Malaysia: Etiqa splits business into four entities
Source: Middle East Insurance Review | Feb 2018
Etiqa, the insurance and takaful arm of Maybank Ageas Holdings, has been split into four organisations, complying with Bank Negara Malaysia’s (BNM) Financial Services Act 2013 (FSA) and Islamic Financial Services Act 2013 (IFSA), which require a composite licensed insurer to carry life insurance and general business in a single license, and a composite licensed takaful operator to carry family takaful and general takaful business in a single licence, respectively.
In a statement, Etiqa said the move was made to minimise risks and ensure continuous stability, as well as to drive its vision to have the most efficient shareholder, capital and organisational structure.
The four new entities are Etiqa General Insurance Bhd (EGIB), Etiqa Life Insurance Bhd (ELIB), Etiqa General Takaful Bhd (EGTB) and Etiqa Family Takaful Bhd (EFTB).
Effectively, four new CEOs have been appointed to helm each of the organisations: Mr Fukhairudin Mohd Yusof for EGIB; Mr Zaharudin Daud for EGTB; Mr Zafri Ab Halim for EFTB; while Mr Kamaludin Ahmad, CEO of the parent company Maybank, will be responsible for ELIB in an interim capacity.
Etiqa currently distributes its insurance and takaful products via its 10,000 agents, 24 own branches, and 350 Maybank branches in Malaysia, as well as a growing online channel. It has also expanded to other markets in the Southeast Asian region, namely Singapore, Indonesia, and the Philippines. M