,666 137,809 100,524 116,853
Depreciation of property and equipment
3
Auditors’ remuneration Company auditors
- Statutory audit
- Other services
Other auditors
- Statutory audit
License fees
Legal fees
Professional fees
Rental of properties
Rental of equipments
Repair and maintenance
- property and equipment
Travelling expenses
Utilities
Communication costs
Advertising
Other expenses
11,577 13,574 8,742 11,241
544 208
572 20
544 208
572
20
100
221 603 14,527 1,334 1,461 121
220 192 15,956 1,864 1,256 -
114 423 13,430 392 1,461 154
123
14,530
346
1,251
9,765 2,958 2,121 5,517 4,590 28,212 8,302 3,241 1,823 6,338 3,455 39,388 9,210 2,689 978 4,446 2,931 25,426 7,472
2,914
929
4,892
1,754
36,338
83,738 96,322 70,994 82,536
Total management expenses
204,404 234,131 171,518 199,389
All management expenses are borne by the Takaful Operator.
5,663 747 5,383
696
371 - 81,991 11,752 236
96,500
14,038
186
(131646-K)
29.
Management expenses (continued)
(i) The Shariah Committee remuneration is as follows:
Company
2014
2013
RM’000RM’000
Takaful Operator / Company
- Fees
- Other emoluments
- Benefits-in-kind
168
109
94 168
66
2
371 236
The total remuneration of the Shariah Committee members are as follows:
Company
2014
2013
RM’000RM’000
Takaful Operator / Company
Dato’ Mohd Bakir Hj Mansor
Fees
Other emoluments
Benefits-in-kind
30 23 30 30
13
-
83 43
Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz
Fees
Other emoluments
30 20 30
10
50 40
Ahmad Shahbari @ Sobri Salamon
Fees
Other emoluments
48 24 48
18
72 66
Aida Othman
Fees
Other emoluments
Benefits-in-kind
30 21 32 30
13
-
83 43
Muhamad Rahimi Osman
Fees
Other emoluments
Benefits-in-kind
30 21 32 30
12
2
83 44
371
236
187
(131646-K)
30.
Key management personnel compensation
The key management personnel compensation are as follows:
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Executive Director
Salaries and Bonus
Other emoluments
Benefits-in-kind
4,420 623 252 213 4,035 - 1,098 91 4,420 623 180 202 4,035
1,014
91
5,508 5,224 5,425 5,140
Non-executive Directors
Fees
Other emoluments
Benefits-in-kind
747 475 402 696 375 192 747 440 394 696
334
192
1,624 1,263 1,581 1,222
Subsidiaries’ Directors
Fees
Other emoluments
Benefits-in-kind
231 45 1
215 26 1
- - - -
277 242 - -
Other key management personnel:
Short-term employment benefits
Benefits-in-kind
7,183 625 130 8,530 - 150 6,421 625
79 7,698
94
7,938 8,680 7,125 7,792
Total
15,347 15,409 14,131 14,154
The estimated monetary value of benefits-in-kind received by the Directors are RM597,000 (2013: RM284,000) and RM596,000 (2013:
RM283,000) at Group and Company level respectively.
188
(131646-K)
30.
Key management personnel compensation (continued)
The total remuneration (including benefits-in-kind) of the Directors are as follows:
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Executive Director
Salaries and bonus
Other emoluments
Benefits-in-kind
4,420 623 252 213 4,035 - 1,098 91 4,420 623 180 202 4,035
1,014
91
Total remunerations - Executive Director
5,508 5,224 5,425 5,140
Fees
Other emoluments
Benefits-in-kind
Fees
Other emoluments
Benefits-in-kind
Fees
Other emoluments
Benefits-in-kind
Fees
Other emoluments
Benefits-in-kind
90 63 121 274 88 56 20 164 112 60 45 217 96 59 52 207 90
35
72
90 63 121 274 88 56 20 164 112 60 45 217 90
35
72
197 78
40
20
138 102
46
20
168 96
44
20
160 96 59 52 207 197
78
38
22
138
102
43
23
168
96
40
24
160
189
(131646-K)
30.
Key management personnel compensation (continued)
The total remuneration (including benefits-in-kind) of the Directors are as follows:
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Datuk Rozaida Omar Fees
Other emoluments
Benefits-in-kind
83 52 50 185 72
29
20
121 83 52 50 185 Mahadzir Azizan Fees
Other emoluments
Benefits-in-kind
142 109 92 343 132
124
21
277 142 75 83 300 132
80
24
Zakaria Ismail Fees
Other emoluments
Benefits-in-kind
136 75 23 234 126
56
20
202 136 75 23 234 126
56
20
Total remuneration
- Non-executive Directors
1,624 1,263 1,581 1,222
Total remunerations
7,132 6,487 7,006 6,362
72
29
20
121
236
202
190
(131646-K)
31.
Note
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
Takaful Operator
Impairment of:
- Investment in subsidiaries
-
-
-
5,017
1,597
184
1,597
184
- HTM financial assets
361
210
-
Allowance for impaired wakalah fee receivables
74
-
-
Write-off of:
- Property and equipment
52
51
52
37
- Qard
12
362
11,458-- Wakalah fee receivables
1,454
-
-
Agency related expenses
5,201
5,836
5,201
5,836
Miscellaneous expenses
3,628 201 2,189 201
12,729 17,940 9,039 11,275
Family Takaful
Impairment of:
Allowance for impaired debts
39.4
Write-off of bad debts
11,021
7
-
4,539 1,418
-
251
7,127 11,021
-
-
4,426 889
251
6,759
15,567 8,796 14,546 7,899
General Takaful
Impairment of:
39.4
Write-off of bad debts
2,072
213
1,913 4,860 435
-
1,168 1,382 2,072
-
60 1,593 435
1,168
1,295
9,058 2,985 3,725 2,898
227 -
14,690 361
6
-
2,037 210
227 -
13,789 -
5,017
1,508
-
Group / Company
Impairment of:
3
- Investment in subsidiaries
7(d)
- HTM financial assets
7(d)
Allowance for:
- Impaired debts
- Impaired wakalah fee receivables
Write-off of:
- Bad debts
- Wakalah fee receivables
Agency related expenses
220 74 -
- -
- -
1,913 52
1,454 5,201
12,048 1,419 51
-
5,836
8,670 60 52
-
5,201
7,229 1,419
37
5,836
8,215
36,240 18,229 26,558 22,032
191
(131646-K)
32.
Tax expense
Note
Takaful Operator
Recognised in profit or loss
Current tax expense
Malaysian - current - prior years
Overseas - prior years
Total current tax recognised in profit or loss
Deferred tax benefits
Deferred tax recognised in profit or loss
9
Total tax expense
Reconciliation of tax expense
Profit for the year
Zakat
Total income tax expense
Income tax using Malaysian tax rate of 25%
Effect of tax rates in foreign jurisdictions
Items not subject to tax
Non-deductible expenses
Over provided in prior years
Tax expense
Recognised directly in equity
Deferred tax
9
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
42,308 (5,547)
5,088 51,988 - - 42,308 (5,547)
- 52,045
-
41,849 51,988 36,761 52,045
5,696 (8,727)
7,714 (10,495)
47,545 43,261 44,475 41,550
138,486 389 47,545 132,949 1,517 43,261 144,378 200 44,475 138,881
1,268
41,550
186,420 177,727 189,053 181,699
46,605 (432)
(1,761)
3,592 (459)
43,491 531 (6,493)
5,732 - 47,263 - (829)
3,588 (5,547)
45,425
(9,607)
5,732
-
47,545 43,261 44,475 41,550
(2,351)
839 (2,351)
839
192
(131646-K)
32.
Tax expense (continued)
Note
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
Group / Company
Recognised in profit or loss
Current tax expense
Malaysian - current - prior years
Overseas - prior years
42,304 (5,547)
5,088 51,988 - - 42,304 (5,547)
- 52,045
-
Total current tax recognised in profit or loss
41,845 51,988 36,757 52,045
9
5,728 (8,581)
7,746 (10,349)
Total tax expense
47,573 43,407 44,503 41,696
Reconciliation of tax expense
Profit for the year
Zakat Total income tax expense
138,735 389 47,573 134,380 1,517 43,407 144,463 200 44,503 139,318
1,268
41,696
186,697 179,304 189,166 182,282
Income tax using Malaysian tax rate of 25%
Effect of tax rates in foreign jurisdictions
Items not subject to tax
Non-deductible expenses
Over provided in prior years
46,633 (432)
(1,761)
3,592 (459)
43,637 531 (6,493)
5,732 - 47,291 - (829)
3,588 (5,547)
45,571
(9,607)
5,732
-
47,573 43,407 44,503 41,696
9
(2,351)
839 (2,351)
839
Deferred tax benefits
Deferred tax recognised in profit or loss
Tax expense
Recognised directly in equity
Deferred tax
- Revaluation reserve
9
9
(32) (2,383)
(146) 693
(32) (2,383)
(146)
693
32.1 Based on recent amendments to Section 60AA of the Income Tax Act 1967 (ITA), the wakalah fee received by Shareholders’ fund
from Family Business is not subjected to income tax. Accordingly, commission and management expenses incurred by Shareholders’
fund in relation to Family Business are disallowed as deductible expenses. The amended Section 60AA of ITA will be effective for
year of assessment 2015 onwards.
32.2 The Group subsidiary in Indonesia, PT Asuransi Takaful Keluarga, was served with additional tax assessment for year of assessment
2007 amounting to approximately RM5.1 million (Rp18.4 billion) on 30 December 2013. The additional assessment raised by
the Indonesian tax authority is mainly due to the disallowance of unit linked contribution reserves arising from the increase in
value of unit linked investments as tax deduction. Management had submitted an objection on 4 February 2014. Subsequently,
the Indonesia tax authority rejected the subsidiary’s objection to the additional tax assessment on 29 January 2015. whilst the
subsidiary continues to file appeal to the Tax Court, the Group has provided for the full tax impact in the financial statements.
193
(131646-K)
33.
<------------------------------------------------- Group ------------------------------------------------->
2014
2013
Tax
Tax
Before (expense)/
Net
Before (expense)/
Net
tax
benefit
of tax
tax
benefit
of tax
RM’000RM’000RM’000RM’000RM’000RM’000
Takaful Operator
Items that will not be reclassified
- Gains arising during the year
- Realisation of revaluation surplus arising
from disposal of property and equipment
2,500
-
2,500 2,808
146
2,954
-
-
-
(575)
-
(575)
2,500 -
2,500 2,233
146
2,379
5,036
-
5,036 (7,314)
-
(7,314)
Foreign currency translation differences
for foreign operations
- (Losses) / Gains arising during the year
- Reclassification adjustments for gain
on disposal included in profit or loss
(6,502)
1,597 (4,905)
14,119 (3,553)
10,566
(3,019)
754 (2,265)
(11,398)
2,714 (8,684)
(4,485)
2,351 (2,134)
(4,593)
(839)
(5,432)
(1,985)
2,351 366 (2,360)
(693)
(3,053)
(1,995)
-
(1,995)
(1,000)
-
(1,000)
Family Takaful
Other comprehensive income attributable
to participants
(22,394)
- (22,394)
18,280
-
18,280
(37,307)
- (37,307)
(117,783)
-
(117,783)
60,174 - 60,174 99,303
-
99,303
(1,522)
- (1,522)
(1,200)
-
(1,200)
194
(131646-K)
33.
Other comprehensive income (continued)
<------------------------------------------------- Group ------------------------------------------------->
2014
2013
Tax
Tax
Before (expense)/
Net
Before (expense)/
Net
tax
benefit
of tax
tax
benefit
of tax
RM’000RM’000RM’000RM’000RM’000RM’000
General Takaful
Items that may be reclassified subsequently
to profit or loss
to participants
(1,267)
-
(1,267)
(2,861)
-
(2,861)
(5,990)
-
(5,990)
8,951
-
8,951
(3,922)
-
(3,922)
(15,860)
-
(15,860)
9,569
-
9,569 8,066
-
8,066
(1,610)
-
(1,610)
(1,704)
-
(1,704)
7,955 32 7,987 6,636
146
6,782
Group
- Realisation of revaluation surplus
arising from disposal of property
and equipment
to participants
(95)
-
(95)
(575)
-
(575)
(5,477)
-
(5,477)
(4,265)
-
(4,265)
2,383 32 2,415 1,796
146
1,942
5,093
-
5,093 (7,299)
-
(7,299)
Fair value of available- for-sale financial assets
(6,502)
1,597 (4,905)
14,119
(3,553)
10,566
(3,019)
754 (2,265)
(11,398)
2,714
(8,684)
(4,428)
2,351 (2,077)
(4,578)
(839)
(5,417)
(2,045)
2,383 338 (2,782)
(693)
(3,475)
195
(131646-K)
33.
<--------------------------------------------- Company --------------------------------------------->
2014
2013
Tax
Tax
Before (expense)/
Net
Before (expense)/
Net
tax
benefit
of tax
tax
benefit
of tax
RM’000RM’000RM’000RM’000RM’000RM’000
Takaful Operator
Item that will not be reclassified
117
-
117 126
-
126
117 -
117 126
-
126
(7,693)
1,923 (5,770)
14,211
(3,553)
10,658
(1,712)
428 (1,284)
(10,855)
2,714
(8,141)
(9,405)
2,351 (7,054)
3,356
(839)
2,517
(9,288)
2,351 (6,937)
3,482
(839)
2,643
Family Takaful
to participants
(30,568)
- (30,568)
18,957
-
18,957
(25,980)
- (25,980)
(108,707)
-
(108,707)
56,548 - 56,548 89,750
-
89,750
------
196
(131646-K)
33.
<--------------------------------------------- Company --------------------------------------------->
2014
2013
Tax
Tax
Before (expense)/
Net
Before (expense)/
Net
tax
benefit
of tax
tax
benefit
of tax
RM’000RM’000RM’000RM’000RM’000RM’000
General Takaful
to participants
Company
- Realisation of revaluation surplus arising from disposal of property and equipment
to participants
(6,336)
-
(6,336)
8,984
-
8,984
(3,861)
-
(3,861)
(15,657)
-
(15,657)
10,197
-
10,197 6,673
-
6,673
------
3,252 (95)
(3,157)
- 32 - 3,284 (95)
1,139
- 146
- 1,285
-
-
(3,157)
(1,596)
-
(1,596)
32 32 (457)
146
(311)
Items that may be reclassified subsequently
to profit or loss
(7,693)
1,923 (5,770)
14,211
(3,553)
10,658
(1,712)
428 (1,284)
(10,855)
2,714
(8,141)
(9,405)
2,351 (7,054)
3,356
(839)
2,517
(9,405)
2,383 (7,022)
2,899
(693)
2,206
197
(131646-K)
34.
Earnings per share - Group
Basic earnings per ordinary share
The calculation of basic earnings per ordinary share at 31 December 2014 was based on the profit attributable to ordinary shareholders of
RM140,521,000 (2013: RM138,999,000) and a weighted average number of ordinary shares outstanding, calculated as follows:
Group
2014
2013
Unit’000
Unit’000
Weighted average number of ordinary shares (basic)
162,882
162,817
Diluted earnings per ordinary share
The calculation of diluted earnings per ordinary share at 31 December 2014 was based on the profit attributable to ordinary shareholders
of RM140,521,000 (2013: RM138,999,000) and a weighted average number of ordinary shares outstanding after adjustment for the
effects of all dilutive potential ordinary shares, calculated as follows:
Group
2014
2013
Unit’000
Unit’000
Weighted average number of ordinary shares (basic)
Effect of Restricted / Performance shares on issue
162,882
767
162,817
1,047
Weighted average number of ordinary shares (diluted)
163,649 163,864
Sen per
share
(single tier)
Total
amount
RM’000
Date of
payment
40.00
40.00
65,127
65,202 8.5.2014
4.11.2014
35.
Dividends
Dividends recognised by the Company:
2014
Ordinary dividend paid, final for financial year 2013
Ordinary dividend paid, first interim for financial year 2014
Total amount
2013
Ordinary dividend paid, first interim for financial year 2013
Ordinary dividend paid, second interim for financial year 2013
130,329
12.00
30.00
19,538
48,845
Total amount
68,383
4.10.2013
23.12.2013
198
(131646-K)
35.
Dividends (continued)
Subsequent to the end of the reporting period, the Directors proposed a final dividend as set out below. The dividend will be recognised
in subsequent financial period upon approval by the owners of the Company.
Sen per
Total
share
amount
(single tier)
RM’000
Final dividend proposed (ordinary) for financial year 2014
35.00
57,052
36.
Operating segments
Segment information is presented in respect of the Group’s geographical segments. This is based on the Group’s management and internal
reporting structure. Inter-segment pricing, if any, is determined based on negotiated terms. The Group does not present information by
business segment as it is principally engaged as an operator of Family and General takaful / retakaful businesses. The financial position
and performance of the Family and General Takaful businesses managed by the Group and the Company have been disclosed separately
within these financial statements.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable
basis. Unallocated items comprise expenses, which are all incurred by Takaful Operator for the management of Takaful funds.
Segment capital expenditure is the total cost incurred during the year to acquire segment assets that are expected to be used for more
than one year.
Geographical segments
In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of customers.
Segment assets are also based on the geographical location of assets.
Malaysia
Indonesia Consolidated
RM’000RM’000RM’000
2014
Total external revenue
Inter-segment revenue
1,499,636 153,003 1,652,639
---
Total segment revenue
1,499,636 153,003 1,652,639
186,657 40 186,697
Zakat
Tax expense
(389)
(47,573)
Profit for the year
138,735
Segment result / Profit before zakat and taxation
Segment assets by location of assets
6,720,181 444,607 7,164,788
Segment liabilities by location of liabilities
6,177,866 390,476 6,568,342
19,844 1,124 20,968
8,742 2,835 11,577
14,128 4,863 18,991
Capital expenditure by location of assets
Depreciation and amortisation
Non-cash expenses other than depreciation and amortisation
199
(131646-K)
36.
Operating segments (continued)
Geographical segments (continued)
Malaysia
Indonesia Consolidated
RM’000RM’000RM’000
2013
Total external revenue
Inter-segment revenue
1,537,994
175,012
1,713,006
---
Total segment revenue
1,537,994
175,012
1,713,006
175,338
3,966
179,304
Zakat
Tax expense
(1,517)
(43,407)
Profit for the year
134,380
Segment result / Profit before zakat and taxation
Segment assets by location of assets
6,529,042
395,501
6,924,543
Segment liabilities by location of liabilities
5,922,278
342,366
6,264,644
6,589
933
7,522
11,258
2,316
13,574
2,964
759
3,723
Capital expenditure by location of assets
Depreciation and amortisation
Non-cash expenses other than depreciation and amortisation
37.
Risk management framework
The Board with the assistance of the management team is responsible for the Risk Management Framework within the Group. The
Board delegates the responsibility of oversight and monitoring of management’s initiatives in managing key risk areas and ensuring the
functioning of the risk management processes to the Board Risk Committee (BRC). The BRC is supported by the Management Committee
(MC) who is represented by the respective heads of divisions and headed by the Group Managing Director.
