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Friday, 24 July 2015

Malaysia: Maybank Ageas aims equal contribution from takaful, general insurance

KUALA LUMPUR: Maybank Ageas Holdings Bhd, the parent company of Etiqa Insurance Bhd and Etiqa Takaful Bhd, aims to equalise the contribution from its general insurance business and that of life insurance and family takaful for the financial year ending Dec 31, 2015. 
The target would be supported by the company's new distribution channels and and plans to be more aggressive on the fire thrust of its general insurance business, said Chief Executive Officer Kamaludin Ahmad.
"We want to have a good growth in fire insurance. In addition, we are going to sell term takaful cover which is suitable for the younger generation, as well as, provide house owner insurance on our online channel.
"The challenge we are facing now is in the motor insurance sector. It has always been a challenge in the market. We will probably break even in the motor insurance," he told Bernama.
For its life insurance and family takaful, Kamaludin said Maybank Ageas has been consistent in upgrading products for medical care and was proactive in its claims servicing. 
Maybank Ageas recorded a premium of about RM5 billion last year, of which RM2.55 billion came from life and family insurance and the remaining RM2.45 billion came from general insurance. 
With its plans this year, Kamaludin said Maybank Ageas aimed to increase the number of policyholders by 50,000 new customers and at least 70,000 policies from its existing customers. 
To date, it has 3.9 million policyholders owning a cumulative 5.8 million policies. 
On overall performance, Kamaludin said the Maybank's insurance and takaful arm aimed to increase total premium by at least 10 per cent in the current financial year, driven by its life insurance, takaful business, as well as, contributions from its Singapore subsidiary. 
As at end-June 2015, Etiqa Insurance Pte Ltd's life insurance annual premium equivalent stood at SG$22.8 million (SG$1=RM2.80) against a full year target of SG$60 million. 
For general insurance, the year-to-date gross written premium is at SG$26.8 million against a full year target of SG$59.1 million.
(The Star Online / 23 July 2015)
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