Etiqa Insurance’s parent Maybank Ageas makes record profit

Maybank Ageas Holdings Bhd chief executive officer Kamaludin Ahmad. Maybank Ageas is the parent company of Etiqa Insurance Bhd, Etiqa Takaful Bhd and Etiqa Insurance Pte Ltd.

PETALING JAYA: Maybank Ageas Holdings Bhd, the parent company of Etiqa Insurance Bhd, Etiqa Takaful Bhd and Etiqa Insurance Pte Ltd, made a record pre-tax profit of RM810.3mil for the financial year ended Dec 31, 2016, a 34% increase from the RM604.4mil achieved in the previous corresponding year.
 
Its total assets stood at RM31.9bil while total combined gross premium and contribution was at RM5.3bil, investment income at RM1.1bil and gross benefits and claims payout at RM4bil, it said in a statement.
 
“Etiqa Takaful continues to command a market share of 49% in general takaful and 16.3% in family takaful new business,” the company said.
 
Etiqa’s bancassurance channel meanwhile has a market share of 18% in regular premium sales while its online business has a 89.7% market share in general insurance and general takaful online sales, it added.
 
“We have enjoyed success in 2016 because we recognise the importance of an exceptional experience to customers, especially in customer service and in the digital space,” chief executive officer Kamaludin Ahmad (pic) said.
 
He said given the evolving needs of the company’s customers, it would continue to innovate its business to improve customer experience. 

“We are excited about our strength and depth within all our business lines, and look forward to another successful year in 2017,” he added.