In terms of insurance, RHB Research said it prefers Syarikat Takaful Malaysia Keluarga (STMB) over Allianz Malaysia (ALLZ) for its smaller portion of participating contracts, allowing it to retain a bigger portion of its investment returns.

This also includes its laggard status and undemanding valuation.

为什么MRFS17对STMKB 的影响比较大呢？根据我的了解，STMKB 的MRTA（回教保险中称为MRTT）产品做得比较多。在年报搜寻Family Takaful actuarial liabilities，你会发现有6成寿险的liabilities来自mortgage。
MRTA或MRTT的特征是保费一笔交付，但是保障期却是跨越整个房贷的周期，即5年、10年、或是更长。
在现有MFRS4会计制度下，整笔保单的利润全算进了第一年。但根据MRFS17，保单的利润要分摊到整个保单期。所以过去已算入retained earning的利润需要回吐出来，将来再按年按比例分配。

这个takaful的保险业务有revenue,但是盈利就几差下，尤其family takaful的收益是亏钱的添！全部靠投资收益赚钱，看起来为了抢市场，它们的agent在收保的时候也是乱乱来的，只要是人还是机构就保，结果质量不高，搞到服务费用，cliam保费和retakaful的费用提高，所以管理层要想想怎样解决这种问题咯！不要只懂的hard sell它们的保险而已。。。。

who are selling?...and prices didn't reflect the strong buying of EPF who has more than doubled its lowest shareholding of 52M or so and Foreign holdings have also gone up.....AND the company is performing well....I am lost, anyone can try to guess?...