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Monday, January 7, 2013

MNRB appoints new CEO for Takaful Ikhlas


KUALA LUMPUR: MNRB Holdings Bhd has appointed Abdul Latiff Abu Bakar as the new chief executive officer of the group's Islamic insurance arm Takaful Ikhlas Sdn Bhd.

It was learnt that the senior management team of Takaful Ikhlas was informed of the appointment last Friday.

MNRB president and group chief executive officer Mohd Din Merican is expected to formally introduce Abdul Latiff to the company today.

Formerly the CEO of Hong Leong Tokio Marine Takaful, Abdul Latiff resigned from the company on May 3 2011, just before Mitsui Sumitomo Insurance Co Ltd bought a 35 per cent stake in the Hong Leong Financial Group's takaful company for RM33.63 million.

Abdul Latiff will replace Datuk Syed Moheeb Syed Kamarulzaman, who retired from Takaful Ikhlas after serving 10 years in the company.

He is given a two-year contract to match Bank Negara Malaysia's approval tenure.

It is learnt that MNRB has given the new CEO several targets to meet in the next financial year beginning April 2013.

Among the targets is to restructure Takaful Ikhlas backroom to be a more efficient functional units and enhance processes and systems.

MNRB's other subsidiaries include Malaysian Reinsurance Bhd (a general reinsurance company), MNRB Retakaful Bhd (a general and family retakaful operator) and Malaysian Re (Dubai) Ltd, a company incorporated in Dubai, UAE, to underwrite the reinsurance business for Malaysian Re and service Malaysian Re's business partners in the Middle East and North African regions.

Another subsidiary is MMIP Services Sdn Bhd, the manager of the Malaysian Motor Insurance Pool, a pool established by the local insurance industry to provide insurance coverage for vehicle owners who have difficulty in obtaining motor insurance coverage.

MNRB has tasked Abdul Latiff to boost Takaful Ikhlas' bottom line and seek new markets.

The group is hoping to make more headway into the Chinese market and is concerned that it is losing ground on bank's business.

Din Merican, who stepped into office at MNRB a year ago, has set a five-year plan to drive the group to the next level of profitability.

In the six months ended September 30 2012, Takaful Ikhlas profit before zakat and taxation was RM3.94 million compared with RM2 million recorded in 2011, mainly as a result of an increase in investment income.

Revenue for the period decreased by 2.5 per cent to RM478.8 million from RM491.3 million due to lower gross contribution recorded from the general takaful business.

Abdul Latiff brings with him more than 20 years of professional insurance experience from stints at various organisations like Etiqa, Malaysian Assurance Alliance Bhd and Takaful Nasional Sdn Bhd.

At Etiqa, Abdul Latiff was the executive vice president (agency) where he was responsible for overseeing the takaful family and general, conventional life and general and looking into franchise opportunities.

Read more: MNRB appoints new CEO for Takaful Ikhlas

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