Etiqa to expand into more Asean markets

KUALA LUMPUR: Etiqa Takaful Bhd will enhance its takaful and general insurance brand by expanding into more Asean markets by next year.

Etiqa Group Insurance and Takaful chief executive officer Kamaludin Ahmad said a number of countries were under consideration, but no decision had been made.

“We are considering (several markets) and typically, the process will take a while. We also need to obtain regulatory approval.

“For now, I cannot name the countries yet,” he told Bernama in conjunction with Etiqa’s 10th anniversary.

Kamaludin said the group aimed to be a significant insurance player in the Asean region and planned to strengthen its position as the number one takaful company in the markets it operated in.

Currently, Etiqa is present in Singapore, the Philippines and Indonesia. It offers general insurance in Indonesia, and both life and general insurance in the Philippines.

Kamaludin said the group entered the Singaporean life insurance market following the incorporation of Etiqa Insurance Ptd Ltd (Etiqa Singapore).

“Etiqa Singapore became the first insurer to offer an online direct purchase of life insurance in the republic,” he added.

Meanwhile, the group continues to seek higher growth this year in the face of challenging market conditions.

“As Malaysia’s largest local insurer, Etiqa has grown by leaps and bounds in the past decade and in 2017, we registered a profit before tax which surpassed RM1 billion.

“With more than RM30 billion in assets to date, our customer base has grown year-to-year and showed a strong track record of continuous growth within the insurance industry,” Kamaludin said.

Currently, Etiqa, offers 47 life insurance and 46 general insurance and general takaful products.

In conjunction with its 10th anniversary, Etiqa will host a fun fest comprising a free concert, a five-kilometre Fun Run and carnival at Setia City Park, Setia Alam this Saturday (Aug 18).

The concert will feature top Malaysian artistes such as Datuk Zainal Abidin, Datuk Afdlin Shauki, Altimet and Chelsia Ng, while the Fun Run has been designed for families including interactive “selfie” pit stops to make the run even more memorable.