The Group established the Operational Risk Management (ORM) Framework to ensure an ongoing process of identifying, evaluating,
monitoring and managing the significant risk exposures surrounding its business operations.
By executing the risk management process through robust controls, monitoring and responding to potential risks, the Group is able to
mitigate risks to within the risk appetite of the Board. Operational Loss Incidences reporting based on the BNM’s ORION requirement are
reported to BNM, BRC and the Board to act as a gauge on the effectiveness of the ORM in place.
Whistle Blowing Policy & Fraud and Integrity Policy and Shariah Governance Framework are also in place to provide basic structure and
further strengthen the existing control mechanism underlying the business activities.
Business Continuity Management is consistently practiced in accordance with Bank Negara Malaysia guidelines. The Group tests the
Business Continuity Plan annually to ensure the continuity of essential services in the event of major disruption and to safeguard the lives
of the employees and others in the office premises. The Disaster Recovery Plan is tested twice a year to ensure the critical IT systems are
up and running at all times.
200
(131646-K)
37.
Risk management framework (continued)
In Financial Risk, the Group has a Risk and Capital Management Framework to maintain financial resilience and stability, whilst having the
flexibility of pursuing strategic business opportunities to optimize shareholder value.
Stress Testing is conducted twice a year by the Actuarial Division together with Investment Department and Risk Management Department
to ensure the Group’s financial standing is secure under several risk scenarios.
Asset and Liability Management Framework and Strategic Asset Allocation are also in place to enhance Financial Risk Management and
facilitate in the Group’s and the Company’s investment strategy.
38.
Takaful risk management
(a)
Family Takaful Fund
The Family Takaful contracts consist of:
(i)
Family Takaful non-investment-linked contracts
The Family Takaful non-investment-linked contracts are mainly credit related takaful products, group takaful schemes, yearly
renewable individual ordinary medical plans, regular contribution individual ordinary plans and annuity plans. The main
product types are Mortgage Reducing Term Takaful (MRTT), Group Credit Takaful, Group Term Takaful and Group Medical
Takaful.
(ii)
Family Takaful investment-linked contracts
The Family Takaful investment-linked contracts are mainly made up of regular contribution investment-linked products. The
main products are Takaful myInvest and Takaful myGenLife.
The key coverage for the Family Takaful contracts
The key coverage for the Family Takaful contracts are death, total and permanent disability, hospital and surgical benefits, personal
accident benefits, daily hospitalisation cash allowance benefits, dread disease benefits, waiver of contribution benefits and survival
benefits (for annuity).
Concentration of Family Takaful risk
The following gives details of the Group’s and the Company’s concentration of risks based on outstanding actuarial reserves by main
product categories:
<------------------- Group ----------------->
Gross
Retakaful
Net
Note
RM’000
RM’000
RM’000
2014
Term
Endowment
Mortgage
Annuity
874,389 1,358,507 1,466,686 323,280 (101,692)
772,697
(18) 1,358,489
(104,934) 1,361,752
- 323,280
Total Family actuarial liabilities
4,022,862 (206,644)
18(c)
3,816,218
201
(131646-K)
38.
Takaful risk management (continued)
(a) Family Takaful Fund (continued)
Note
<------------------- Group ----------------->
Gross
Retakaful
Net
RM’000
RM’000
RM’000
2013
Term 824,558 (77,821)746,737
Endowment 1,367,608
-1,367,608
Mortgage
1,187,668
(70,519) 1,117,149
Annuity 328,985
-328,985
18(c)3,708,819 (148,340)3,560,479
Note
<---------------- Company ---------------->
Gross
Retakaful
Net
RM’000
RM’000
RM’000
2014
Term
Endowment
Mortgage
Annuity
870,369 1,154,453 1,428,034 323,280 (101,555)
768,814
- 1,154,453
(97,771) 1,330,263
- 323,280
3,776,136 (199,326)
18(c)
3,576,810
2013
Term 823,259 (77,821)745,438
Endowment 1,198,261
-1,198,261
Mortgage
1,152,418
(64,419) 1,087,999
Annuity 324,495
-324,495
18(c)3,498,433 (142,240)3,356,193
Key assumptions
Reserves for all plans were valued on a basis that the Appointed Actuary considers adequate and appropriate, and in line with the
valuation basis set out by BNM in respect of the Guidelines on Valuation Basis for Liabilities of Family Takaful Business (BNM/RH/GL
004-20) and Risk-Based Capital Framework for Takaful Operator.
202
(131646-K)
38.
(a)
Key assumptions (continued)
The key assumptions to which the estimation of actuarial liabilities is particularly sensitive are as follows:
-
Mortality and morbidity rates
This is significant for contracts with significant coverage for death, total permanent disability and critical illness and the
increase in the mortality or morbidity rates would have direct impact on the liability.
-
Discount rate
As the liabilities are the present value of future cash flows, both income and outgo, a decrease in discount rate would have
an increasing impact on the liabilities and vice-versa.
-
Surrender rate
This is only applicable to long-term products, where when the rate is reduced (products with PIF) or increased (products
without PIF), the impact is an increase of the liability.
Sensitivities
A summary of key assumptions used for sensitivity analysis is as below:
<----------------Group and Company------------->
Mortality and
morbidity
Discount Surrender
rates
rate
rate
2014
Endowment
Mortgage
Investment-linked
+10%(i)
+10%(i)
+10%(i)
-1%
-1%
-1%
-20%
-20%
-20%
2013
Endowment
Mortgage
Investment-linked
+10%(i)
+10%(i)
+10%(i)
-1%
-1%
-1%
-20%
-20%
-20%
(i)
10% Industry mortality and morbidity experience tables M8388 and M9903
203
(131646-K)
38.
(a)
Sensitivities (continued)
The analysis below is performed for reasonably possible movements in each of the key assumptions with all other assumptions
held constant, showing the impact on gross and net liabilities, and unallocated surplus. The correlation of assumptions will have
a significant effect in determining the ultimate claims liabilities, but to demonstrate the impact due to changes in assumptions,
assumptions had to be changed on an individual basis. It should be noted that movements in these assumptions are non-linear.
Sensitivity information will also vary according to the current economic assumptions.
<--------------------------------- Group ------------------------------->
Impact on Impact on Impact on
Change in
gross
net unallocated
assumptions
liabilities
liabilities
surplus
RM’000RM’000RM’000
2014
Mortality / morbidity rate
Discount rate
Surrender rate
+10%
-1%
-20%
196,164 183,304 58,568 136,580 161,481 44,264 (136,580)
(161,481)
(44,264)
2013
Discount rate
Surrender rate
+10%
-1%
-20%
180,259
146,481
49,629
135,607
130,140
42,032
(135,607)
(130,140)
(42,032)
<-------------------------------Company----------------------------->
Change in
gross
net unallocated
assumptions
liabilities
liabilities
surplus
RM’000RM’000RM’000
2014
Discount rate
Surrender rate
+10%
-1%
-20%
139,860 131,698 7,763 89,541 117,398 776 (89,541)
(117,398)
(776)
2013
Discount rate
Surrender rate
+10%
-1%
-20%
127,987
98,881
2,457
91,219
88,809
976
(91,219)
(88,809)
(976)
204
(131646-K)
38.
(b)
The General Takaful contracts consist of fire, motor, personal accident, workmen’s compensation and employers’ liability, liabilities
and engineering and others.
Concentration of General Takaful risk
The table below sets out the concentration of General Takaful gross contribution by type of business.
Note
<---------------------Group------------------>
Gross
Retakaful
Net
RM’000
RM’000
RM’000
2014
Fire
Motor
Marine
Miscellaneous
163,537 208,649 5,733 73,400 (82,606)
(64,912)
(3,320)
(19,258)
80,931
143,737
2,413
54,142
Gross contribution
451,319 (170,096)
281,223
23
2013
Fire 154,544(80,917)73,627
Motor
187,435
(30,647)
156,788
Marine
5,134
(2,796)
2,338
Miscellaneous
81,293
(26,987)
54,306
Gross contribution
23 428,406(141,347)287,059
Note
<---------------- Company ----------------->
Gross
Retakaful
Net
RM’000
RM’000
RM’000
2014
Fire
Motor
Marine
Miscellaneous
154,272 195,509 4,392 64,286 (79,592)
(63,990)
(2,583)
(17,264)
74,680
131,519
1,809
47,022
Gross contribution
418,459 (163,429)
255,030
23
2013
Fire 141,660(77,951)63,709
Motor
170,837
(29,567)
141,270
Marine
3,755
(2,003)
1,752
Miscellaneous
70,383
(24,750)
45,633
Gross contribution
23 386,635(134,271)252,364
205
(131646-K)
38.
(b)
General Takaful Fund (continued)
Key assumptions
The provision for Takaful liabilities is in accordance with the valuation methods set out by BNM in respect of the Guidelines on
Valuation Basis for Liabilities of General Takaful Business (BNM/RH/GL 004-21) and Risk-Based Capital Framework for Takaful
Operator. The key assumptions underlying the estimation of liabilities is that the Group’s and the Company’s future claims
development will follow a similar pattern to past claims development experience, including average claim cost, average claim
frequency and business mix for each accident year.
Additional qualitative judgements are used to assess the extent to which past trends may not apply in the future, for example,
isolated occurrences, changes in market factors such as public attitude to claiming, economic conditions, as well as internal factors
such as portfolio mix, underwriting policy, policy conditions and claims handling procedures.
Other key circumstances affecting the reliability of assumptions include delays in settlement and changes in foreign currency rates.
Sensitivities
The General Takaful claim liabilities are sensitive to the above key assumptions and change in these assumptions may impact the
liabilities and operating surplus of the General Takaful Fund significantly. It has not been possible to quantify the sensitivity of
certain assumptions, such as, legislative changes or uncertainty in the estimation process.
The analysis below is performed for reasonably possible movements in key assumptions with all other assumptions held constant,
showing the impact on gross and net liabilities and operating surplus. The correlation of assumptions will have a significant effect
in determining the ultimate claims liabilities, but to demonstrate the impact due to changes in assumptions, assumptions had to be
changed on an individual basis. It should be noted that movements in these assumptions are non-linear.
The key assumptions to which the estimation of actuarial liabilities is particularly sensitive are as follows:
-
Fire loss ratio for latest accident year
This is significant as Fire portfolio is one of the largest under general business, a change in loss ratio estimate will impact the
liabilities significantly.
-
Motor Act loss ratio for latest accident year
Motor Act business is long tailed in nature and need years before the claim experience matures. A significant impact may
result if the ultimate experience differs from current estimation.
-
Average claim cost
Reserves are based on assumption that historical average claim cost is reflective of the future experience. Increase in average
cost will increase future liabilities.
-
Average claim frequency
Reserves are based on assumption that historical average claim number in each accident year reflects the future experience.
A change in average number of claims will impact the future liabilities.
-
Average claim settlement period
Reserves are based on assumption that claim settlement period will be stable over years. A change in claim handling practice
will affect the claim cost and the future liabilities.
206
(131646-K)
38.
(b)
Below shows the summary of changes in key assumptions and the impact to the gross and net claim liabilities, and the operating
surplus.
<--------------------------------- Group ------------------------------->
Change in
gross
net
operating
assumptions
liabilities
liabilities
surplus
RM’000RM’000RM’000
2014
Fire loss ratio for AY 2014
Motor Act loss ratio for AY 2014
Average claim cost
+10%
+10%
+10%
+10%
Increase by 6 months
15,709 3,247 60,263 33,179 12,523 6,386 2,919 28,415 20,960 8,181 (6,386)
(2,919)
(28,415)
(20,960)
(8,181)
2013
Average claim cost
+10%
+10%
+10%
+10%
14,351
2,783
58,903
31,943
11,675
5,884
2,478
28,075
20,651
7,541
(5,884)
(2,478)
(28,075)
(20,651)
(7,541)
<-------------------------------Company----------------------------->
Change in
gross
net
operating
assumptions
liabilities
liabilities
surplus
RM’000RM’000RM’000
2014
Average claim cost
+10%
+10%
+10%
+10%
15,603 2,572 58,994 32,361 10,158 5,472 1,617 23,611 19,933 6,006 (5,472)
(1,617)
(23,611)
(19,933)
(6,006)
207
(131646-K)
38.
(b)
<-------------------------------Company----------------------------->
Change in
gross
net
operating
assumptions
liabilities
liabilities
surplus
RM’000RM’000RM’000
2013
Average claim cost
+10%
+10%
+10%
+10%
Increase by months
13,202
2,468
57,014
29,865
10,249
5,380
2,211
27,603
20,132
7,074
(5,380)
(2,211)
(27,603)
(20,132)
(7,074)
Claims development table
The following tables show the estimate of cumulative incurred claims, including both claims notified and IBNR for each successive
accident year at the end of reporting period, together with cumulative payments to-date.
In setting provisions for claims, the Group and the Company give consideration to the probability and magnitude of future experience
being more adverse than assumed and exercise the degree of caution in setting reserves when there is considerable uncertainty. In
general, the uncertainty associated with the ultimate claims experience in an accident year is greatest when the accident year is at
an early stage of development and the margin necessary to provide the necessary confidence in adequacy of provision is relatively
at its highest. As claims develop and the ultimate cost of claims becomes more certain, the relative level of margin maintained
should decrease. 38.
(b)
Gross General Takaful contract liabilities per financial position (Note 18(a))
216,253 195,807 322,024 31,566 37,051 (179,202)
48,428 (147,379)
191,658 (130,366)
(101,724)
(58,326)
(51,497)
(56,640)
(174,690) (132,258) (113,394) (130,366)
(205,770) (164,490) (147,379)
- (221,959) (179,202)
- - (230,198)
- - - - - - - - - - - - - - - (230,198)
2014
RM’000
(64,682) (1,304,854)
(64,682)
-
272,807 1,834,931
Total
RM’000
605,433
3,114 (155,984)
2013
RM’000
252,127 235,113 348,058 272,807
256,803 226,965 322,024 237,588 195,807 - 216,253 - - - - - - - - - - - - - - -
2012
RM’000
79,439
(4,083)
3,240 (158,663)
(71,393)
(132,370)
(146,646)
(153,005)
(155,143)
(155,984)
- - 261,764 256,026 325,009 314,734 289,971 261,764 - - - 2011
RM’000
Additional risk margin
(238,380)
Cumulative payments to-date
(50,291)
(109,315)
(142,410)
(152,230)
(156,264)
(157,581)
(158,663)
- 159,098 151,643 159,147 202,227 186,882 172,266 159,098 - - 2010
RM’000
530,077
(63,455)
(179,619)
(204,297)
(219,658)
(227,646)
(233,071)
(234,596)
(238,380)
At end of accident year
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
161,903 211,719 163,964 170,990 194,484 182,666 165,483 161,903 - 2009
RM’000
208,125 245,275 Current estimate of cumulative claims incurred
6,895 363,421 308,462 269,303 261,723 258,296 257,029 250,354 245,275 At end of accident year
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
2008
RM’000
LAPORAN TAHUNAN 2014 ANNUAL REPORT Gross General Takaful contract liabilities
Before
2007
RM’000
Accident year
Gross General Takaful contract liabilities for 2014 (Group):
208
(131646-K)
38.
(b)
168,629 152,765 9,838 15,915 (152,714)
30,474 (122,291)
(84,167)
(53,570)
(47,769)
(143,180) (119,794) (101,619)
(158,560) (144,833) (122,291)
(171,555) (152,714)
- (175,176)
- - - - - - - - - - - (175,176)
2014
RM’000
49,034 (94,643)
(48,340)
(94,643)
- - - - - - 143,677 (47,835)
(47,835)
(898,368)
156,941 1,121,632
Total
RM’000
Net General Takaful contract liabilities per financial position (Note 18(a))
252,723
1,680 (98,930)
2013
RM’000
179,670 169,228 156,615 156,941
183,927 169,004 143,677 179,313 152,765 - 168,629 - - - - - - - - - - - - - - -
2012
RM’000
30,046
(587)
2,151 (88,685)
(44,099)
(79,458)
(92,171)
(97,214)
(98,469)
(98,930)
- - 185,014 211,276 214,389 203,874 197,585 185,014 - - - 2011
RM’000
(118,094)
(33,040)
(60,702)
(74,740)
(84,233)
(87,523)
(88,292)
(88,685)
- 100,610 107,014 109,700 115,733 107,449 104,480 100,610 - - 2010
RM’000
223,264
(47,717)
(85,148)
(94,843)
(102,483)
(107,236)
(114,486)
(114,787)
(118,094)
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
90,836 102,188 86,706 92,132 98,093 96,590 93,306 90,836 - 2009
RM’000
5,066 106,409 118,800 117,551 119,607 115,828 121,362 120,143 123,160 At end of accident year
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
2008
RM’000
Net General Takaful contract liabilities
Before
2007
RM’000
Accident year
Net General Takaful contract liabilities for 2014 (Group):
209
(131646-K)
(b)
1,690 1,387 1,209 28,791 (198,460)
34,983 (158,005)
192,988 45,064 (132,631)
177,695 188,705 (117,379)
306,084 203,349 505,178
(58,855) (1,135,676)
262,204 1,640,854
220,483 215,615 331,800 262,204
232,454 209,161 306,084 215,580 177,695 - 192,988 - - - - - - - - - - - - - - -
78,823
Gross General Takaful contract liabilities per financial position (Note 18(a)) 584,001
Gross General Takaful contract liabilities
(109,380)
227,251 224,758 287,375 277,643 248,672 227,251 - - - Total
RM’000
LAPORAN TAHUNAN 2014 ANNUAL REPORT (141,942)
110,589 114,835 113,473 154,775 139,639 123,689 110,589 - - (219,024)
143,329 197,826 148,112 152,046 174,438 162,567 146,915 143,329 - Cumulative payments to-date
2014
RM’000
(50,179)(36,888)(37,036)(79,900)(48,450)(43,107)(47,866)(58,855)
(164,274)
(94,478)
(90,453) (148,043) (113,694)
(99,559) (117,379)
(187,483) (127,247) (102,785) (178,214) (144,454) (132,631)
- (202,364) (135,664) (106,453) (191,372) (158,005)
- - (209,324) (139,549) (108,601) (198,460)
- - - (214,730) (140,865) (109,380)
- - - - (216,255) (141,942)
- - - - - (219,024)
- - - - - - -
2013
RM’000
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
2012
RM’000
220,714 2011
RM’000
Current estimate of cumulative claims incurred
2010
RM’000
347,965 292,058 250,498 239,114 236,734 235,469 228,801 220,714 2009
RM’000
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
2008
RM’000
Before
2007
RM’000
Accident year
Gross General Takaful contract liabilities for 2014 (Company):
38.
