Etiqa Group Insurance & Takaful posted record profit before tax of RM1.1bil for the financial year ended Dec 31, 2017 as it retained its top position in the general insurance and general Takaful segment.
Etiqa, which is true multi-channel distributor of Insurance and Takaful products, said on Wednesday this was an 18.5% increase from the RM855mil in FY16.
“The group affirmed its strength and leadership in the industry with total assets of RM34.47bil, total combined gross premium and contribution of RM6.2bil, and investment income of RM1.23bil,” it said.
Etiqa retained its top position in the general insurance and general Takaful segment with 11.8% market share and fourth position in the life/family (new business) segment with 8.9% market share for the Malaysian market.
Etiqa was the top online insurer in Malaysia with more than 70% market share. Its bancassurance channel has a market share of 19.0% in regular premium sales.
The CEO of Etiqa Group Insurance & Takaful, Kamaludin Ahmad said 2017 proved to be another successful years.
“At Etiqa, we have always recognized the importance of providing exceptional customer service. As a result, we are continuing with our efforts to ensure that dealing with Etiqa is fast and easy.
“This includes our claims processes, and will be expanded to our sales processing and post sales servicing as well,” said Kamaludin.
In January, Etiqa announced it had split into four organisations in support of Bank Negara Malaysia’s initiative to have greater focus on respective businesses, minimise risks and ensure continuous stability.
The group said the move to separate into four organisations, namely Etiqa General Insurance Bhd, (EGIB), Etiqa Life Insurance Bhd (ELIB), Etiqa General Takaful Bhd (EGTB) and Etiqa Family Takaful Bhd (EFTB), will also drive Etiqa’s vision to have the most efficient shareholder, capital and organisational structure.
Source: The Star (21 March 2018)