Malaysia: Etiqa Insurance & Takaful posts pre-tax profit of $182 mln in FY16
Source: Middle East Insurance Review | Apr 2017
Etiqa, the insurance and takaful arm of the Malaysian banking group Maybank, recorded a robust 34% rise in profit before tax to MYR809.7 million (US$182.0 million) thanks to a 4.3% rise in net operating income to MYR1.59 billion.
Total gross premiums rose 3.7% on the back of an 8.5% increase in total life and family premiums, said Maybank in a statement without providing the actual gross premium figures.
Etiqa remains a market leader in Malaysia in the general insurance and takaful segments with a 12.8% share, and fourth in the life/family (new business) segment with a 7.6% market share.
Its total assets grew a steady 3.1% to reach MYR31.8 billion in FY2016 from MYR30.9 billion a year ago.
MYR1 = US$0.22