210
(131646-K)
(b)
Net General Takaful contract liabilities per financial position (Note 18(a))
151,294 138,856 9,073 14,879 (136,415)
29,190 (109,666)
(68,055)
(44,725)
(40,054)
(125,883) (104,575)
(89,419)
(140,510) (128,583) (109,666)
(150,249) (136,415)
- (153,849)
- - - - - - - - - - - (153,849)
2014
RM’000
47,099 (84,498)
(41,956)
(84,498)
- - - - - - 131,597 (43,125)
(43,125)
-
149,409 (781,744)
990,212
Total
RM’000
237,898
1,084 (77,715)
2013
RM’000
164,771 155,701 145,951 149,409
166,938 155,158 131,597 162,745 138,856 - 151,294 - - - - - - - - - - - - - - -
2012
RM’000
29,430
327 (75,354)
(29,194)
(62,390)
(73,271)
(76,033)
(77,277)
(77,715)
- - 162,922 193,764 194,943 184,831 175,340 162,922 - - - 2011
RM’000
(101,122)
(22,618)
(49,154)
(62,879)
(70,969)
(74,198)
(74,964)
(75,354)
- 78,799 90,320 89,557 93,924 85,745 82,749 78,799 - - 2010
RM’000
208,468
(37,770)
(73,387)
(81,612)
(88,771)
(92,652)
(99,887)
(100,188)
(101,122)
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
75,681 91,338 74,215 76,563 81,426 79,913 78,153 75,681 - 2009
RM’000
532 94,925 106,623 102,978 101,230 98,655 104,183 102,967 101,654 At end of accident year
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
2008
RM’000
Net General Takaful contract liabilities
Before
2007
RM’000
Accident year
Net General Takaful contract liabilities for 2014 (Company):
38.
211
(131646-K)
212
(131646-K)
39.
Financial instruments
39.1 Categories of financial instruments
The table below provides an analysis of financial instruments categorised as follows:
(a) Loans and receivables (LAR);
(b) Fair value through profit or loss (FVTPL) - Held for trading (HFT);
(c) Available-for-sale financial assets (AFS);
(d) Held-to-maturity financial assets (HTM); and
(e) Financial liabilities measured at amortised cost (FL).
2014
<---------------------------------------- Group --------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000
RM’000
RM’000
RM’000
RM’000
Financial assets
Takaful Operator
Other investments
431,952 160,593 146,499 - 160,593 146,499 3,937 - -
425,767 - -
2,248
-
739,044 307,092 3,937 425,767 2,248
227,618 -
-
-
-
2,719,452 -
-
-
-
442,979
-
227,618 2,719,452 442,979
Family Takaful
Other investments
Retakaful assets
Takaful receivables
3,390,049 3,352 663,752 90,972 597,341 4,745,466 General Takaful
Other investments
Retakaful assets
Takaful receivables
494,528 259,623 106,055 37,619 112,435 - 3,352 663,752 90,972 597,341 1,355,417 - 259,623 106,055 37,619 112,435 - -
-
-
-
453,249 -
-
-
-
41,279
-
- 453,249 41,279
231,555 -
-
-
-
3,560,668 -
-
-
-
486,506
-
231,555 3,560,668 486,506
1,010,260 515,732 Group
Other investments
Retakaful assets
Takaful receivables
4,278,729 262,975 883,416 128,591 856,275 - 262,975 883,416 128,591 856,275 6,409,986 2,131,257 213
(131646-K)
39.
39.1 Categories of financial instruments (continued)
2014
<-------------------------------------- Company ------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000
RM’000
RM’000
RM’000
RM’000
Financial assets
Takaful Operator
Other investments
403,764 152,068 111,923 -
152,068 111,923 -
-
-
403,764 -
-
-
667,755 263,991 - 403,764 -
63,385 -
-
-
-
2,643,713 -
-
-
-
427,185
-
63,385 2,643,713 427,185
Family Takaful
Other investments
Retakaful assets
Takaful receivables
3,134,283 2,526 648,833 86,548 538,358 4,410,548 - 2,526 648,833 86,548 538,358 1,276,265 General Takaful
Other investments
Retakaful assets
Takaful receivables
488,352 253,588 96,748 31,715 96,311 - 253,588 96,748 31,715 96,311 - -
-
-
-
450,726 -
-
-
-
37,626
-
966,714 478,362 - 450,726 37,626
63,385 -
-
-
-
3,460,403 -
-
-
-
464,811
-
63,385 3,460,403 464,811
Company
Other investments
Retakaful assets
Takaful receivables
3,988,599 256,114 867,145 118,263 746,592 5,976,713 - 256,114 867,145 118,263 746,592 1,988,114 214
(131646-K)
39.
2014
Takaful Operator
Other payables
<-------------------------------------- Group --------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000
RM’000
RM’000
RM’000
RM’000
(89,838)
(89,838)
-
-
-
Family Takaful
Qard payables
Takaful payables
Other payables
(24,912)
(33,310)
(40,949)
(101,169)
(24,912)
(33,310)
(40,949)
(101,169)
-
-
-
-
-
-
-
-
-
(200,340)
(200,340)
-
-
-
General Takaful
Qard payables
Takaful payables
Other payables
(27,301)
(375,636)
(375,636)
(72,448)
(27,301)
(375,636)
(375,636)
(72,448)
-
-
-
-
-
-
-
-
-
(495,753)
(495,753)
-
-
-
Group
Takaful payables
Other payables
(408,946)
(61,317)
(216,471)
(408,946)
(61,317)
(216,471)
-
-
-
-
-
-
-
(686,734)
(686,734)
-
-
-
215
(131646-K)
39.
2014
<------------------------------------- Company ------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000
RM’000
RM’000
RM’000
RM’000
Takaful Operator
Other payables
(64,707)
(64,707)
-
-
-
Family Takaful
Takaful payables
Other payables
(18,918)
(39,228)
(94,567)
(18,918)
(39,228)
(94,567)
-
-
-
-
-
-
-
(152,713)
(152,713)
-
-
-
General Takaful
Takaful payables
Other payables
(360,418)
(19,753)
(70,014)
(360,418)
(19,753)
(70,014)
-
-
-
-
-
-
-
(450,185)
(450,185)
-
-
-
Company
Takaful payables
Other payables
(379,336)
(58,981)
(198,892)
(379,336)
(58,981)
(198,892)
-
-
-
-
-
-
-
(637,209)
(637,209)
-
-
-
216
(131646-K)
39.
2013
<-------------------------------------- Group --------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000
RM’000
RM’000
RM’000
RM’000
Financial assets
Takaful Operator
Other investments
484,169
155,072
89,171
728,412244,243 6,614475,590 1,965
-
155,072
89,171
6,614
-
-
475,590
-
-
1,965
-
Family Takaful
Other investments
Retakaful assets
Takaful receivables
3,642,815
-
181,689
3,094,385
366,741
2,278
2,278--521,902
521,902
-
-
68,197
68,197--265,736
265,736
-
-
-
4,500,928858,113181,689
3,094,385366,741
General Takaful
Other investments
Retakaful assets
Takaful receivables
605,251
-
-
569,349
35,902
291,300
291,300--89,541
89,541
-
-
48,959
48,959--75,712
75,712
-
-
-
1,110,763505,512
-569,349 35,902
Group
Other investments
Retakaful assets
Takaful receivables
4,694,140
-
188,303
4,101,229
404,608
293,578
293,578--711,976
711,976
-
-
117,156
117,156--430,619
430,619
-
-
-
6,247,4691,553,329 188,3034,101,229 404,608
217
(131646-K)
39.
2013
<------------------------------------- Company ------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000
RM’000
RM’000
RM’000
RM’000
Financial assets
Takaful Operator
Other investments
468,467
130,603
45,773
644,843176,376
-
130,603
45,773
-
-
-
468,467
-
-
-
-468,467
-
Family Takaful
Other investments
Retakaful assets
Takaful receivables
3,451,164
-
67,506
3,022,304
361,354
1,568
1,568--495,498
495,498
-
-
62,835
62,835--204,687
204,687
-
-
-
4,215,752764,588 67,506
3,022,304361,354
General Takaful
Other investments
Retakaful assets
Takaful receivables
600,343
-
-
567,669
32,674
277,129
277,129--75,503
75,503
-
-
40,511
40,511--62,779
62,779
-
-
-
1,056,265455,922
-567,669 32,674
Company
Other investments
Retakaful assets
Takaful receivables
4,481,879
-
67,506
4,020,345
394,028
278,697
278,697--663,657
663,657
-
-
103,346
103,346--313,239
313,239
-
-
-
5,840,8181,358,939
67,5064,020,345 394,028
218
(131646-K)
39.
2013
Takaful Operator
Other payables
<-------------------------------------- Group --------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000
RM’000
RM’000
RM’000
RM’000
(91,367)
(91,367)
-
-
-
Family Takaful
Qard payables
Takaful payables
Other payables
(23,028)
(23,028)--(40,150)
(40,150)
-
-
(25,859)
(25,859)--(123,787)
(123,787)
-
-
-
(212,824)
(212,824)---
General Takaful
Qard payables
Takaful payables
Other payables
(25,634)
(25,634)--(433,215)
(433,215)
-
-
(49,569)
(49,569)--(67,261)
(67,261)
-
-
-
(575,679)
(575,679)---
Group
Takaful payables
Other payables
(473,365)
(473,365)
-
-
(75,428)
(75,428)--(227,876)
(227,876)
-
-
-
(776,669)
(776,669)---
219
(131646-K)
39.
2013
Takaful Operator
Other payables
<------------------------------------- Company ------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000
RM’000
RM’000
RM’000
RM’000
(66,866)
(66,866)
-
-
-
Family Takaful
Takaful payables
Other payables
(26,139)
(26,139)
-
-
(22,725)
(22,725)--(118,256)
(118,256)
-
-
-
(167,120)
(167,120)---
General Takaful
Takaful payables
Other payables
(407,039)
(407,039)
-
-
(48,449)
(48,449)--(65,099)
(65,099)
-
-
-
(520,587)
(520,587)---
Company
Takaful payables
Other payables
(433,178)
(433,178)
-
-
(71,174)
(71,174)--(212,274)
(212,274)
-
-
-
(716,626)
(716,626)---
220
(131646-K)
39.
39.2 Net gains and losses arising from use of financial instruments
Note
Takaful Operator
Net gains / (losses) arising on:
- recognised in profit or loss
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
1,182
(68)
-
-
(9,521)
18,138 2,721 28,155 (9,405)
16,642 3,356
27,510
LAR
8,617 (228)
7,394 30,876 (89)
(4,784)
7,237 -
7,154 30,866
4,700
16,965 25,935 14,391 35,566
Family Takaful
18,119 9,980 207 10,833
(59,701)
151,533 (99,503)
247,873 (56,548)
140,639 (89,750)
238,575
LAR
91,832 18,274 37,156 148,370 14,299 25,727 84,091 17,159 33,074 148,825
13,434
21,574
165,381 198,376 134,531 194,666
- recognised in other comprehensive income
7(d)
- recognised in
participants’ fund
18(c)
221
(131646-K)
39.
39.2 Net gains and losses arising from use of financial instruments (continued)
Note
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
General Takaful
- recognised in participants’ fund
18(c)
(9,912)
23,461 (6,908)
39,413 (10,197)
23,400 (6,673)
39,210
LAR
13,549 1,462 5,935 32,505 1,503 4,885 13,203 1,231 7,297 32,537
1,232
4,129
20,946 38,893 21,731 37,898
Group / Company
19,301 9,912 207 10,833
- recognised in other comprehensive income
7(d)
- recognised in participants’ fund
18(c)
(9,521)
(69,613)
193,132 2,721 (106,411)
315,286 (9,405)
(66,745)
180,681 3,356
(96,423)
305,140
LAR
113,998 19,508 50,921 211,596 15,713 37,286 104,531 18,390 47,525 212,073
14,666
30,403
203,728 274,507 170,653 267,975
39.3 Financial risk management
The Group and the Company have exposure to the following risks arising from its use of financial instruments:
- Credit risk
- Liquidity risk
- Market risk (currency risk, profit rate risk, price risk)
- Operational risk
222
(131646-K)
39.
39.4 Credit risk
Credit risk is the potential financial loss resulting from the failure of a customer, an intermediary or counterparty to settle its
financial and contractual obligations to the Group and the Company as and when they fall due.
The Group’s and the Company’s portfolio of Islamic debt securities, and to a lesser extent short-term and other investments, are
subject to credit risk. This risk is defined as the potential loss resulting from adverse changes in a borrower’s ability to repay the debt.
The Group’s and the Company’s objective is to earn competitive relative returns by investing in a diversified portfolio of securities.
Management has an investment credit risk policy in place. Limits are established to manage credit quality and concentration risk.
The Group and the Company have takaful and other receivables balances that are subject to credit risk. Among the most significant
of these are retakaful recoveries. To mitigate the risk of the counterparties not paying the amount due, the Group and the Company
have established certain business and financial guidelines for retakaful approval, incorporating ratings by major agencies and
considering currently available market information. The Group and the Company also periodically review the financial stability of
retakaful companies from public and other sources and the settlement trend of amounts due from retakaful companies.
Cash and deposits are generally placed with banks and financial institutions licensed under the Financial Services Act 2013 and
Islamic Financial Services Act 2013 which are regulated by Bank Negara Malaysia and Sharia Insurance Regulation in Indonesia.
The Group and the Company manage individual exposures as well as concentration of credit risks. At end of the reporting period,
there were no significant concentration of credit risks, other than investments in Islamic debts securities issued by single issuer
amounted to RM269,671,000 (2013: RM174,999,000) and investment in Institutional Trust Account amounted to RM149,313,000
(2013: RM298,897,000).
Credit exposure
The table below shows the maximum exposure to credit risk for the components recognised in the statements of financial position.
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Takaful Operator
LAR
38,259 258,447 -
64,268 240,102 10,013
38,259 257,861 -
64,268
239,235
10,013
3,236 4,041
-
-
2,248 1,965
-
-
160,593 146,499 155,072 89,171 152,068 111,923 130,603
45,773
609,282 564,632 560,111 489,892
223
(131646-K)
39.
39.4 Credit risk (continued)
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Family Takaful
LAR
Retakaful assets
Takaful receivables
General Takaful
LAR
Retakaful assets
Takaful receivables
84,900 1,854,238 236,397 196,482 1,659,979 383,832 84,900 1,852,246 236,397 196,482
1,654,367
383,832
112,553 84,989 14,156 16,267
330,329 112,650 254,024 112,717 314,535 112,650 248,637
112,717
3,352 663,752 90,972 597,341 2,278 521,902 68,197 265,736 2,526 648,833 86,548 538,358 1,568
495,498
62,835
204,687
4,086,484 3,550,136 3,891,149 3,376,890
26,154 344,344 5,069 38,147 313,528 61,886 26,154 344,344 5,069 38,147
313,528
61,886
8,653 32,626 3,228 32,674 5,000 32,626 32,674
259,623 106,055 37,619 112,435 291,300 89,541 48,959 75,712 253,588 96,748 31,715 96,311 277,129
75,503
40,511
62,779
932,578 954,975 891,555 902,157
224
(131646-K)
39.
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Group / Company
LAR
Retakaful assets
Takaful receivables
149,313 2,457,029 241,466 298,897 2,213,609 455,731 149,313 2,454,451 241,466 298,897
2,207,130
455,731
115,789 89,030 14,156 16,267
341,230 145,276 259,217 145,391 319,535 145,276 248,637
145,391
262,975 883,416 128,591 856,275 293,578 711,976 117,156 430,619 256,114 867,145 118,263 746,592 278,697
663,657
103,346
313,239
5,581,360 5,015,204 5,312,311 4,730,992
Credit exposure by credit rating
The table below provides information regarding the credit risk exposure of the Group and of the Company by classifying assets
according to the Group’s and the Company’s internal credit ratings of counterparties.
2014
Takaful Operator
LAR
Qard receivables
<-------------------------------- Group -------------------------------->
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
38,259 258,447 - - - - 38,259
258,447
3,236 - - 3,236
2,248 - 160,593 -
146,499 - -
- 1,031 52,213 - 161,624
52,213
146,499
609,282 - 53,806 663,088
562 2,810
225
(131646-K)
39.
Credit exposure by credit rating (continued)
2014
Family Takaful
LAR
Retakaful assets
Takaful receivables
General Takaful
LAR
Retakaful assets
Takaful receivables
<-------------------------------- Group -------------------------------->
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
84,900 1,854,238 236,397 - - - 112,553 - - 112,553
330,329 112,650 - - - - 330,329
112,650
3,352 663,752 86,608 597,341 -
- 4,364 - -
301 1,052 - 3,352
664,053
92,024
597,341
4,364 2,762 4,082,120 - 84,900
1,409 1,855,647
- 236,397
4,089,246
26,154 344,344 5,069 - - - - - - 26,154
344,344
5,069
8,653 32,626 - - - - 8,653
32,626
259,623 106,055 29,489 112,435 - - 8,130 - - 381 3,435 - 259,623
106,436
41,054
112,435
924,448 8,130 3,816 936,394
226
(131646-K)
39.
2014
<-------------------------------- Group -------------------------------->
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
Group
LAR
Retakaful assets
Takaful receivables
149,313 2,457,029 241,466 - - - 115,789 - - 115,789
341,230 145,276 - - 562 - 341,792
145,276
262,975 883,416 116,097 856,275 - - 12,494 - - 1,713 4,487 - 262,975
885,129
133,078
856,275
12,494 8,171 5,568,866 - 149,313
1,409 2,458,438
- 241,466
5,589,531
227
(131646-K)
39.
2013
<-------------------------------- Group -------------------------------->
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
Takaful Operator
LAR
Qard receivables
153,255
1,817
1,245
156,317
-
-47,95047,950
89,171
-
-
89,171
562,464 2,168 49,405614,037
Family Takaful
LAR
Retakaful assets
Takaful receivables
64,268
240,102
10,013
-
-
-
-
-
-
64,268
240,102
10,013
4,041
-
-
4,041
1,614
351
210
2,175
196,482
1,659,101
383,832
-
878
-
-
471
-
196,482
1,660,450
383,832
84,989
-
-
84,989
254,024
112,717
-
-
-
-
254,024
112,717
2,278--
2,278
521,902
-
301
522,203
63,5574,6402,78170,978
265,736
-
-
265,736
3,544,6185,5183,553
3,553,689
228
(131646-K)
39.
2013
<-------------------------------- Group -------------------------------->
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
General Takaful
LAR
Retakaful assets
Takaful receivables
291,300--
291,300
89,541
-
381
89,922
37,88411,075 5,74254,701
75,712
-
-
75,712
943,900 11,075 6,123961,098
Group
LAR
Retakaful assets
Takaful receivables
38,147
313,528
61,886
-
-
-
-
-
-
38,147
313,528
61,886
3,228
32,674
-
-
-
-
3,228
32,674
298,897
2,212,731
455,731
-
878
-
-
471
-
298,897
2,214,080
455,731
89,030
-
-
89,030
258,866
145,391
351
-
-
-
259,217
145,391
293,578--
293,578
710,159
1,817
1,927
713,903
101,441
15,715
8,523
125,679
430,619
-
-
430,619
4,996,44318,76110,921
5,026,125
229
(131646-K)
39.
