Etiqa

Etiqa Insurance Berhad
Private limited company
Industry
Founded 2005 (2005)
Headquarters Dataran Maybank
Jalan Maarof, Kuala Lumpur, Malaysia
Key people
  • Mohd Salleh Harun (Chairman)
  • Zaharudin Daud (CEO)
Products
Revenue Increase RM03.36 billion (2014)[1]
Decrease RM00.36 billion (2014)[1]
Total assets Increase RM18.95 billion (2014)[1]
Total equity Increase RM02.78 billion (2014)[1]
Parent

Maybank Ageas Holdings Berhad

Website www.etiqa.com.my
Etiqa Takaful Berhad
Private limited company
Industry
Founded 2005 (2005)
Headquarters Dataran Maybank
Jalan Maarof, Kuala Lumpur, Malaysia
Key people
  • Mohd Salleh Harun (Chairman)
  • Ahmad Rizlan Azman (CEO)
Products
  • Family takaful
  • General takaful
Revenue Decrease RM02.16 billion (2014)[2]
Decrease RM00.19 billion (2014)[2]
Total assets Increase RM12.27 billion (2014)[2]
Total equity Increase RM01.39 billion (2014)[2]
Parent

Maybank Ageas Holdings Berhad

Website www.etiqa.com.my

Etiqa is the insurance and takaful business of the Malaysian banking group Maybank. It offers life and general insurance as well as family and general takaful products through its 14,000 agents, 30 dedicated branches and 450 Maybank branches using the bancassurance model.[3] Etiqa Insurance is one of the top conventional insurers in Malaysia by gross premiums written; while Etiqa Takaful is the takaful market leader with 47 percent and 21 percent market shares in general and family takaful resepectively in 2014.[4]

Maybank's enlarged insurance arm was formed via the acquisition by Mayban Fortis (the then insurance holding company of Maybank) of MNI Holdings Berhad (whose subsidiaries included Malaysia National Insurance and Takaful Nasional) from Permodalan Nasional Berhad (PNB) and Skim Amanah Saham Bumiputera (a unit trust managed by PNB) in 2005.[5][6] PNB/ASB is also the majority shareholder of Maybank.[7] MNI was incorporated in 1973 and listed on the Kuala Lumpur Stock Exchange in 1981.[7] In 2007, the combined business was rebranded as Etiqa.[8]

The Etiqa business comprises Etiqa Insurance Berhad and Etiqa Takaful Berhad.[9] The two companies are owned by Maybank Ageas (the successor to Mayban Fortis) which is in turn 69 and 31 percent controlled by Maybank and Ageas respectively.[10]

Both Etiqa Insurance and Etiqa Takaful hold an 'A/Stable' Insurer Financial Strength (IFS) Rating assigned by Fitch Ratings as of June 2015.[11]

In 2015, Etiqa Takaful has been voted the best motor insurance company in Malaysia by an independent survey.[12]

References

  1. 1 2 3 4 Annual Report 2014 (pdf), Etiqa Insurance Berhad, 2014-12-31, retrieved 2015-08-23
  2. 1 2 3 4 Annual Report 2014 (pdf), Etiqa Takaful Berhad, 2014-12-31, retrieved 2015-08-23
  3. ↑ Zaharudin Daud (2015-02-20). "Etiqa leads the Malaysian insurance market". World Finance. Retrieved 2015-08-23.
  4. ↑ Annual Report 2014, Malayan Banking Berhad, 2014-12-31, retrieved 2015-08-23
  5. ↑ Azli Jamil (2013-04-04). "Etiqa says it's 'on track' to be No 1 insurer by 2015". FMT News. Retrieved 2015-08-23.
  6. ↑ Proposed Acquisition by Mayban Fortis Holdings Berhad of MNI Holdings Berhad, Malaysan Banking Berhad, 2005-08-29, retrieved 2015-08-23
  7. 1 2 "Mayban Fortis Enters into Conditional Agreement to Acquire Malaysia National Insurance Holdings". Fortis NV. 2005-08-29. Retrieved 2015-08-23.
  8. ↑ "Corporate". Etiqa. Retrieved 2015-08-23.
  9. ↑ "Maybank Ageas aims RM5.4bil in 2014". The Star. 2014-04-28. Retrieved 2015-08-23.
  10. ↑ "Group Corporate structure" (PDF). Malayan Banking Berhad. Retrieved 2015-08-23.
  11. ↑ "Fitch Assigns First-Time IFS 'A' to Etiqa Insurance, Singapore". Fitch Ratings. 2015-06-16. Retrieved 2015-08-23.
  12. ↑ "2015 Motor Insurance Award Malaysia". iBanding. Retrieved 2016-07-28.

External links

This article is issued from Wikipedia - version of the 7/28/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.