Etiqa raises premium target, eyes top spot

By Rupinder Singh
Published: 2011/10/21

KUALA LUMPUR: Etiqa Insurance and Takaful, the insurance arm of Maybank Group, wants to boost its topline written premium by 75 per cent by 2015, placing it as the number one player in the industry.

Its chief executive officer Hans De Cuyper said the company's gross premium currently stands at RM4.3 billion, putting it a strong number two in the market.

The insurer aims to grow its revenue with focus on employees' benefits and medical plans to become a significant contributor and strengthening its distribution channels.

"It is definitely an achievable target for us, considering our solid financial strength and as we increased our gross written premium from RM2.8 billion in 2006 to RM4.3 billion this year making us a strong number two in the market," he told reporters at a press briefing here yesterday.

Consistent with its growth objective, Etiqa foresees its assets under management increasing by 30 per cent in 2015 to RM30 billion from RM23 billion currently.

Both Etiqa Insurance Bhd (EIB) and Etiqa Takaful Bhd (ETB) are wholly-owned by Mayban Ageas Holdings Bhd, a joint venture between Maybank and Belgium-based Ageas Insurance International.

"Now that our merger master plan is completed, Etiqa can move forward to grow and become a solid third pillar for the Maybank Group by contributing more revenue and higher profitability," De Cuyper said.

Etiqa will leverage on the group's strength and build a wider distribution footprint for its products and services as well as to be the market leader in the industry.

It is also looking at alternative distribution channels and is actively looking at social media as a viable channel of growth.

Another area of opportunity for Etiqa is the soon-to-be-launched new private retirement scheme approved by the Securities Commission.

De Cuyper said Etiqa would "definitely" apply to participate in the new scheme the moment it is introduced.

It is learnt that Etiqa has been developing a new retirement product and plans to launch it in December this year.

Source :  http://www.btimes.com.my/Current_News/BTIMES/articles/ETIQA20/Article/