2014
Takaful Operator
LAR
Family Takaful
LAR
Retakaful assets
Takaful receivables
<----------------------------- Company ------------------------------>
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
38,259 257,861 - - - - 38,259
257,861
152,068 111,923 - - 821 - 152,889
111,923
560,111 - 821 560,932
84,900 1,852,246 236,397 - - - - 84,900
- 1,852,246
- 236,397
14,156 - - 14,156
314,535 112,650 - - - - 314,535
112,650
2,526 648,833 83,193 538,358 - - 3,355 - - 301 1,022 - 2,526
649,134
87,570
538,358
3,355 1,323 3,887,794 3,892,472
230
(131646-K)
39.
2014
General Takaful
LAR
Retakaful assets
Takaful receivables
Company
LAR
Retakaful assets
Takaful receivables
<----------------------------- Company ------------------------------>
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
26,154 344,344 5,069 - - - - - - 26,154
344,344
5,069
5,000 32,626 - - - - 5,000
32,626
253,588 96,748 24,381 96,311 - - 7,334 - - 381 3,121 - 253,588
97,129
34,836
96,311
884,221 7,334 3,502 895,057
149,313 2,454,451 241,466 - -
-
- 149,313
-
2,454,451
-
241,466
14,156 -
-
14,156
319,535 145,276 -
-
-
-
319,535
145,276
256,114 867,145 107,574 746,592 5,301,622 -
- 10,689 - -
1,503 4,143 - 10,689 5,646 256,114
868,648
122,406
746,592
5,317,957
231
(131646-K)
39.
2013
<----------------------------- Company ------------------------------>
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
Takaful Operator
LAR
64,268
239,235
10,013
-
-
-
-
-
-
64,268
239,235
10,013
130,603
45,773
-
-
1,026
-
131,629
45,773
489,892
- 1,026490,918
Family Takaful
LAR
Retakaful assets
Takaful receivables
196,482
1,654,367
383,832
-
-
-
-
-
-
196,482
1,654,367
383,832
16,267
-
-
16,267
248,637
112,717
-
-
-
-
248,637
112,717
1,568--
1,568
495,498
-
301
495,799
58,2704,5652,75465,589
204,687
-
-
204,687
3,372,3254,5653,055
3,379,945
232
(131646-K)
39.
2013
General Takaful
LAR
Retakaful assets
Takaful receivables
Company
LAR
Retakaful assets
Takaful receivables
<----------------------------- Company ------------------------------>
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
38,147
313,528
61,886
-
-
-
-
-
-
38,147
313,528
61,886
32,674
-
-
32,674
277,129--
277,129
75,503
-
381
75,884
31,8728,6395,63446,145
62,779
-
-
62,779
893,5188,6396,015
908,172
298,897
2,207,130
455,731
-
-
-
-
-
-
298,897
2,207,130
455,731
16,267
-
-
16,267
248,637
145,391
-
-
-
-
248,637
145,391
278,697--
278,697
663,657
-
1,708
665,365
90,142
13,204
8,388
111,734
313,239
-
-
313,239
4,717,78813,20410,096
4,741,088
- - - - - - 85,751 - - 255,001 - - 142,629 - - - - Takaful Operator
- - - Islamic debt securities
77,801 166,675 3,794 FVTPL financial assets
924 - 1,066 HTM financial assets
843 - 1,405 LAR
31,380 17,952 55,427 Cash and cash equivalents
31,681 70,374 24,059 125,901 55,834 20,385 - 1,246 38,259 10,177 - - - - - - - 609,282
160,593
146,499
2,248
3,236
38,259
258,447
The table below provides information regarding the credit risk exposure of the Group and of the Company by classifying assets according to the Rating Agency of Malaysia’s
(RAM) credit ratings of counterparties. AAA is the highest possible rating. Assets that fall outside the range of AAA to A are classified as speculative grade.
<-------------------------------------------------------------------- Group -------------------------------------------------------------------->
AAA
AA
A
BBB
BB
Not-rated Unit-linked
Total
2014
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
39.
233
(131646-K)
5,753 2,725 - - 81,422 - 203,817 17,231 155,827 - - 150,737 - 182,216 1,098,391 443,904 - 218,709 - 127,612 2,778 - 17,593 - 77,212 - 17,804 -
- - - - 17,804 - 3,352 212,884 90,972 44,620 168,999 112,650 * 34,958 84,900 193,973 236,397 * - 1,183,705 -
- - - - - - 76,094 - - - 39,076 - - 4,086,484
3,352
663,752
90,972
597,341
330,329
112,650
112,553
- 84,900
- 1,854,238
- 236,397
37,018 * Malaysian Government Islamic papers are not rated by RAM but instead is rated A- based on Malaysia sovereign rating accorded by Standard & Poor’s.
1,266,586 - 972,869 - - 592,380 - <-------------------------------------------------------------------- Group -------------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Family Takaful
LAR
Retakaful assets
Takaful receivables
2014
39.
234
LAPORAN TAHUNAN 2014 ANNUAL REPORT (131646-K)
1,124 - - 17,016
- 63,613 843 - - 15,072
- 33,447 158,147 49,335 - 36,200
4,561 2,110 1,405 - - 5,059 - 2,543 - -
- - - - - 2,543 - 195 - -
195 - - - - - - 436,762 259,623 37,767
32,863 13,265 5,281
32,626 * 26,154 24,114 5,069 * * Malaysian Government Islamic papers are not rated by RAM but instead is rated A- based on Malaysia sovereign rating accorded by Standard & Poor’s.
285,596 - 203,843 - - 108,785 - - - -
- - - - - - - 932,578
259,623
106,055
37,619
112,435
8,653
32,626
26,154
344,344
5,069
<-------------------------------------------------------------------- Group -------------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
General Takaful
Islamic debt securities Malaysian Government Islamic papers
LAR
Retakaful assets
Takaful receivables
2014
39.
235
(131646-K)
3,849 - - 116,390 - 337,804 157,513 - - 197,189 - 247,344 1,399,167 578,990 - 310,336 4,561 153,781 20,347 -
- - - - 20,347 - 195 - - 195 - - - - - - - 1,699,384 262,975 259,501 123,835 78,270 174,280 145,276 * 36,204 149,313 228,264 241,466 * 76,094 - - - 39,076 - - 5,581,360
262,975
883,416
128,591
856,275
341,230
145,276
115,789
- 149,313
- 2,457,029
- 241,466
1,807,183 18,659 5,753 18,155 5,588 - - 86,065 - - - 778,966 1,343,387 - - <-------------------------------------------------------------------- Group -------------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Group
LAR
Retakaful assets
Takaful receivables
2014
39.
236
17,952 70,309 31,380 31,566 140,450 254,936 - 166,675 - 77,504 69,222 55,427 10,001 - 3,794 - - - - - - - - - - 95,503 47,309 47 38,259 9,888 - - - - - 560,111
152,068
111,923
38,259
257,861
<----------------------------------------------------------------- Company ----------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Takaful Operator
LAR
2014
39.
237
(131646-K)
- - - - 81,422 - 203,735 - 151,567 - - 150,737 - 182,159 1,076,843 413,065 - 218,709 - 119,136 - - - - 75,220 - 17,804 -
- - - - 17,804 - 2,526 197,965 86,548 1,626 162,968 112,650 * - 84,900 193,973 236,397 * - 1,079,553 -
- - - - - - 45,858 - - - 31,702 - - 3,891,149
2,526
648,833
86,548
538,358
314,535
112,650
14,156
- 84,900
- 1,852,246
- 236,397
1,258,026 - 972,869 - - 592,380 - <----------------------------------------------------------------- Company ----------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Family Takaful
LAR
Retakaful assets
Takaful receivables
2014
39.
238
- - - 17,016 - 62,599 - - - 15,072 - 33,370 157,227 45,820 - 36,200 4,561 - - - - 5,059 - 2,543 -
- - - 2,543 - 195 - - 195 - - - - - - 402,312 253,588 28,460 26,959 342 5,000 32,626 * 26,154 24,114 5,069 * * Malaysian Government Islamic papers are not rated by RAM but instead is rated A- based on Malaysia sovereign rating accorded by Standard & Poor’s.
283,458 - 203,843 - - 108,785 - - -
- - - - - 891,555
253,588
96,748
31,715
96,311
5,000
32,626
26,154
344,344
5,069
<----------------------------------------------------------------- Company ----------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
General Takaful
LAR
Retakaful assets
Takaful receivables
2014
39.
239
(131646-K)
- - 98,438 - 336,643 151,567 - - 197,189 - 247,095 1,374,520 472,680 - 254,909 4,561 129,137 - - - - 84,073 - 20,347 -
- - - - 20,347 - 195 - - 195 - - - - - - - 1,620,243 256,114 316,609 113,507 2,015 167,968 145,276 * - 149,313 227,975 241,466 * 45,858 - - - 31,702 - - 5,312,311
256,114
867,145
118,263
746,592
319,535
145,276
14,156
- 149,313
- 2,454,451
- 241,466
1,778,468 - - - - 778,669 1,343,387 - - <----------------------------------------------------------------- Company ----------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Company
LAR
Retakaful assets
Takaful receivables
2014
39.
240
<-------------------------------------------------------------------------------------- Group -------------------------------------------------------------------------------------->
AAA
AA
A
BBB
BB
C
D
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
89,079163,325103,155
-
-
-
351208,722
-564,632
* Malaysian Government Islamic papers are not rated by RAM but instead is rated A- based on Malaysia sovereign rating accorded by Standard & Poor’s.
Takaful Operator
-
-
-
-
-
-
-
64,268
-
64,268
77,773
156,886
-
-
-
-
-
5,443
-
240,102
Malaysian Government
Islamic papers
-
-
-
-
-
-
-
10,013*
-
10,013
-
1,434
1,348
-
-
-
-
1,259
-
4,041
269
-
1,345
-
-
-
351
-
-
1,965
LAR
Loans and receivables,
excluding takaful
receivables
-
5,000
47,994----
102,078-
155,072
11,0375
52,468----
25,661-
89,171
2013
39.
241
(131646-K)
<-------------------------------------------------------------------------------------- Group -------------------------------------------------------------------------------------->
AAA
AA
A
BBB
BB
C
D
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
4,866
323
877
-1,401,233
58,1763,550,136
790,0811,053,575 241,005
LAPORAN TAHUNAN 2014 ANNUAL REPORT Family Takaful
-
-
-
-
-
-
-
196,482
-
196,482
597,561
847,511
3,360
4,866
323
877
-
205,481
-
1,659,979
Islamic papers
-
-
-
-
-
-
-
383,832*
-
383,832
3,882
15,400
10,397
-
-
-
-
19,522
35,788
84,989
99,150
32,610
4,198
-
-
-
-
118,066
-
254,024
Islamic papers
-
-
-
-
-
-
-
112,717*
-
112,717
LAR
Retakaful assets
-------
2,278-
2,278
excluding takaful
receivables 15,350
76,572
190,656----
237,284
2,040
521,902
Takaful receivables -2
1,781----
66,414-
68,197
74,13881,48030,613
-
-
-
-59,15720,348265,736
2013
39.
242
(131646-K)
<-------------------------------------------------------------------------------------- Group -------------------------------------------------------------------------------------->
AAA
AA
A
BBB
BB
C
D
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
46
-
-539,464
124,743201,117 88,517 1,088
-954,975
General Takaful
- - - - - - - 38,147 - 38,147
108,155
185,733
-
695
46
-
-
18,899
-
313,528
Islamic papers
-
-
-
-
-
-
-
61,886*
-
61,886
-
1,345
1,614
-
-
-
-
269
-
3,228
Islamic papers
-
-
-
-
-
-
-
32,674*
-
32,674
LAR
Retakaful assets
-------
291,300-
291,300
excluding takaful
receivables
-
5,150
40,557----
43,834-
89,541
Takaful receivables --
6,793
393---
41,773-
48,959
16,588
8,889
39,553----
10,682-
75,712
2013
39.
243
(131646-K)
<-------------------------------------------------------------------------------------- Group -------------------------------------------------------------------------------------->
AAA
AA
A
BBB
BB
C
D
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
5,954
369
877
3512,051,046
58,1764,971,370
1,003,9031,418,017 432,677
LAPORAN TAHUNAN 2014 ANNUAL REPORT Group
-
-
-
-
-
-
-
298,897
-
298,897
783,489
1,190,130
3,360
5,561
369
877
-
229,823
-
2,213,609
Islamic papers
-
-
-
-
-
-
-
455,731*
-
455,731
3,882
16,834
11,745
-
-
-
-
20,781
35,788
89,030
99,419
33,955
7,157
-
-
-
351
118,335
-
259,217
Islamic papers
-
-
-
-
-
-
-
145,391*
-
145,391
LAR
Retakaful assets
-------
293,578-
293,578
excluding takaful
receivables 15,350
86,722
279,207----
284,823
2,040
668,142
Takaful receivables -2
8,574
393---
108,187-
117,156
101,763
90,374
122,634----
95,500
20,348
430,619
2013
39.
244
(131646-K)
112,154161,891 46,027
-
-
-
-
-
-
90,603
47
64,268
4,889
10,013*
-169,820
-
-
-
-
-
35,000
11,027
5,000
5
-
34,694
-
-
-
-
156,886
-
-
77,460
-
130,603
45,773
64,268
239,235
10,013
-489,892
-
-
-
-
-
<---------------------------------------------------------------- Company ----------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Takaful Operator
LAR
2013
39.
245
(131646-K)
4,866
-
-
118,066
112,717*
-
3231,302,934
-
-
-
-
-
-
248,637
112,717
16,267
196,482
1,654,367
383,832
32,0403,376,890
-
-
16,267
-
-
-
196,482
205,481
383,832*
786,1461,035,611 214,970
31,421
-
99,150
-
-
-
323
-
-
-
-
4,866
-
-----
1,568-
1,568
15,350
76,572
182,950
-
-
218,855
1,771
495,498
-2
1,781--
61,052-
62,835
74,085
81,480
30,239
-
-
4,881
14,002
204,687
-
846,136
-
-
597,561
-
-
-
-
<---------------------------------------------------------------- Company ----------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Family Takaful
LAR
Retakaful assets
Takaful receivables
2013
39.
246
32,674*
46494,413
-
-
38,147
18,899
61,886*
32,674
38,147
313,528
61,886
-902,157
-
-
-
-
124,612199,772 82,226 1,088
-
-
46
-
-
-
-
695
-
-----
277,129-
277,129
-
5,150
38,000
-
-
32,353
-
75,503
--
6,793
393-
33,325-
40,511
16,457
8,889
37,433----
62,779
-
185,733
-
-
108,155
-
-
-
-
<---------------------------------------------------------------- Company ----------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
General Takaful
LAR
Retakaful assets
Takaful receivables
2013
39.
247
(131646-K)
-
31,421
-
-
99,150
-
-
-
-
-
-
-
-
-
-
-
5,561
-
-
-
-
-
369
-
118,066
145,391*
-
298,897
229,269
455,731*
-
-
16,267
-
-
-
248,637
145,391
16,267
298,897
2,207,130
455,731
1,022,9121,397,274 343,223
5,954
3691,929,220
32,0404,730,992
-----
278,697-
278,697
15,350
86,722
255,950
-
-
303,864
1,771
663,657
-2
8,574
393-
94,377-
103,346
125,236
90,374
78,699
-
-
4,928
14,002
313,239
-
1,188,755
-
-
783,176
-
<---------------------------------------------------------------- Company ----------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Company
LAR
Retakaful assets
Takaful receivables
2013
39.
248
249
(131646-K)
39.
Age analysis of takaful receivables past-due but not impaired
A financial asset is deemed past-due when the counterparty has failed to make payment even though the outstanding amount
is contractually due. Receivables past-due but not impaired includes contribution due and claims recovery from retakaful which
remained outstanding after the contractual due date for more than 6 months.
The age analysis of takaful receivables past-due but not impaired as at the end of the reporting period based on days past-due was
as follows:
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Family Takaful
Days past-due
1-30 days
31-60 days
61-90 days
91-180 days
> 180 days
623 247 416 1,423 1,655 1,754 37 2
700 2,147 597 151 402 1,394 811 1,696
25
697
2,147
4,364 4,640 3,355 4,565
General Takaful
Days past-due
1-30 days
31-60 days
61-90 days
91-180 days
> 180 days
997 415 1,140 1,230 4,348 552 748 478 2,335 6,962 902 352 1,080 1,018 3,982 413
659
334
1,913
5,320
8,130 11,075 7,334 8,639
Group / Company
Days past-due
1-30 days
31-60 days
61-90 days
91-180 days
> 180 days
1,620 662 1,556 2,653 6,003 2,306 785 480 3,035 9,109 1,499 503 1,482 2,412 4,793 2,109
684
334
2,610
7,467
12,494 15,715 10,689 13,204
250
(131646-K)
39.
Impairment loss of takaful receivables
The Group and the Company assess impairment on an individual and collective basis. The Group and the Company will assess on
a case by case basis, whether there is any objective evidence that the outstanding due is impaired for contribution due and claims
recovery that are considered individually significant. The criteria that the Group and the Company use to determine whether there
is objective evidence of impairment for those selected for individual assessment include:
(i)
contribution due or claims recovery past-due for 6 months or more and where outstanding receivables is above 2% of total
takaful receivables and RM200,000 for Family and General takaful receivables respectively;
(ii)
significant financial difficulty of customer / intermediaries;
(iii)
long outstanding balances where these are disputed and not resolved; and
(iv)
breach of contract, such as default or delinquency in payments.
The Group and the Company record impairment allowance for loans and receivables and takaful receivables in separate “Allowance
for Impairment” accounts. Unless the Group and the Company are satisfied that recovery of the amount is possible, the amount
considered irrecoverable is written off against the receivables directly.
A reconciliation of the allowance for impairment losses for takaful receivables was as follows:
Note
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
Family Takaful
At 1 January
Writeback of impairment loss
11 2,7813,9012,7543,850
27
(1,732)
(1,120)
(1,732)
(1,096)
31
7
- - (4)
- - -
At 31 December
11
1,052 2,781 1,022 2,754
General Takaful
At 1 January
11 5,7416,9825,6346,901
27
(2,513)
(1,241)
(2,513)
(1,267)
31
213 - - Effect of movement in exchange rates
(6)
- - At 31 December
11
3,435 5,741 3,121 5,634
Group / Company
At 1 January
11
27
31
8,522
(4,245)
220 (10)
10,883
(2,361)
- - 8,388
(4,245)
- - 10,751
(2,363)
-
At 31 December
4,487 8,522 4,143 8,388
11
251
(131646-K)
39.
39.5 Liquidity risk
Liquidity risk is the risk that the Group and the Company will encounter difficulty in meeting obligations associated with financial
instruments. In respect of catastrophic events, there is also a liquidity risk associated with the timing differences between gross cash
outflows and expected retakaful recoveries.
The following policies and procedures are in place to mitigate the Group’s and the Company’s exposure to liquidity risk:
-
The Group and the Company-wide liquidity risk policy setting out the evaluation and determination of the components of
liquidity risk of the Group and the Company. Compliance with the policy is monitored and reported monthly and exposures
and breaches are reported to the Group’s and the Company’s Risk Management Committee as soon as practicable. The policy
is regularly reviewed for pertinence and for changes in the risk environment.
