KUALA LUMPUR: Etiqa Group Insurance & Takaful’s gross premium for FY ended Dec 31, 2018 increased by 17% to RM7.2bil and retained its position as the top online insurer in the country with more than 65% market share.
However, profit before tax (PBT) fell by 19% to RM825mil primarily caused by adverse equity market performance and designation of equities as fair value to profit and loss that resulted in equities realised and unrealised losses, the company said in a statement.
The lower PBT was due to a large equity gain recorded as well as gain from disposal of investment property in FY2017.
“However, the group can still affirm its strength in the industry with total assets of RM36.1bil, an increase of 4.7% as compared to the previous year,” it said. Its life insurance and family takaful business grew by 16% to RM4.3bil while general insurance and takaful business rose by 17% to RM2.9bil.
“With this strong performance, Etiqa maintained its top position, in the general takaful segment with 12.3% market share (2017 11.6%) and fourth position in the life/family (new business) segment with 11.2% market share (2017:9.9%) for the Malaysian market,” it said.
Etiqa is the largest general insurer/takaful player in the country based on gross written premium basis.