PETALING JAYA: Malayan Banking Bhd
’s (Maybank) insurance and takaful arm Etiqa has identified two sweet spots which include bancassurance and motor insurance for its insurance premium growth, according to CGS International (CGSI) Research.
Towards this end, the research house added that it believes Etiqa would continue to leverage on Maybank’s strong banking franchise to grow these two types of insurance.
“For motor insurance, it is focusing on preferred segments (for the coverage of higher-value motor vehicles) and will continue to work closely with Maybank’s auto financing centres and external partners to market its motor insurance products, Etiqa,” the brokerage said.
Etiqa is a regional player operating in five countries with breakdown of financial year 2023 (FY23) gross premiums at 74.8% in Malaysia, 18.3% in Singapore, 4.9% in the Philippines, 1.8% in Indonesia and 0.2% in Cambodia.
In FY23, Etiqa recorded a pre-tax profit of RM1.11bil on the back of gross premium of RM11.5bil.
The Strategic Programme 6 (SP6) of Maybank’s M25+ strategic plan states that the group aims to become a regional leader in insurance. To this end, Etiqa has set targets of RM206mil in FY23 and RM650mil in FY24 for the upliftment of its gross written premium (GWP) from the initiatives under SP6.
Etiqa beat its FY23 target with a GWP upliftment of RM320mil and is currently ahead of its target in FY24, based on five month 2024 progress.