-
Setting up guidelines on asset allocations, portfolio limit structures and maturity profiles of assets, in order to ensure
sufficient funding is available to meet takaful and investment contracts obligations.
-
Setting up contingency funding plans which specify minimum proportions of funds to meet emergency calls as well as
specifying events that would trigger such plans.
-
The Company’s catastrophe excess of loss retakaful contracts contains clauses permitting the immediate draw down of funds
to meet claims payments should claims events exceed certain amount.
Maturity profiles
The table below summarises the maturity profile of the financial liabilities of the Group and of the Company based on remaining
undiscounted contractual obligations, including profit payable.
For takaful contract liabilities, maturity profiles are determined based on estimated timing of net cash outflows from the recognised
takaful liabilities. Investment-linked liabilities are repayable or transferable on demand and are included in the “up to a year”
column.
2014
Takaful Operator
Other payables
<--------------------------------------------------- Group ----------------------------------------------------->
Carrying
Up to
1 - 3
3 - 5 More than
No
value
a year*
years
years
5 years Maturity
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
89,838 86,446 588 Family Takaful
Qard payables
Takaful payables
Other payables
24,912 33,310 40,949 101,169 24,912 32,240 40,949 88,710 - 240 - 12,299 - 93 - 121 - 737 - 39 -
200,340 186,811 12,539 214 776 - * expected utilisation or settlement is within 12 months from the reporting date.
16 2,788 - 89,838
24,912
33,310
40,949
101,169
200,340
252
(131646-K)
39.
39.5 Liquidity risk (continued)
Maturity profiles (continued)
2014
<--------------------------------------------------- Group ----------------------------------------------------->
Carrying
Up to
1 - 3
3 - 5 More than
No
value
a year*
years
years
5 years Maturity
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
General Takaful
Qard payables
Takaful payables
Other payables
27,301 375,636 20,368 72,448 27,301 137,499 20,204 72,268 - 130,439 164 180 - 106,136 - - - 1,562 - - -
495,753 257,272 130,783 106,136 1,562 - Group
Takaful payables
Other payables
408,946 61,317 216,471 169,739 61,153 200,440 130,679 164 13,067 106,229 - 137 2,299 - 2,827 - 408,946
- 61,317
- 216,471
686,734 431,332 143,910 106,366 5,126 - 686,734
91,367 88,466 798 12 2,091 - 91,367
2013
Takaful Operator
Other payables
27,301
375,636
20,368
72,448
495,753
Family Takaful
Qard payables
Takaful payables
Other payables
23,028
23,028----
23,028
40,150
39,077
369
284
420
-
40,150
25,859
25,859----
25,859
123,787
122,410
1,124
217
36
-
123,787
212,824
210,374
1,493501456 -
212,824
General Takaful
Qard payables
Takaful payables
Other payables
25,634
25,634----
25,634
433,215163,421151,542100,969 17,283
-433,215
49,569
48,833
736---
49,569
67,261
67,149
90
22
-
-
67,261
575,679305,037152,368100,991 17,283
Group
Takaful payables
Other payables
473,365202,498151,911101,253 17,703
-473,365
75,428
74,692
736---
75,428
227,876
223,486
2,012
251
2,127
-
227,876
776,669500,676154,659101,504 19,830
* expected utilisation or settlement is within 12 months from the reporting date.
- 575,679
- 776,669
253
(131646-K)
39.
2014
<------------------------------------------------ Company -------------------------------------------------->
Carrying
Up to
1 - 3
3 - 5 More than
No
value
a year*
years
years
5 years Maturity
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Takaful Operator
Other payables
64,707 64,455 Family Takaful
Takaful payables
Other payables
18,918 39,228 94,567 18,918 39,228 82,108 152,713 140,254 General Takaful
Takaful payables
Other payables
360,418 19,753 70,014 124,160 19,753 69,834 128,560 106,136 - - 180 - 1,562 - - - 360,418
- 19,753
- 70,014
450,185 213,747 128,740 1,562 - Company
Takaful payables
Other payables
379,336 58,981 198,892 143,078 58,981 186,001
128,560 106,136 - - 12,731 121 1,562 - 39 - 379,336
- 58,981
- 198,892
637,209 388,060
141,291 1,601 - 252 - - - 64,707
- - 12,299 - - 121 - - 39 - - - 18,918
39,228
94,567
12,299 121 39 - 152,713
106,136 106,257 450,185
637,209
254
(131646-K)
39.
2013
Takaful Operator
Other payables
<------------------------------------------------ Company -------------------------------------------------->
Carrying
Up to
1 - 3
3 - 5 More than
No
value
a year*
years
years
5 years Maturity
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
66,866
66,594
272
-
-
-
66,866
Family Takaful
Provision for outstanding claims26,139
26,139----
26,139
Takaful payables
22,725
22,725----
22,725
Other payables
118,256
116,879
1,124
217
36
-
118,256
167,120165,743 1,124
217
36
- 167,120
General Takaful
Takaful payables
Other payables
407,039143,168145,619100,969 17,283
-407,039
48,449
48,449----
48,449
65,099
64,987
90
22
-
-
65,099
520,587256,604145,709100,991 17,283
Group
Takaful payables
Other payables
433,178169,307145,619100,969 17,283
-433,178
71,174
71,174----
71,174
212,274
210,513
1,486
239
36
-
212,274
716,626450,994147,105101,208 17,319
- 520,587
- 716,626
39.6 Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three (3) types of risk - foreign exchange rates (Currency risk), market profit yields (Profit Yield risk)
and market prices (Price risk).
The key features of the Group’s and the Company’s market risk management practices and policies are as follows:
-
A Group and the Company-wide market risk policy setting out the evaluation and determination of components of market
risk for the Group and the Company. Compliance with the policy is monitored and reported monthly to the Risk Management
Committee (RMC) and exposures and breaches are reported as soon as practicable.
255
(131646-K)
39.
39.6 Market risk (continued)
-
Set asset allocation, portfolio limit structure and diversification benchmark to ensure that assets back specific contract
liabilities and that assets are held to deliver income and gains for certificate holders in line with terms of the respective
contracts expectations of policies. The Group’s and the Company’s policies on asset allocation, portfolio limit structure and
diversification benchmark have been set in line with Group’s and Company’s risk management policy after taking cognisance
of the regulatory requirements in respect of maintenance of assets and solvency.
The Group and the Company also issue unit-linked investment policies. In the unit-linked business, the certificate holders bear
investment risk on the assets held in the unit-linked funds as the certificate benefits are directly linked to value of the assets in the
funds. The Group’s and Company’s exposure to market risk on this business is limited to the extent that income arising from asset
management charges is based on the value of the assets in the funds.
39.7 Currency risk
Currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign
exchange rates.
The Group’s and the Company’s primary transactions are carried out in Ringgit Malaysia (RM) and its exposure to foreign exchange
risk arises principally with respect to Indonesia Rupiah (Rp) and US Dollar (USD).
As the Group’s and Company’s business is conducted primarily in Malaysia, the Group’s and the Company’s financial assets are also
primarily maintained in Malaysia as required under the Islamic Financial Services Act 2013, and hence, primarily denominated in
the same currency (the local RM) as its takaful and investment contract liabilities. Accordingly, the main foreign exchange risk from
recognised assets and liabilities arises from transactions other than those in which takaful and investment contract liabilities are
expected to be settled.
As the Group’s and the Company’s main foreign exchange risk from recognised assets and liabilities arises from retakaful transactions
for which the balances are expected to be settled and realised in less than a year, the impact arising from sensitivity in foreign
exchange rates is deemed minimal as the Group and the Company has no significant concentration of foreign currency risk.
The Group’s and the Company’s exposure to currency risk is immaterial in the context of the financial statements and hence,
sensitivity analysis is not presented.
39.8 Profit yield risk
Profit yield risk is the risk that the value or future cash flows of a financial instrument will fluctuate because of changes in market
profit yield.
Floating rate / yield instruments expose the Group and the Company to cash flow risk, whereas fixed rate / yield instruments expose
the Group and the Company to fair value risk.
Risk management objectives, policies and processes for managing the risk
The Group’s and the Company’s profit risk policy requires Management to manage the risk by maintaining an appropriate mix
of variable and fixed rate / yield instruments. The policy also requires Management to manage the maturities of profit-bearing
financial assets and liabilities. Floating rate / yield instruments will be re-priced at intervals of not more than one (1) year. Profit on
fixed rate / yield instruments is priced at inception of the financial instrument and is fixed until maturity.
256
(131646-K)
39.
39.8 Profit yield risk (continued)
Exposure to profit yield risk
The profit yield profile of the Group’s and the Company’s significant profit-bearing financial instruments, based on carrying amounts
as at the end of the reporting period was as follows:
Fixed rate instruments
Group
2014
2013
RM’000
RM’000
Company
2014
2013
RM’000
RM’000
Takaful Operator
LAR
258,447 3,236 2,248 246,802 250,115 4,041
1,965
194,337 257,861 -
-
210,370 249,248
133,984
510,733 450,458 468,231 383,232
Family Takaful
LAR
2,090,635 112,553 442,979 1,081,406 2,043,811 84,989 366,741 694,446 2,088,643 14,156 427,185 1,024,496 2,038,199
16,267
361,354
625,391
3,727,573 3,189,987 3,554,480 3,041,211
General Takaful
LAR
349,413 41,279 177,653 375,414 35,902 104,501 349,413 37,626 162,386 375,414
32,674
90,714
568,345 515,817 549,425 498,802
Group / Company
LAR
2,698,495 115,789 486,506 1,505,861 2,669,340 89,030 404,608 993,284 2,695,917 14,156 464,811 1,397,252 2,662,861
16,267
394,028
850,089
4,806,651 4,156,262 4,572,136 3,923,245
The Group and the Company have no significant concentration of profit yield risk.
257
(131646-K)
39.
Exposure to profit yield risk (continued)
Change in
variables
2014
Takaful Operator
<------------------------------- Group ----------------------------->
profit Impact on
operating participants’
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
+50bps
+50bps
-
10
(8,020)
10
-
-
-
10 (8,010)
-
-
-
(10)
-
-
-
-50bps
-50bps
8,790
(10)
(10)
8,780-Family Takaful
+50bps
+50bps
-
-
-
-
-
(8)
(146,929)
(8)
-
-
(8)
(146,937)
-50bps
-50bps
-
-
-
-
-
4
128,438
4
-
-
4
128,442
General Takaful
+50bps
-50bps
-
-
-
-
-
-
(19,240)
16,050
Group
+50bps
+50bps
-
10 (8,020)
10 - (8)
(166,169)
(8)
10 (8,010)
(8)
(166,177)
- (10)
8,790 (10)
- 4
144,488
4
(10)
8,780 4
144,492
-50bps
-50bps
* impact on equity reflects adjustments for tax, when applicable.
258
(131646-K)
39.
Change in
variables
2013
Takaful Operator
<------------------------------- Group ----------------------------->
profit Impact on
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
+50bps
+50bps
-
11
(8,351)
11
-
-
-
11 (8,340)
-
-
-
(11)
-
-
-
-50bps
-50bps
10,603
(11)
(11)
10,592-Family Takaful
+50bps
+50bps
-
-
-
-
-
(325)
(118,321)
(325)
--
(325)
(118,646)
-50bps
-50bps
-
-
-
-
-
368
158,130
368
--
368
158,498
General Takaful
+50bps
-50bps
-
-
-
-
-
-
(16,681)
20,933
Group
+50bps
+50bps
-
11
(8,351)
11
-
(325)
(135,002)
(325)
11
(8,340)
(325)(135,327)
-
(11)
10,603
(11)
-
368
-50bps
-50bps
(11) 10,592
179,063
368
368179,431
259
(131646-K)
39.
Change in
variables
2014
<----------------------------- Company -------------------------->
profit Impact on
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
Takaful Operator
+50bps
-50bps
-
-
(8,021)
8,791
-
-
-
Family Takaful
+50bps
+50bps
-
-
-
-
-
(515)
(146,939)
(515)
-
-
(515)
(147,454)
-50bps
-50bps
-
-
-
-
-
511
128,448
511
-
-
511 128,959
General Takaful
+50bps
-50bps
-
-
-
-
-
-
(19,240)
16,050
Company
+50bps
+50bps
-
-
(8,021)
-
- (515)
(166,179)
(515)
-
(8,021)
(515)
(166,694)
-50bps
-50bps
-
-
8,791 -
- 511 144,498
511
-
8,791 511 145,009
260
(131646-K)
39.
Change in
variables
2013
<----------------------------- Company -------------------------->
profit Impact on
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
Takaful Operator
+50bps
-50bps
-
-
(8,354)
10,606
-
-
-
Family Takaful
+50bps
+50bps
-
-
-
-
-
(667)
(118,348)
(667)
--
(667)
(119,015)
-50bps
-50bps
-
-
-
-
-
710
158,157
710
--
710
158,867
General Takaful
+50bps
-50bps
-
-
-
-
-
-
(16,681)
20,933
Company
+50bps
+50bps
-
-
(8,354)
-
-
(667)
(135,029)
(667)
-
(8,354)
(667)(135,696)
-
-
10,606
-
-
710
-50bps
-50bps
- 10,606
179,090
710
710179,800
261
(131646-K)
39.
39.9 Other price risk
Equity price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices (other than those arising from profit yield risk or currency risk), whether those changes are caused by factors specific
to the individual financial instrument or its issuer or factors affecting similar financial instruments traded in the market.
The Group’s and the Company’s equity price risk exposure relates to financial assets whose values will fluctuate as a result of
changes in market prices (excluding those investment securities held for the account of unit-linked business).
Risk management objectives, policies and processes for managing the risk
The Group’s and the Company’s price risk policy requires it to manage such risks by setting and monitoring objectives and constraints
on investments, diversification plans, limits on investments in each country, sector, market and issuer, having regard also to such
limits stipulated by BNM. The Group and the Company comply with BNM stipulated limits during the financial year and have no
significant concentration of price risk.
Equity price risk sensitivity analysis
The analysis below is performed for reasonably possible movements in key variables with all other variables held constant, showing
the impact on OCI / Equity for Takaful Operator, and showing the impact on operating surplus / participants’ fund for Investmentlinked Fund, and participants’ fund for Family Takaful Fund and General Takaful Fund accordingly. The correlation of variables will
have a significant effect in determining the ultimate impact on price risk, but to demonstrate the impact due to changes in variables,
variables had to be changed on individual basis. It should be noted that movements in these variables are non-linear.
Change in
variables
2014
<------------------------------- Group ----------------------------->
profit Impact on
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
Takaful Operator
Market price
Market price
+15%
-15%
8
(8)
12,073
(12,073)
-
-
-
Family Takaful
Market price
Market price
+15%
-15%
-
-
-
-
8,136 (8,136)
77,429
(77,429)
General Takaful
Market price
Market price
+15%
-15%
-
-
-
-
-
-
11,318
(11,318)
Group
Market price
Market price
+15%
-15%
8
(8)
7,820 (7,820)
8,136 (8,136)
88,747
(88,747)
262
(131646-K)
39.
39.9 Other price risk (continued)
Equity price risk sensitivity analysis (continued)
Change in
variables
2013
<------------------------------- Group ----------------------------->
profit Impact on
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
Takaful Operator
Market price
Market price
+15%
-15%
(39)
39
17,331
(17,331)
-
-
-
Family Takaful
Market price
Market price
+15%
-15%
-
-
-
-
5,736
(5,736)
124,525
(124,525)
General Takaful
Market price
Market price
+15%
-15%
-
-
-
-
-
-
23,085
(23,085)
Group
Market price
Market price
+15%
-15%
(39)
39
13,045
(13,045)
5,736
(5,736)
147,610
(147,610)
Change in
variables
2014
<----------------------------- Company -------------------------->
profit Impact on
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
Takaful Operator
Market price
Market price
+15%
-15%
-
-
12,067
(12,067)
-
-
-
Family Takaful
Market price
Market price
+15%
-15%
-
-
-
-
7,384 (7,384)
77,910
(77,910)
General Takaful
Market price
Market price
+15%
-15%
-
-
-
-
-
-
11,274
(11,274)
Company
Market price
Market price
+15%
-15%
-
-
7,814 (7,814)
7,384 (7,384)
89,184
(89,184)
263
(131646-K)
39.
39.9 Other price risk (continued)
Equity price risk sensitivity analysis (continued)
Change in
variables
2013
<----------------------------- Company -------------------------->
profit Impact on
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
Takaful Operator
Market price
Market price
+15%
-15%
-
-
17,389
(17,389)
-
-
-
Family Takaful
Market price
Market price
+15%
-15%
-
-
-
-
7,686
(7,686)
125,829
(125,829)
General Takaful
Market price
Market price
+15%
-15%
-
-
-
-
-
-
23,116
(23,116)
Company
Market price
Market price
+15%
-15%
-
-
13,103
(13,103)
7,686
(7,686)
148,945
(148,945)
39.10 Fair value information
The carrying amounts of cash and cash equivalents, and short-term receivables and payables reasonably approximate their fair
values due to the relatively short-term nature of these financial instruments.
It was not practicable to estimate the fair value of the Group’s investment in unquoted shares due to the lack of comparable quoted
market prices in an active market and the fair value cannot be reliably measured. Please refer to the respective note for the fair
values of other financial assets and liabilities, together with the carrying amounts shown in the statements of financial position.
39.10 Fair value information (continued)
693,284 2,168,886 236,397 84,900 - 2,947,070 236,397 15,441 - - - - 15,441 2,093 429,233 112,582 - - - 316,651 - - - -
- -
431,379 51,015 40,529 38,259 263,776 37,800 444,674 112,582 3,391,744 348,979 - 431,351 - 227,631 - 84,900 332,092 2,298,883 2,093 - - - 2,093 - 3,390,049
349,047
431,351
227,631
84,900
2,297,120
431,534
51,015
40,529
38,259
263,931
37,800
LAPORAN TAHUNAN 2014 ANNUAL REPORT - - 431,351 - 227,631 84,900 84,900 - 1,966,791 429,286 431,351 - 161,544 66,087 - - 100,389 1,866,402 38,259 -
Family Takaful
Financial assets
Equity securities
Unit trusts
Islamic papers
272,153 - - - 2,093 - 118,874 51,015 40,529 38,259 261,683 37,800 - - 38,259 - - 51,015 26,237 - 3,822 37,800 Takaful Operator
Financial assets
Equity securities
Unit trusts
- 14,292 - 257,861 - <-------------------------------------------------------------------------------------- Group -------------------------------------------------------------------------------------->
Fair value of financial instruments
Total
Carrying
carried at fair value
not carried at fair value
fair value
amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
2014
The table below analyses financial instruments carried at fair value and those not carried at fair value for which fair value is disclosed, together with their fair values and
carrying amounts shown in the statements of financial position.
39.
