Maybank Ageas posts record annual earnings

PETALING JAYA: Maybank Ageas Holdings Bhd, the insurance arm of Maybank group, has registered a record profit before tax of RM810.3 million for the financial year ended Dec 31, 2016 (FY16), a 34% increase from RM604.4 million achieved in FY15.

Maybank Ageas is the parent company of Etiqa Insurance Bhd, Etiqa Takaful Bhd and Etiqa Insurance Pte Ltd.

In a statement yesterday, the group said its total assets stood at RM31.9 billion, with total combined gross premium and contribution of RM5.3 billion, investment income of RM1.1 billion, and gross benefits and claims payout of RM4 billion.

“With this strong performance, Etiqa Takaful continues to command a market share of 49% in General Takaful and 16.3% in Family Takaful new business.

“Etiqa is also the market leader in the General Insurance and General Takaful sphere, as well as in the key distribution channels in Malaysia,” it added.

In addition, the group said Etiqa’s bancassurance channel has a market share of 18% in regular premium sales, while its online business dominates its field with a significant share of 89.7% in general insurance and general Takaful online sales.

“We have enjoyed the success in 2016 because we recognise the importance of an exceptional experience to customers, especially in customer service and in the digital space,” Maybank Ageas CEO Kamaludin Ahmad said.

“Given, the ever evolving needs of our customers, we have and will continue to innovate our business to improve the customer experience at every step in the decision journey, and beyond. We are excited about our strength and depth within all our business lines, and look forward to another successful year in 2017,” he added.

Etiqa is a multi-channel distributor of insurance and Takaful products via its 10,000 agency force, 24 insurance and Takaful branches, more than 360 Maybank branches, ATMs and other third-party banks.