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RETAIL FUNDS | Cesar Tordesillas, Malaysia

Hong Leong anticipates RM100 M takaful profit t

Hong Leong expects its takaful unit to make a gross contribution of RM100 million for the financial year ending June 30, 2011.


It registered RM65.45 million last year.

The company's takaful unit has now adopted a new name, Hong Leong MSIG Takaful Bhd.

This follows the acquisition of a 35 per cent equity interest by Mitsui Sumitomo Insurance in HLMT for RM33.64 million.

HLFG president and chief executive officer Raymond Choong said with the new partnership, HLFG and MSI are now common strategic partners in the Malaysian insurance business, covering life and general insurance as well as takaful.

"We are optimistic that we can now further accelerate our growth as one of the leading insurance and takaful providers in Malaysia by leveraging on each other's strengths, expertise and know-how," he said.

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