264
(131646-K)
849,517 2,792,975 241,466 453,249 5,069 53,624 24,058 26,154 344,344 149,313 - 3,791,805 241,466 - 535,990 - 292,218 149,313 149,313 - 2,572,818 26,154 - - - 26,154 - 21,089 - - - - 21,089 3,555 - - - - 3,555 466,896 145,245 - - - 321,651 37,663 32,663 - - - 5,000 - - -
- - -
494,467 37,732 53,624 24,058 26,154 352,899 487,985 145,245 4,279,790 386,711 - 535,990 - 292,218 - 149,313 342,740 2,915,558 41,218 32,663 - - - 8,555 4,278,311
386,742
535,990
292,218
149,313
2,914,048
494,528
37,695
53,624
24,058
26,154
352,997
- 535,990 - 209,316 82,902 - - 104,211 2,468,607 Group
Financial assets
Equity securities
Unit trusts
Islamic papers
351,936 5,069 - 75,159 - 2,523 - 344,344 53,624 21,535 - - <-------------------------------------------------------------------------------------- Group -------------------------------------------------------------------------------------->
Total
Carrying
fair value
amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
General Takaful
Financial assets
Equity securities
Unit trusts
Islamic papers
2014
39.
265
(131646-K)
519,399 - 380,798 - 138,601 - - - - 1,866,402 Family Takaful
Financial assets
Equity securities
Unit trusts
Islamic papers
2,102,799 236,397 257,861 107,264 - - - 257,861 - 43,227 26,237 - - 37,800 403,384 43,227 26,237 38,259 257,861 37,800 84,900 - 2,707,098 236,397 - 380,798 - 138,601 84,900 84,900 - 1,866,402 38,259 - - 38,259 - - - - -
- -
429,233 112,582 - - - 316,651 - -
- - -
- -
403,384 43,227 26,237 38,259 257,861 37,800 429,233 112,582 3,136,331 348,979 - 380,798 - 138,601 - 84,900 316,651 2,183,053 - -
3,134,283
349,047
380,798
138,601
84,900
2,180,937
403,384
43,227
26,237
38,259
257,861
37,800
<------------------------------------------------------------------------------------- Company ------------------------------------------------------------------------------------->
Total
Carrying
fair value
amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Takaful Operator
Financial ssets
Equity securities
Unit trusts
2014
39.
266
664,022 2,710,073 241,466 450,726 5,069 53,624 21,535 26,154 344,344 149,313 - 3,523,408 241,466 - 477,649 - 186,373 149,313 149,313 - 2,468,607 26,154 - - - 26,154 - - - -
- - -
466,896 145,245 - - - 321,651 37,663 32,663 - - - 5,000 - - -
- - -
488,389 37,732 53,624 21,535 26,154 349,344 466,896 145,245 3,990,304 386,711 - 477,649 - 186,373 - 149,313 321,651 2,790,258 37,663 32,663 - - - 5,000 3,988,219
386,742
477,649
186,373
149,313
2,788,142
488,352
37,695
53,624
21,535
26,154
349,344
- 477,649 - 186,373 - - - - 2,468,607 Company
Financial assets
Equity securities
Unit trusts
Islamic papers
349,413 5,069 - 75,159 - - - 344,344 53,624 21,535 - - <------------------------------------------------------------------------------------ Company ------------------------------------------------------------------------------------>
Total
Carrying
fair value
amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
General Takaful
Financial assets
Equity securities
Unit trusts
Islamic papers
2014
39.
267
(131646-K)
-
-
96,254
29,015
-
-
-
-
-
-
-
-
96,254
29,015
96,254
29,015
-
66,435
-
-
782,773
168,019
-
-
-
-
-
-
-
-
-
782,773
168,019
782,773
168,019
- 1,944483,732483,753
-383,832
957,3462,122,246 196,4823,276,074
-383,832
5,338 359,692
-112,851
- 365,0303,641,1043,642,815
-112,851496,683496,549
--
196,482
196,482----
196,482
196,482
72,989
1,671,979
-
1,744,968
5,338
246,841
-
252,179
1,997,147
1,998,992
782,773
101,584
162,560254,960 64,268481,788 1,944
-
10,013-
10,013----
10,013
10,013
38,095--
38,095----
38,095
38,095
Financial assets
Equity securities
Unit trusts
Institutional Trust
Account
Islamic papers
-
5,712
--
64,268
64,268----
64,268
64,268
4,908
239,235
-
244,143
1,944
-
-
1,944
246,087
246,108
96,254
23,303
<-------------------------------------------------------------------------------------- Group -------------------------------------------------------------------------------------->
Total
Carrying
fair value
amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Takaful Operator
Financial assets
Equity securities
Unit trusts
Institutional Trust
Account
Investment in
linked funds
Islamic papers
2013
39.
268
(131646-K)
-
-
-
-
133,234
22,554
-
-
-
-
-
-
-
-
133,234
22,554
133,234
22,554
-61,886
-32,778
-
72,147
-
-
1,012,261
219,588
-
-
-
-
-
-
-
-
1,012,261
219,588
1,012,261
219,588
- 35,947605,296605,251
-32,77894,66494,560
-455,731
1,237,5992,752,620 298,8974,289,116
-455,731
10,451 392,470
-145,629
- 402,9214,692,0374,693,724
-145,629601,360601,122
--
298,897
298,897----
298,897
298,897
77,897
2,224,742
-
2,302,639
10,451
246,841
-
257,292
2,559,931
2,561,856
1,012,261
147,441
155,788375,414 38,147569,349 3,169 32,778
-61,886
--
38,147
38,147----
38,147
38,147
-
313,528
-
313,528
3,169
-
-
3,169
316,697
316,756
133,234
22,554
<-------------------------------------------------------------------------------------- Group -------------------------------------------------------------------------------------->
Total
Carrying
fair value
amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Group
Financial assets
Equity securities
Unit trusts
Institutional Trust
Account
Islamic papers
General Takaful
Financial assets
Equity securities
Unit trusts
Institutional Trust
Account
Islamic papers
2013
39.
269
(131646-K)
<------------------------------------------------------------------------------------ Company ------------------------------------------------------------------------------------>
Total
Carrying
fair value
amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
-
-
-
-
755,729
83,133
-
-
-
-
-
-
-
-
-
-
-
755,729
83,133
755,729
83,133
-468,087468,087
-383,832
838,8622,054,466 196,4823,089,810
-383,832
- 359,692
-112,851
- 359,6923,449,5023,451,164
-112,851496,683496,549
--
196,482
196,482----
196,482
196,482
-
1,670,634
-
1,670,634
-
246,841
-
246,841
1,917,475
1,919,271
755,729
83,133
154,571249,248 64,268468,087
Financial assets
Equity securities
Unit trusts
Institutional Trust
Account
Islamic papers
Takaful Operator
Financial assets
Equity securities
93,173
-
-
93,173
-
-
-
-
93,173
93,173
Unit trusts
23,303
-
-
23,303
-
-
-
-
23,303
23,303
Institutional Trust
Account
--
64,268
64,268----
64,268
64,268
-
239,235
-
239,235
-
-
-
-
239,235
239,235
Investment in
linked funds 38,095--
38,095----
38,095
38,095
Islamic papers
-
10,013-
10,013----
10,013
10,013
2013
39.
270
(131646-K)
-
-
-
-
133,234
20,874
-
-
-
-
-
-
-
-
133,234
20,874
133,234
20,874
-61,886
-
-
-
-
982,136
127,310
-
-
-
-
- 32,778
-32,778
-
-
-
-
982,136
127,310
982,136
127,310
- 32,778600,447600,343
-32,77894,66494,560
-455,731
1,109,4462,679,128 298,8974,087,471
-455,731
- 392,470
-145,629
- 392,4704,479,9414,481,499
-145,629601,360601,122
--
298,897
298,897----
298,897
298,897
-
2,223,397
-
2,223,397
-
246,841
-
246,841
2,470,238
2,472,034
982,136
127,310
154,108375,414 38,147567,669
-61,886
--
38,147
38,147----
38,147
38,147
-
313,528
-
313,528
-
-
-
-
313,528
313,528
133,234
20,874
<------------------------------------------------------------------------------------ Company ------------------------------------------------------------------------------------>
Total
Carrying
fair value
amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Company
Financial assets
Equity securities
Unit trusts
Institutional Trust
Account
Islamic papers
General Takaful
Financial assets
Equity securities
Unit trusts
Institutional Trust
Account
Islamic papers
2013
39.
271
(131646-K)
272
(131646-K)
39.
Policy on transfer between levels
The fair value of an asset to be transferred between levels is determined as of the date of the event or change in circumstances that
caused the transfer.
Level 1 fair value
Level 1 fair value is derived from quoted price (unadjusted) in active markets for identical financial assets or liabilities that the entity
can access at the measurement date.
Level 2 fair value
Level 2 fair value is estimated using inputs other than quoted prices included within Level 1 that are observable for the identical
financial assets or liabilities, either directly or indirectly.
Non-derivative financial liabilities
Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash
flows, discounted at the market rate of interest at the end of the reporting period.
Transfer between Level 1 and 2 fair values
There has been no transfer between Level 1 and 2 fair values during the financial year (2013: no transfer in either direction).
Level 3 fair value
Level 3 fair value is estimated using unobservable inputs for the financial assets and liabilities.
The following table shows a reconciliation of Level 3 fair values:
Group and Company
2014
2013
RM’000RM’000
Takaful Operator
Balance at 1 January
Maturities
Investment income - realised
Balance at 31 December
64,268
(28,236)
61,270
-
2,227
2,998
38,259 64,268
273
(131646-K)
39.
Group and Company
2014
2013
RM’000RM’000
Family Takaful
Maturities
General Takaful
Maturities
Group / Company
Maturities
196,482
(117,624)
187,332
-
6,042
9,150
84,900 196,482
38,147
(13,614)
36,379
-
1,621
1,768
26,154 38,147
298,897
(159,474)
284,981
-
9,890
13,916
149,313 298,897
The following table shows the valuation techniques used in the determination of fair values within Level 3, as well as the key
unobservable inputs used in the valuation models.
(a)
Financial instruments carried at fair value
Significant
unobservable
Type
Valuation technique
inputs
Discounted cash flows
Discount rate of 4.58%
using market interest
rates for a similar
instrument at the
measurement date.
Inter-relationship
between significant
unobservable inputs and
fair value measurement
The estimated fair value
would increase (decrease)
if the discount rate were
(lower) higher.
274
(131646-K)
39.
(a)
Financial instruments carried at fair value (continued)
Sensitivity analysis for Level 3
Change in
variables
2014
<------------------- Group and Company---------------------->
profit Impact on
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
Takaful Operator
Discount rate
Discount rate
+1%
-1%
-
-
(611)
633 -
-
-
Family Takaful
Discount rate
Discount rate
+1%
-1%
-
-
-
-
-
-
(936)
965
General Takaful
Discount rate
Discount rate
+1%
-1%
-
-
-
-
-
-
(206)
210
Group / Company
Discount rate
Discount rate
+1%
-1%
-
-
(611)
633 - -
2013
Takaful Operator
Discount rate
Discount rate
+1%
-1%
-
-
(707)
733
-
-
-
Family Takaful
Discount rate
Discount rate
+1%
-1%
-
-
-
-
-
-
(1,950)
2,003
General Takaful
Discount rate
Discount rate
+1%
-1%
-
-
-
-
-
-
(546)
562
Group / Company
Discount rate
Discount rate
+1%
-1%
-
-
(707)
733
-
-
(2,496)
2,565
(1,142)
1,175
Valuation processes applied by the Group for Level 3 fair value
The Group has an established control framework in respect to the measurement of fair values of financial instruments. This
includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level
3 fair values, which reports directly to the Chief Investment Officer and Chief Financial Officer. The valuation team regularly
review significant unobservable inputs and valuation adjustments.
275
(131646-K)
40.
Operating leases
Leases as lessee
Non-cancellable operating lease rentals are payable as follows:
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Takaful Operator
Non-related parties:
Less than one year
Between one and five years
651 6,366 1,465 4,465 651 6,366 1,465
4,465
7,017 5,930 7,017 5,930
Related party:
Less than one year
92
177
-
-
92 177
-
-
7,109 6,107 7,017 5,930
Group / Company
Less than one year
651
6,366
1,465
4,465
651
6,366
1,465
4,465
7,017 5,930
7,017 5,930
Lease commitments are wholly payable from the Takaful Operator. The Group and the Company lease a number of computers and
equipment under operating leases. The leases typically run for a period of five years, with an option to renew the lease after that date.
Leases as lessor
The Group and the Company lease out their investment properties (see Note 4). The future minimum lease receivables under noncancellable leases are as follows:
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Takaful Operator
Less than one year
43
57
31
29
43
57
31
29
100 60
100 60
Related party:
Less than one year
763
693
432
568
763
693
432
568
1,456 1,000
1,456 1,000
1,556 1,060
1,556 1,060
276
(131646-K)
40.
Operating leases (continued)
Leases as lessor (continued)
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Family Takaful
Less than one year
6,425
7,806
4,169
3,091
6,425
7,806
4,169
3,091
14,231 7,260
14,231 7,260
Related party:
Less than one year
1,170
936
1,403
553
1,078
936
1,226
553
2,106 1,956 2,014 1,779
16,337 9,216 16,245 9,039
535
656
353
254
535
656
353
254
1,191 607
1,191 607
Related party:
Less than one year
184
244
309
323
184
244
309
323
428 632
428 632
1,619 1,239
1,619 1,239
Group / Company
Less than one year
7,003 8,519 4,553
3,374
7,003 8,519 4,553
3,374
15,522 7,927
15,522 7,927
Related party:
Less than one year
2,117 1,873 1,967
1,444
2,025 1,873 1,967
1,444
3,990 3,411 3,898 3,411
19,512 11,338
19,420 11,338
General Takaful
Less than one year
277
(131646-K)
41.
Capital commitments
Authorised by the Directors and contracted for
Group and Company
2014
2013
RM’000RM’000
15,183
1,357
42.
Related parties
Identity of related parties
For the purposes of these financial statements, parties are considered to be related to the Group or the Company if the Group or the
Company has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial
and operating decisions, or vice-versa, or where the Group or the Company and the party are subject to common control or common
significant influence. Related parties may be individuals or other entities.
Related parties also include key management personnel defined as those persons having authority and responsibility for planning,
directing and controlling the activities of the Group either directly or indirectly. The key management personnel include all the Directors
of the Group, and certain members of senior management of the Group. Compensation paid to key management personnel have been
disclosed in Note 30.
The Group has related party relationships with its holding companies, significant investors, subsidiaries and associates, Directors and key
management personnel.
Significant related party transactions
Related party transactions have been entered into in the normal course of business under normal trade terms. The significant related party
transactions of the Company, other than key management personnel compensation as disclosed in Note 30, are as follows:
Group and Company
2014
2013
RM’000RM’000
Ultimate holding company
Contribution income for Family Takaful
Contribution income for General Takaful
Claims paid for Family Takaful
Claims paid for General Takaful
5,823
2,675
985
718
2,677
1,726
Holding company
Dividend paid
Contribution income for Family Takaful Contribution income for General Takaful
78,726 81
17 187
41,372
-
278
(131646-K)
42.
Related parties (continued)
Significant related party transactions (continued)
Related companies
Contribution income for Family Takaful Contribution income for General Takaful
Claims paid for General Takaful
Investment income
Rental income
Commision paid
Bank charges
Group and Company
2014
2013
RM’000RM’000
11,692 3,590 7,369 64
7,325
2,632
3,241
1,158
626
9,685
1,911
2,567
232
708
The significant outstanding balances of the Group and of the Company with its related parties, are as follows:
Group and Company
2014
2013
RM’000RM’000
Takaful Operator
Bank balances
Fixed and call deposits
231
48,391
770
-
48,622 770
Family Takaful
Bank balances
12,256
60,209
22,941
11,055
72,465 33,996
General Takaful
Bank balances
1,776
24,099
36,824
2,120
25,875 38,944
Group / Company
Bank balances
14,263
132,699
60,535
13,175
146,962 73,710
279
(131646-K)
43.
Regulatory capital requirements
The Company’s capital management policy is to optimise the efficient and effective use of resources to maximise the return on equity and
provide an appropriate level of capital to protect participants and meet regulatory requirements.
The Company is required to comply with the regulatory capital requirement prescribed in the Risk Based Capital for Takaful (RBCT)
Framework issued by Bank Negara Malaysia where Takaful operators are required to satisfy a minimum capital adequacy ratio of 130%. As
at period end, the Company has a capital adequacy ratio in excess of the minimum requirement.
The capital structure of the Company as at 31 December 2014, as prescribed under the RBCT Framework is provided below:
Company
2014
RM’000
Tier 1 capital
Tier 2 capital
Amount deducted from capital
1,035,554
3,294
(93,704)
Total capital available
945,144
44.
Supplementary financial information on the breakdown of realised and unrealised profits or losses
The breakdown of the retained profits of the Group and of the Company as at 31 December, into realised and unrealised profits, pursuant
to Paragraphs 2.06 and 2.23 of the Bursa Malaysia Main Market Listing Requirements, are as follows:
Group
Company
2014
2013
2014
2013
RM’000RM’000RM’000RM’000
Total retained profits of the Company and its subsidiaries:
- Realised
- Unrealised
336,892 41,231 319,388 47,869 396,988 16,373 370,775
28,398
Total share of retained profits of associates:
- Realised
- Unrealised
378,123 367,257 413,361 399,173
Add: Consolidation adjustments
378,123 31,655
367,257 32,234
413,361 -
399,173
-
Total retained profits
409,778 399,491 413,361 399,173
----
-
-
-
The determination of realised and unrealised profits is based on the Guidance of Special Matter No.1, Determination of Realised and
Unrealised Profits or Losses in the Context of Disclosure Pursuant to Bursa Malaysia Securities Berhad Listing Requirements, issued by the
Malaysian Institute of Accountants on 20 December 2010.
