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Malaysia: Etiqa aims to stay ahead despite challenging environment

Source: Middle East Insurance Review | Apr 2019

Etiqa Insurance aims to stay ahead of the market amid a challenging economic and operating environment, reported The Star. 
 
The insurance group on the whole grew by 17% in 2018, with new life/family business growing 19% and general business growing by 10%, Etiqa Insurance and Takaful group CEO Kamaludin Ahmad was quoted as saying. In comparison, the Malaysian insurance and takaful industry grew by only 5% and 4% for new life and general lines respectively, he said, showing how challenging the market was last year. 
 
Etiqa’s group profit before tax reached MYR1.01bn for the financial year ended 31 December 2017, surpassing the MYR1bn mark for the first time. Its GWP also hit a record MYR6.2bn during the period. 
 
The company maintained its top position in the general insurance and general takaful segment with 11.8% market share and fourth position in the life/family (new business) segment with 8.9% market share for the Malaysian market, reported The Star. 
 
The group has four key organisations operating in Malaysia: Etiqa General Insurance Bhd, Etiqa Life Insurance Bhd, Etiqa General Takaful Bhd and Etiqa Family Takaful Bhd. 
 
In February, Etiqa appointed Mr Paul Low as CEO of its life insurance business, joining three other newly-appointed CEOs Zaharudin Daud (Etiaq General Takaful), Zafri Ab Halim (Etiqa Family Takaful) and Fukhairudin Mohd Yusof (Etiqa General Insurance). M 
 
MYR1 = $0.25
 
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