Industry Insurance | ||
Type Private limited company Founded 2005; 12 years ago (2005) Headquarters Dataran Maybank
Jalan Maarof, Kuala Lumpur, Malaysia Key people Mohd Salleh Harun (Chairman)
Zaharudin Daud (CEO) Products Life insurance
General insurance | ||
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. 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.
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. PNB/ASB is also the majority shareholder of Maybank. MNI was incorporated in 1973 and listed on the Kuala Lumpur Stock Exchange in 1981. In 2007, the combined business was rebranded as Etiqa.
The Etiqa business comprises Etiqa Insurance Berhad and Etiqa Takaful Berhad. 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.
Both Etiqa Insurance and Etiqa Takaful hold an 'A/Stable' Insurer Financial Strength (IFS) Rating assigned by Fitch Ratings as of June 2015.