280
(131646-K)
Maklumat Hartanah
A. PELABURAN HARTANAH / INVESTMENT PROPERTIES
No
Lokasi / Location
Penerangan Kegunaan / Hakmilik / Tenure
Description of Existing
Use
1
No. 325A & 325B
Blok 41, Kompleks
Perniagaan Fajar
91000 Tawau
Sabah
Tiga unit Kompleks
Perniagaan/ Pejabat 4
tingkat
Three units of 4 storey
Commercial Complex/
Office
2
No. 64 & 65
Kompleks Jitra
Jalan Sungai Korok
06000 Jitra
Kedah Darul Aman
3
Usia
Bangunan /
Age of
Building
(tahun /
years)
Keluasan Tanah,
Kawasan Bina /
Land, Builtup Area (kaki
persegi / square
feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2014
(RM)
Tarikh
Penilaian
Semula /
Date of
Revaluation
Pajakan bandar
23
999 tahun berakhir
pada 31.12.2895 /
999 years town
lease expiring on
31.12.2895
4,025/
6,037
3,000,000
31.12.2014
Dua unit Rumah kedai/
Pejabat 2 tingkat
Two units of 2 storey
Shophouse/Office
Pegangan bebas /
Freehold
28
3,095/
6,935
1,130,000
31.12.2014
No. 23
Medan Istana 3
Bandar Ipoh Raya
30450 Ipoh
Perak Darul Ridzuan
Satu unit Rumah kedai/
Pejabat 3 tingkat
One unit of 3 storey
Shophouse/Office
Pajakan 99 tahun
berakhir pada
30.03.2081 /
99 years lease
expiring on
30.03.2081
19
1,539/
4,255
570,000
31.12.2014
4
No. 84
Batu 3 1/4
Jalan Gombak
53000 Kuala Lumpur
Pejabat 5 tingkat
Shophouse/Office
Pegangan bebas /
Freehold
28
1,883/
8,700
1,800,000
31.12.2014
5
Lot 54 & 55
Bandar Wilayah Jasa
Jalan Bunga Raya
91100 Lahad Datu
Sabah
Pejabat 3 tingkat
Shophouse/Office
Pajakan bandar
99 tahun berakhir
pada 31.12.2090 /
99 years town
lease expiring on
31.12.2090
19
2,400/
7,200
1,680,000
31.12.2014
6
No. 15 & 17
Jalan Kelibang
Langkawi Mall
07000 Kuah
Langkawi
Kedah Darul Aman
Pejabat 2 tingkat
Shophouse/Office
Pegangan bebas /
Freehold
21
1,440/
7,720
660,000
31.12.2014
7
No. 26 & 28
Jalan Perda Barat
Bukit Mertajam
Seberang Prai
14000 Penang
Pejabat 3 tingkat
Shophouse/Office
Pegangan bebas /
Freehold
16
3,293/
8,840
1,240,000
31.12.2014
281
(131646-K)
Maklumat Hartanah
No
Lokasi / Location
Use
Usia
Bangunan /
Age of
Building
(tahun /
years)
Keluasan Tanah,
Kawasan Bina /
persegi / square
feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2014
(RM)
Tarikh
Penilaian
Semula /
Date of
Revaluation
8
No. 433 & 434
Jalan Kulas
93400 Kuching
Sarawak
Pejabat 4 tingkat
Shophouse/Office
Pegangan bebas /
Freehold
19
3,589/
12,855
3,880,000
31.12.2014
9
Lot 13 & 14
Lazenda Commercial
Centre
Jalan Okk Abdullah
87007 Wilayah
Persekutuan Labuan
Dua unit bangunan
Pejabat 3 tingkat
Office building
Pajakan 999 tahun
berakhir pada
30.06.2902 /
999 years lease
expiring on
30.06.2902
20
2,504/
7,200
2,200,000
31.12.2014
10
No. 1 & 2
Jalan Kelicap
Taman Pekan Baru
34200 Parit Buntar
Perak Darul Ridzuan
Pejabat 2 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
05.09.2078 /
99 years lease
expiring on
05.09.2078
27
3,956/
7,044
880,000
31.12.2014
11
No. 46 & 47
Jalan Rahmat
83000 Batu Pahat
Johor Darul Takzim
Pejabat 4 tingkat
Two units of 4 Storey
Shophouse/Office
Pegangan bebas /
Freehold
25
3,220/
12,092
1,745,000
31.12.2014
12
No. 180 & 181
Jalan Tuan Hitam
22000 Jerteh
Terengganu Darul
Iman
Pejabat 4 tingkat
Shophouse/Office
Pegangan bebas /
Freehold
24
3,200/
12,250
1,740,000
31.12.2014
13
Lot 82, 84 & 86
Jalan Rugbi 13/30
Seksyen 13
40100 Shah Alam
Selangor Darul
Ehsan
Tiga unit Rumah kedai/
Pejabat 2 tingkat
Three units of 2 storey
Shophouse/Office
Pajakan 99 tahun
berakhir pada
22.01.2102 /
99 years lease
expiring on
22.01.2102
15
6,339/
11,309
3,120,000
31.12.2014
14
No. 229
Jalan Shahab 2
Shahab Perdana
Jalan Sultanah
Sambungan
05350 Alor Star
Kedah Darul Aman
Pejabat 2 1/2 tingkat
One unit of 2 1/2 storey
Shophouse/Office
Pegangan bebas /
Freehold
18
1,400/
3,570
530,000
31.12.2014
282
(131646-K)
Maklumat Hartanah
No
Lokasi / Location
Use
Usia
Bangunan /
Age of
Building
(tahun /
years)
Keluasan Tanah,
Kawasan Bina /
persegi / square
feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2014
(RM)
Tarikh
Penilaian
Semula /
Date of
Revaluation
15
Lot No. 3803
Jalan Dato’ Ulu Muar
72000 Kuala Pilah
Negeri Sembilan
Darul Khusus
Pejabat 3 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
06.10.2079 /
99 years lease
expiring on
06.10.2079
15
2,001/
3,120
550,000
31.12.2014
16
No. 45
Jalan Teluk Sisek
25000 Kuantan
Pahang Darul
Makmur
Pejabat 4 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
18.09.2068 /
99 years lease
expiring on
18.09.2068
14
3,200/
8,019
2,500,000
31.12.2014
17
No. 27
Pusat Komersil
Temerloh
28000 Temerloh
Pahang Darul
Makmur
Shophouse/Office
Pajakan 99 tahun
berakhir pada
01.04.2095 /
99 years lease
expiring on
01.04.2095
14
1,398/
5,017
720,000
31.12.2014
18
No. 2 & 4
Jalan 6C/7
43650 Bandar Baru
Bangi
Selangor Darul
Ehsan
Pejabat 2 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
08.07.2086 /
99 years lease
expiring on
08.07.2086
27
6,383/
8,032
1,965,000
31.12.2014
19
Lot 14
Seremban City
Centre
Jalan Tuanku
Munawir
70000 Seremban
Negeri Sembilan
Darul Khusus
Pejabat 6 tingkat
Shophouse/Office
Pegangan bebas /
Freehold
18
1,500/
14,589
3,680,000
31.12.2014
20
No. 29, Jalan Delima
Pusat Perdagangan
Pontian
82000 Pontian
Johor Darul Takzim
Pejabat 3 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
25.09.2097 /
99 years lease
expiring on
25.09.2097
13
3,899/
10,248
1,660,000
31.12.2014
283
(131646-K)
Maklumat Hartanah
No
Lokasi / Location
Use
Usia
Bangunan /
Age of
Building
(tahun /
years)
Keluasan Tanah,
Kawasan Bina /
persegi / square
feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2014
(RM)
Tarikh
Penilaian
Semula /
Date of
Revaluation
21
Lot 1129 & 1130
Bangunan Darul
Takaful
Jalan Sultan Ismail
20100 Kuala
Terengganu
Terengganu Darul
Iman
Satu unit bangunan
Pejabat 12 tingkat
Office building
Pajakan kecil 35
tahun berakhir
pada 27.02.2037 /
35 years sub
lease expiring on
27.02.2037
12
3,600/
23,637
6,400,000
31.12.2014
22
No. 616 & 617
Jalan Besar
73000 Tampin
Negeri Sembilan
Darul Khusus
Dua unit bangunan
Pejabat 2 tingkat
Office building
Pajakan 99 tahun
berakhir pada
05.10.2088 /
99 years lease
expiring on
05.10.2088
22
4,498/
8,685
1,700,000
31.12.2014
23
No. 6
Jalan 6C/7
43650 Bandar Baru
Bangi
Selangor Darul
Ehsan
Pejabat 2 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
08.07.2086 /
99 years lease
expiring on
08.07.2086
27
1,905/
3,508
770,000
31.12.2014
24
Suite 3B/G
Blok 3B, Plaza
Sentral
Jalan Stesen
Sentral 5
50470 Kuala Lumpur
Satu tingkat bangunan
Pejabat 22 tingkat
One floor of 22 storey
Office building
Pegangan bebas /
Freehold
13
6,409*
8,500,000
31.12.2014
25
No. 26 & 27
Jalan Tanjung
Pasar Baru
18500 Machang
Kelantan Darul Naim
Dua unit bangunan
Pejabat 2 tingkat
Office building
Pajakan 66 tahun
berakhir pada
18.02.2069 /
66 years lease
expiring on
18.02.2069
33
1,600/
4,000
700,000
31.12.2014
26
No. 330 & 331
Jalan Sultan Yahya
Petra
15720 Kota Bharu
Kelantan Darul Naim
Dua unit bangunan
Two units of 4 1/2
storey Office building
Pajakan 99 tahun
berakhir pada
09.12.2069 /
99 years lease
expiring on
09.12.2069
32
3,200/
15,200
2,180,000
31.12.2014
284
(131646-K)
Maklumat Hartanah
No
Lokasi / Location
Use
Usia
Bangunan /
Age of
Building
(tahun /
years)
Keluasan Tanah,
Kawasan Bina /
persegi / square
feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2014
(RM)
Tarikh
Penilaian
Semula /
Date of
Revaluation
27
Menara Takaful
Malaysia
No.4, Jalan Sultan
Sulaiman
50000 Kuala Lumpur
Dua unit bangunan
Pejabat
Blok Utama - 26 tingkat
Blok Annex - 29 tingkat
Two units of
Office building
Main Block - 26 storey
Annexe Block – 29
storey
Pegangan bebas /
Freehold
Blok
Utama/
Main Block
- 41
Blok
Annex/
Annexe
Block
- 34
90,427/
393,508
170,000,000
31.12.2014
28
No. 2408
Taman Samudera
32040 Sri Manjung
Perak Darul Ridzuan
Pejabat 2 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
19.05.2091 /
99 years lease
expiring on
19.05.2091
18
2,800/
5,300
800,000
31.12.2014
29
No. 76A & 76
Pusat Perniagaan
Jalan Tupai
34000 Taiping
Perak Darul Ridzuan
Dua unit bangunan
Pejabat 3 tingkat
Office building
Pegangan bebas /
Freehold
11
3,134/
18,304
1,530,000
31.12.2014
30
No. 10 & 11
Jalan Sultan Yahya
Petra
15200 Kota Bharu
Kelantan Darul Naim
Dua unit bangunan
Pejabat 3 tingkat
Office building
Pajakan 33 tahun
berakhir pada
08.09.2037 /
33 years lease
expiring on
08.09.2037
12
3,852/
9,120
2,360,000
31.12.2014
31
No. 4197
Jalan Teluk Wanjah
05200 Alor Star
Kedah Darul Aman
Satu unit bangunan
Pejabat 4 tingkat
Office building
Pegangan bebas /
Freehold
12
8,716/
18,440
1,800,000
31.12.2014
32
No. 10 & 8
Jalan Padi Emas 5/2
Bandar Baru UDA
81200 Johor Bharu
Johor Darul Takzim
Dua unit bangunan
Pejabat 3 tingkat
Office building
Pajakan 99 tahun
berakhir pada
16.02.2099 /
99 years lease
expiring on
16.02.2099
9
3,080/
8,024
2,140,000
31.12.2014
33
No. 4
Kompleks Seri Temin
Jalan Ibrahim
08000 Sungai Petani
Kedah Darul Aman
Satu unit bangunan
Pejabat 4 tingkat
Office building
Pajakan 99 tahun
berakhir pada
03.10.2080 /
99 years lease
expiring on
03.10.2080
29
1,400/
5,510
670,000
31.12.2014
285
(131646-K)
Maklumat Hartanah
No
Lokasi / Location
Use
Usia
Bangunan /
Age of
Building
(tahun /
years)
Keluasan Tanah,
Kawasan Bina /
persegi / square
feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2014
(RM)
Tarikh
Penilaian
Semula /
Date of
Revaluation
34
Lot 1340
Miri Waterfront
Commercial Centre
98000 Miri
Sarawak
Satu unit bangunan
Pejabat 4 tingkat
Office building
Pajakan 60 tahun
berakhir
30.09.2066 /
60 years expiring
on 30.09.2066
10
1,400/
5,500
1,400,000
31.12.2014
35
No. 6, Jalan Padi
Emas 5/2
Bandar Baru UDA
81200 Johor Bharu
Johor Darul Takzim
Satu unit bangunan
Pejabat 3 tingkat
Office building
Pajakan 99 tahun
berakhir pada
16.02.2099 /
99 years lease
expiring
on 16.02.2099
9
1,540/
4,012
1,070,000
31.12.2014
36
No. 148, Kompleks
Munshi Abdullah
75200 Melaka
Satu unit bangunan
Office building
Pajakan 99 tahun
berakhir pada
23.04.2102 /
99 years lease
expiring
on 23.04.2102
21
1,470/
6,117
1,050,000
31.12.2014
37
No. 16474 & 16475
Pusat Perniagaan
Inderapura
Jalan Tras Raub
Pahang Darul
Makmur
Dua unit bangunan
Pejabat 3 tingkat
Office building
Pajakan 99 tahun
berakhir pada
29.06.2092 /
99 years lease
expiring on
29.06.2092
15
3,218/
9,280
1,610,000
31.12.2014
Jumlah / Total
* Kawasan Bina/Built-up Area
239,930,000
286
(131646-K)
Maklumat Hartanah
B. HARTANAH YANG DIHUNI-SENDIRI / SELF-OCCUPIED PROPERTY
No
Lokasi / Location
Use
Usia
Bangunan /
Age of
Building
(tahun /
years)
Keluasan Tanah,
Kawasan Bina /
persegi / square
feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2014
(RM)
Tarikh
Penilaian
Semula /
Date of
Revaluation
1
No. 435
Jalan Kulas
93400 Kuching
Sarawak
Pejabat 4 tingkat
Shophouse/Office
19
1,214/
4,262
1,480,000
31.12.2014
Pegangan bebas /
Freehold
C. ASET PEGANGAN UNTUK DIJUAL / ASSET HELD FOR SALE
No
Lokasi / Location
Use
Usia
Bangunan /
Age of
Building
(tahun /
years)
Keluasan Tanah,
Kawasan Bina /
persegi / square
feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2014
(RM)
Tarikh
Penilaian
Semula /
Date of
Revaluation
1
No. 20, Fasa 1A
Jalan Haji Manan
86000 Kluang
Johor Darul Takzim
Pejabat 4 tingkat
Shophouse/Office
18
2,658/
9,930
2,000,000
31.12.2013
Pajakan 99 tahun
berakhir pada
10.12.2108 /
99 years lease
expiring on
10.12.2108
287
(131646-K)
Statistik Pegangan Saham
MODAL SAHAM / SHARE CAPITAL
Modal Dibenarkan : 500,000,000 saham biasa bernilai RM1.00 sesaham
Authorised Capital 500,000,000 ordinary shares of RM1.00 each
Modal yang diterbitkan dan dibayar sepenuhnya pada 20 Mac 2015 : 163,006,500 saham biasa bernilai RM1.00 sesaham
Issued and fully paid-up capital as at 20 March 2015 163,006,500 ordinary shares of RM1.00 each
Jumlah pemegang saham pada 20 Mac 2015 No. of shareholders as at 20 March 2015
: 2,683
Kelas saham
: Saham biasa bernilai RM1.00 sesaham
Class of shares Ordinary shares of RM1.00 each
Hak mengundi : 1 undi bagi setiap saham biasa
Voting right 1 vote per ordinary share
PEMEGANG-PEMEGANG SAHAM UTAMA (5% DAN LEBIH) PADA 20 MAC 2015
SUBSTANTIAL SHAREHOLDERS’ SHAREHOLDINGS (5% AND ABOVE) AS AT 20 MARCH 2015
Nama Pemegang Saham Name of Shareholders
BIMB Holdings Berhad
Employees Provident Fund Board
Jumlah / Total
Jumlah Saham Number of Shares
Peratus (%)
Percentage (%)
98,310,185
14,220,320
60.31
8.72
112,530,50569.03
PEGANGAN SAHAM PARA PENGARAH PADA 20 MAC 2015
DIRECTORS’ SHAREHOLDINGS AS AT 20 MARCH 2015
Nama Pengarah Name of Directors
Dato’ Sri Mohamed Hassan Kamil Datuk Rozaida Omar Mahadzir Azizan Dato’ Sulaiman Mohd Yusof Dato’ Johan Abdullah Zakaria Ismail
Jumlah Saham Number of Shares
Peratus (%)
Percentage (%)
-
69,500
-
-
-
-
-
-
0.04
-
288
(131646-K)
ANALISA PEGANGAN SAHAM MENGIKUT SAIZ PADA 20 MAC 2015
ANALYSIS BY SIZE OF SHAREHOLDINGS AS AT 20 MARCH 2015
Saiz Pegangan Saham Size of Shareholdings Bilangan Jumlah Pemegang Saham Pegangan Saham Number of
Peratus (%) Total
Peratus (%)
Shareholders
Percentage (%)
Shareholdings
Percentage (%)
Kurang dari 100 Less than 100
608
22.66
6,222
0.00
100 - 1,000
855
31.87
504,859
0.31
1,001 - 10,000
990
36.90
3,091,314
1.90
10,001 - 100,000
174
6.49
5,744,000
3.53
100,001 sehingga kurang daripada 5% saham diterbitkan
100,001 to less than 5% of issued shares
54
2.01
41,129,600
25.23
5% dan lebih saham diterbitkan 5% and above of issued shares
2
0.07
112,530,505
69.03
Jumlah / Total
2,683
100.00 163,006,500100.00
TIGA PULUH (30) PEMEGANG SAHAM TERBESAR PADA 20 MAC 2015
THIRTY (30) LARGEST SHAREHOLDERS AS AT 20 MARCH 2015
Nama Pemegang Saham Name of Shareholders Jumlah Saham
Number of Shares
Peratus (%)
Percentage (%)
BIMB Holdings Berhad 98,310,185
60.31
Citigroup Nominees (Tempatan) Sdn Bhd Employees Provident Fund Board 12,348,320
7.58
Bimsec Nominees (Asing) Sdn Bhd Islamic Development Bank
7,000,000
4.29
Amsec Nominees (Tempatan) Sdn Bhd Amtrustee Berhad for CIMB Islamic Dali Equity Growth Fund (UT-CIMB-DALI)
5,142,900
3.16
Amanahraya Trustees Berhad Public Islamic Select Treasures Fund
Cartaban Nominees (Tempatan) Sdn Bhd Exempt An for Eastspring Investments Berhad
3,929,900
2.41
2,405,200
1.48
289
(131646-K)
TIGA PULUH (30) PEMEGANG SAHAM TERBESAR PADA 20 MAC 2015 (sambungan)
THIRTY (30) LARGEST SHAREHOLDERS AS AT 20 MARCH 2015 (continued)
Nama Pemegang Saham Name of Shareholders Jumlah Saham Number of Shares
Peratus (%)
Percentage (%)
Citigroup Nominees (Tempatan) Sdn Bhd Exempt An for AIA Bhd
2,236,700
1.37
Amanahraya Trustees Berhad Public Islamic Opportunities Fund 1,824,800
1.12
Kumpulan Wang Persaraan (Diperbadankan)
1,677,000
1.03
CIMB Group Nominees (Tempatan) Sdn Bhd Amtrustee Berhad for CIMB Islamic Dali Equity Theme Fund 1,591,900
0.98
Employees Provident Fund Board 1,500,000
0.92
HSBC Nominees (Tempatan) Sdn Bhd HSBC (M) Trustee Bhd for Affin Hwang Ai Iman Growth Fund (4207) 1,375,100
0.84
Lembaga Kemajuan Tanah Persekutuan (FELDA) 1,000,000
0.61
Amanah Raya Berhad Kumpulan Wang Bersama Syariah 953,200
0.58
Citigroup Nominees (Tempatan) Sdn Bhd Kumpulan Wang Persaraan (Diperbadankan) (I-VCAP) 932,500
0.57
Maybank Nominees (Tempatan) Sdn Bhd Etiqa Takaful Berhad (Family PRF EQ) 880,500
0.54
Malacca Equity Nominees (Tempatan) Sdn Bhd
Exempt An for Phillip Capital Management Sdn Bhd 714,600
0.44
HSBC Nominees (Asing) Sdn Bhd BBH and Co Boston for Prusik Asian Smaller Companies Fund Public Limited Company 637,300
0.39
DB (Malaysia) Nominee (Tempatan) Sendirian Berhad Deutsche Trustees Malaysia Berhad for Eastspring Investments Dana Al-Ilham 619,500
0.38
T. O. Lim Holdings Sdn Bhd 582,000
0.36
Universiti Sains Malaysia 500,000
0.31
290
(131646-K)
