KUALA LUMPUR: Malayan Banking Bhd’s Etiqa Group Insurance & Takaful’s pre-tax profit has surpassed the RM1 billion mark for the first time in the year ended December 2017.
This translates to an increase of 18.5 per cent to RM1.01 billion from the RM855 million achieved in the preceding year.
“2017 proved to be another successful year for us. At Etiqa, we have always recognised 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 chief executive officer Kamaludin Ahmad,.
“We look forward to a great year in 2018, where we will continue with our drive towards innovation and customer service. Our ultimate aim is to ensure all aspects of a customer’s experience with Etiqa are fast and easy” he added.
Etiqa maintained its top position in the general insurance and general takaful segment with 11.8 per cent market share and fourth position in the life/family (new business) segment with 8.9 per cent market share for the Malaysian market.
“For its strategic channels, Etiqa asserts its position in the market as the top online insurer in Malaysia with more than 70 per cent market share. Our bancassurance channel has a commanding market share of 19 per cent in regular premium sales,” it said in a statement.
Its strong performance has also been given recognition in the form of A-, and AAA ratings for both Etiqa Insurance Bhd and Etiqa Takaful Bhd from rating agencies, Fitch Ratings and RAM Ratings, respectively.
The group has total assets of RM34.47 billion, total combined gross premium and contribution of RM6.2 billion, and investment income of RM1.23 billion.