KUALA LUMPUR: Maybank Ageas Holdings Bhd, the parent company of Etiqa Insurance Bhd and Etiqa Takaful Bhd, expects its total premium this year to grow to RM5.4bil following new market and business expansion, said Maybank Ageas chief executive officer Kamaludin Ahmad.
This compares to the combined gross premium of its life insurance, general insurance, family Takaful and general Takaful businesses of RM4.8bil registered last year.
Maybank Ageas' pre-tax profit rose 7% on-year to RM733.2mil for the same period.
The company, which expanded to Singapore early this year, planned to complement its general insurance products in the city-state with the rollout of life insurance by year-end, Kamaludin told reporters during a briefing on Maybank Ageas' financial results on Monday.
Maybank Aeges is also eyeing to expand its operations to Indonesia and the Philippines where the Maybank Group has a presence.
"It's natural for us to follow the group's footprints as the medium expansion plan. We are looking for opportunities," he said, refusing to commit to a timeframe.
Maybank Aeges, currently the forth largest player in the fire insurance segment, is poised to seize a larger share in that space.
"The awareness among the residential market to have a fire insurance is still low, and we want to grow this profitable business," Kamaludin said.
The company is also set to introduce more investment-linked, retirement and endowment products this year, he added.