TIGA PULUH (30) PEMEGANG SAHAM TERBESAR PADA 20 MAC 2015 (sambungan)
THIRTY (30) LARGEST SHAREHOLDERS AS AT 20 MARCH 2015 (continued)
Nama Pemegang Saham Name of Shareholders Jumlah Saham Number of Shares
Peratus (%)
Percentage (%)
Meng Hin Holdings Sdn Bhd 489,300
0.30
Citigroup Nominees (Asing) Sdn Bhd CBNY for DFA Emerging Markets Small Cap Series
463,100
0.28
Amin Baitulmal Johor 400,000
0.25
Majlis Agama Islam dan Adat Melayu Perak Darul Ridzuan 400,000
0.25
Citigroup Nominees (Tempatan) Sdn Bhd Employees Provident Fund Board (ARIM) 360,000
0.22
Citigroup Nominees (Asing) Sdn Bhd CBNY for Emerging Market Core Equity Portfolio DFA Investment Dimensions Group Inc
343,300
0.21
Amsec Nominees (Tempatan) Sdn Bhd Amtrustee Berhad for Apex Dana Al-Sofi-I (UT-APEX-SOFI) 333,700
0.20
CIMB Islamic Nominees (Tempatan) Sdn Bhd CIMB Islamic Trustee Bhd for BIMB I Dividend Fund 282,100
0.17
CIMB Islamic Nominees (Tempatan) Sdn Bhd CIMB Islamic Trustee Bhd - Kenanga Syariah Growth Fund 277,700
0.17
Jumlah / Total
149,510,80591.72
291
(131646-K)
Rangkaian Cawangan & Syarikat Subsidiari
Branch Network & Subsidiary Companies
IBU PEJABAT / HEAD OFFICE
SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
26th Floor, Annexe Block
1-300 88 252 385
603-2274 0237
50000 Kuala Lumpur
takaful-malaysia.com.my
P.O.Box 11483
[email protected]
50746 Kuala Lumpur
TAKAFUL myCARE CENTRES
KUALA LUMPUR
Tingkat Bawah, Blok Utama
50000 Kuala Lumpur
SELANGOR
Shah Alam
Tingkat Bawah
Lot. No 82, 84, 86
Jalan Rugbi 13/30, Seksyen 13
40100 Shah Alam
Selangor Darul Ehsan
PUTRAJAYA
Putrajaya
Lot 11F, Tingkat 1, Blok E 16
Anjung Parcel E, Presint 1
62000 Putrajaya
PERAK
Ipoh
No. 23, Medan Istana 3
Bandar Ipoh Raya
30000 Ipoh
Perak Darul Ridzuan
MELAKA
Melaka
148, Kompleks Munshi Abdullah
Jalan Munshi Abdullah
75100 Melaka
PULAU PINANG
Bandar Perda
No.28, Jalan Perda Barat 1
Bandar Baru Perda
14000 Bukit Mertajam
Pulau Pinang
Gelugor
No. 2480, Tingkat Bawah
Jalan Sultan Azlan Shah
11700 Gelugor
Pulau Pinang
KEDAH
Alor Setar
No. 229, Jalan Shahab 2
Shahab Perdana
Jalan Sultanah Sambungan
05150 Alor Setar
Kedah Darul Aman
Sungai Petani
No. 4, Kompleks Seri Temin
Jalan Ibrahim
08000 Sungai Petani
Kedah Darul Aman
JOHOR
Batu Pahat
Tingkat Bawah
No. 46, Jalan Rahmat
83000 Batu Pahat
Johor Darul Takzim
Johor Bahru
Tingkat Bawah
No 5, Jalan Setia Tropika 1/30
Taman Setia Tropika
81200 Johor Bahru
Johor Darul Takzim
NEGERI SEMBILAN
Seremban
Suite 14-2, Tingkat 2
Seremban City Centre
Jalan Tuanku Munawir
70000 Seremban
Negeri Sembilan Darul Khusus
TERENGGANU
Kuala Terengganu
Tingkat 2, Lot 1129 & 1130
Jalan Sultan Ismail
20200 Kuala Terengganu
Terengganu Darul Iman
PAHANG
Kuantan
No. 45, Tingkat Bawah
Jalan Teluk Sisek
25000 Kuantan
Pahang Darul Makmur
SARAWAK
Miri
Lot 1340, Tingkat Bawah
Miri Waterfront
Commercial Centre
Jalan Waterfront
98000 Miri, Sarawak
Tabung Haji Cawangan
Butterworth
Bangunan Tabung Haji
No. 2828-G-1
Jalan Bagan Luar
12000 Butterworth
Pulau Pinang
Kuching
Lot 435, Tingkat 1 & 2
Bangunan Tuanku Haji
Mohammad Al-Edrus
Jalan Kulas
93400 Kuching, Sarawak
Tanah Merah
Lot 211 & 212, Jalan Hospital
17500 Tanah Merah
Kelantan Darul Naim
SABAH
Kota Kinabalu
Lot A 202 & 203, Tingkat 2
Blok A, Wisma MUIS
Jalan Tengku Abdul Rahman
88850 Kota Kinabalu, Sabah
SYARIKAT SUBSIDIARI/
SUBSIDIARY COMPANIES
TAKAFUL RETAIL CENTRES
KL Sentral
Lot CS/3B/G, Tingkat Bawah
Plaza Sentral
Jalan Stesen Sentral 5
50470 Kuala Lumpur
IFiC Jalan Tun Razak
Aras 2, Menara Tabung Haji
201, Jalan Tun Razak
54000 Kuala Lumpur
IFiC Johor Bahru
Ground Floor
Menara TH Johor Bahru
PTB 20485, Jalan Ayer Molek
80000 Johor Bahru
Johor Darul Takzim
TAKAFUL myDESKS
Bentong
Jalan Ah Peng
28700 Bentong
Pahang Darul Makmur
Temerloh
No. 27, Jalan Dato’ Bahaman 3
Pusat Dagangan Temerloh
28000 Temerloh
Pahang Darul Makmur
Bagan Serai
No. 110, Jalan Besar
34300 Bagan Serai
Perak Darul Ridzuan
KELANTAN
Kota Bharu
Lot 331 & 332
Tingkat Bawah
Jalan Sultan Yahya Petra
Wakaf Siku, 15200 Kota Bharu
Kelantan Darul Naim
Kota Tinggi
No. 24, Jalan Niaga 1
81900 Kota Tinggi
Johor Darul Takzim
ASEAN RETAKAFUL
INTERNATIONAL (L) LTD.(LL01129)
(in members’ voluntary liquidation)
Level 14, Blok 4
Financial Park Complex
Jalan Merdeka
87000 Wilayah Persekutuan
Labuan
087-451 301
087-451 302
087-451 300
PT SYARIKAT TAKAFUL INDONESIA
Graha B, Graha Takaful Indonesia
Jalan Mampang Prapatan Raya
No. 100, Jakarta
12790 Indonesia
6221-799 1234
6221-790 1435
www.takaful.com
PT ASURANSI TAKAFUL KELUARGA
Graha B, Graha Takaful Indonesia
No. 100, Jakarta
12790 Indonesia
6221-799 1234
6221-790 1435
www.takaful.com
PT ASURANSI TAKAFUL UMUM
Graha A, Graha Takaful Indonesia
No. 100, Jakarta
12790 Indonesia
6221-799 2345
6221-790 1944
www.takaful.com
This page has been intentionally left blank.
BORANG PROKSI / PROXY FORM
FOR 30TH AGM
SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
(Diperbadankan di Malaysia di bawah Akta Syarikat, 1965/
Incorporated in Malaysia under the Companies Act, 1965)
Saya / Kami / I / We .................................................................................................................................................................................................................................
(Nama Penuh Pemegang Saham / Full Name of Shareholder)
NRIC No. / Passport No./ Company No....................................................................................................................................................................................................
dari / of ...................................................................................................................................................................................................................................................
(Alamat / Address)
No. Telefon / Telephone no. …………………….............………………. sebagai ahli / ahli - ahli Syarikat Takaful Malaysia Berhad (“Syarikat”) dengan ini melantik / being a
member / members of Syarikat Takaful Malaysia Berhad (“the Company”), hereby appoint;
................................................................................................................................................................................................................................................................
(Nama Penuh & NRIC No / Full Name & NRIC No)
dari / of ...................................................................................................................................................................................................................................................
(Alamat / Address)
dan/atau jika beliau tidak dapat hadir / and/or failing him/her:
.................................................................................................................................................................................................................................................................
(Nama Penuh & NRIC No / Full Name & NRIC No)
dari / of ...................................................................................................................................................................................................................................................
(Alamat / Address)
atau jika beliau tidak dapat hadir, Pengerusi Mesyuarat sebagai proksi saya / kami untuk mengundi bagi pihak saya / kami di MESYUARAT AGUNG TAHUNAN
SYARIKAT TAKAFUL MALAYSIA BERHAD yang KETIGA PULUH yang akan diadakan di Dewan Ahmad Mohamed Ibrahim, Tingkat 5, Blok Annex, Menara Takaful
Malaysia, No. 4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur pada hari Selasa, 12 Mei 2015 pada jam 10:00 pagi dan pada sebarang penangguhannya.
or failing him, the Chairman of the Meeting as my / our proxy to vote for me / us on my / our behalf at the THIRTIETH ANNUAL GENERAL MEETING of SYARIKAT
TAKAFUL MALAYSIA BERHAD, to be held at Dewan Ahmad Mohamed Ibrahim, 5th Floor, Annexe Block, Menara Takaful Malaysia, No. 4, Jalan Sultan Sulaiman,
50000 Kuala Lumpur on Tuesday, 12 May 2015 at 10:00 a.m and any adjournment thereof.
Sila tandakan “X” di dalam ruang yang disediakan di bawah bagaimana anda ingin mengundi untuk resolusi-resolusi berikut. Sekiranya tiada arahan-arahan
tertentu, proksi anda akan mengundi atau tidak mengundi sepertimana yang dia anggap patut. Jika anda melantik dua proksi, sila nyatakan bahagian pegangan
untuk diwakilkan kepada setiap proksi.
Please indicate an “X” in the space provided below, how you wish your vote to be cast in respect of the following resolutions. In the absence of specific directions,
your proxy may vote or abstain at his/her discretion. If you appoint two proxies, please specify the proportions of holdings to be represented by each proxy.
Wakil saya / kami akan mengundi seperti berikut / My / Our proxy is to vote as indicated hereunder:
NO. RESOLUSI / RESOLUTION
MENYOKONG /
FOR
1
Untuk menerima Penyata-penyata Kewangan yang telah diaudit bagi tahun kewangan berakhir 31 Disember
2014, beserta laporan Pengarah dan Juruaudit berkaitan dengannya.
To receive the Audited Financial Statements for the financial year ended 31 December 2014, together with the
reports of the Directors and auditors thereon.
2
Untuk meluluskan dividen akhir sebanyak 35% tier tunggal bagi tahun kewangan berakhir 31 Disember 2014.
To approve a final dividend of 35% single tier in respect of the financial year ended 31 December 2014.
MENENTANG /
AGAINST
Untuk melantik semula Pengarah-pengarah berikut yang bersara menurut Artikel 62 Tataurusan Pertubuhan
Syarikat:To re-elect the following Directors, each of whom retires pursuant to Article 62 of the Company’s Articles of
Association:
3
4
Mahadzir Azizan
5
6
Untuk meluluskan bayaran yuran Pengarah-pengarah sebanyak RM747,000 bagi tahun kewangan berakhir
31 Disember 2014. (RM696,000 bagi tahun kewangan berakhir 31 Disember 2013)
To approve the payment of the Directors’ fees of RM747,000 for the financial year ended 31 December 2014.
(RM696,000 for the financial year ended 31 December 2013)
7
Untuk meluluskan bayaran yuran Ahli-ahli Badan Penasihat Syariah sebanyak RM168,000 bagi tahun kewangan
berakhir 31 Disember 2014. (RM168,000 bagi tahun kewangan berakhir 31 Disember 2013)
To approve the payment of Shariah Advisory Body Members’ fees of RM168,000 for the financial year ended 31
December 2014. (RM168,000 for the financial year ended 31 December 2013)
8
Untuk melantik semula Tetuan KPMG Desa Megat & Co. sebagai Juruaudit Syarikat dan memberi kuasa kepada
Pengarah-pengarah untuk menetapkan bayaran Juruaudit.
To re-appoint Messrs KPMG Desa Megat & Co. as the Auditors of the Company and to authorise the Directors
to fix their remuneration.
9
Cadangan Mandat Pemegang-pemegang Saham bagi Urusniaga-urusniaga yang Berulang dengan Pihak
Berkaitan.
Proposed Shareholders’ Mandate for Recurrent Related Party Transactions.
JUMLAH SAHAM
Untuk pelantikan dua proksi, jumlah saham dan peratusan pemegangan saham yang akan
NO. OF SHARES
diwakili oleh proksi-proksi adalah seperti berikut /
For appointment of two proxies, the number of shares and percentage of shareholdings to be
Pada / Dated this.................haribulan / day of ........ 2015
represented by the proxies are as follows:
Jumlah saham / No. of shares
Peratus / Percentage
Proksi 1/Proxy 1
...........................................................................................
Tandatangan / Cop Mohor Pemegang Saham
Signature / Common Seal of Shareholders
Proksi 2/Proxy 2
Jumlah/Total
100%
Nota-Nota:
(i) Seorang ahli Syarikat yang berhak menghadiri dan mengundi di mesyuarat ini layak untuk melantik tidak lebih daripada dua (2) proksi untuk menghadiri dan mengundi bagi
pihaknya pada mesyuarat yang sama dan proksi itu tidak semestinya seorang ahli Syarikat.
(ii) Sekiranya ahli Syarikat melantik dua (2) proksi, pelantikan tersebut akan menjadi tidak sah melainkan beliau menyatakan nisbah pegangan yang akan diwakili oleh setiap proksi.
(iii) Sekiranya ahli Syarikat adalah nomini berkecuali yang dibenarkan seperti yang ditakrifkan di bawah Akta Perindustrian Sekuriti 1991 (Depositori Pusat) yang memegang sahamsaham biasa Syarikat untuk beberapa pemilik benefisial dalam satu akaun sekuriti (“akaun omnibus”), tidak ada had untuk bilangan proksi yang boleh dilantik oleh nomini
berkecuali yang dibenarkan bagi setiap akaun omnibus yang dipegangnya.
(iv) Suratcara pelantikan proksi bagi individu hendaklah ditandatangani oleh pelantik atau peguamnya dan dalam hal perbadanan, ia mestilah dimeterai atau ditandatangani oleh
seorang pegawai atau peguamnya yang telah diberi kuasa sewajarnya.
(v) Suratcara pelantikan seorang proksi mestilah dihantar ke Pejabat Berdaftar Syarikat di Tingkat 26, Blok Annex, Menara Takaful Malaysia, No. 4, Jalan Sultan Sulaiman, 50000 Kuala
Lumpur, tidak lewat dari empat puluh lapan (48) jam sebelum waktu yang ditetapkan bagi mengadakan mesyuarat atau sebarang penangguhannya.
(vi) Hanya ahli yang tersenarai di dalam Rekod Pendeposit pada 5 Mei 2015 yang layak untuk hadir, bersuara dan mengundi pada AGM atau melantik seorang proksi (proksi-proksi)
untuk hadir, bersuara dan/atau mengundi bagi pihak mereka.
Notes:
(i) A member of the Company entitled to attend and vote at this meeting is entitled to appoint not more than two (2) proxies to attend and to vote instead of him at the same meeting
and a proxy need not be a member of the Company.
(ii) Where a member of the Company appoints two (2) proxies, the appointments shall be invalid unless he specifies the proportions of his holdings to be represented by each proxy.
(iii) Where a member of the Company is an exempt authorised nominee as defined under the Securities Industry (Central Depositories) Act 1991 which holds ordinary shares in the
Company for multiple beneficial owners in one securities account (“omnibus account”), there is no limit to the number of proxies which the exempt authorised nominee may
appoint in respect of each omnibus account it holds.
(iv) The instrument appointing a proxy in the case of an individual shall be signed by the appointer or his attorney and in the case of a corporation, must be under seal or under the
hand of an officer or attorney duly authorised.
(v) The instrument appointing a proxy must be deposited at the Registered Office of the Company at Tingkat 26, Blok Annex, Menara Takaful Malaysia, No. 4, Jalan Sultan Sulaiman,
50000 Kuala Lumpur not less than forty eight (48) hours before the time for holding the meeting or any adjournment thereof.
(vi) Only members whose names appear in the Record of Depositors on 5 May 2015 shall be eligible to attend, speak and vote at the AGM or appoint proxy(ies) to attend, speak and/
or vote on their behalf.
stamp
Setiausaha Syarikat / The Company Secretary
Tingkat 26, Blok Annex
50000 Kuala Lumpur
Syarikat Takaful Malaysia Berhad (131646-K)
26th Floor, Annexe Block, Menara Takaful Malaysia
No. 4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur.
1-300 88 252 385
+603-2274 0237
[email protected]
takaful-malaysia.com.my

Annual Report 2014

Transcription

Similar documents

here - Insurance Info

Tun Dr. Mahathir Mohamad Biography

Agricultural Science Lecture Series

Innovating New Directions - Konsultant Proses Sdn Bhd

PJJ Sem II 12-13. BERSEMUKA 1 24-02

as PDF file

uletin Geospatial Sektor Awam Edisi 1/2014

Perdana Leader Fellowship booklet

pdf 8.45Mb - CyberSecurity Malaysia

Jokes Corner :P - Terengganu

majlis khatam al-qur`an - Pusat Tingkatan Enam Sengkurong