Etiqa Takaful to expand into more Asean countries

KUALA LUMPUR: Etiqa Takaful Bhd will enhance its takaful and general insurance brand by expanding into more Asean markets 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 Singapore 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 pre-tax profit which surpassed RM1bil.

“With more than RM30bil in assets to date, our customer base has grown year-to-year and showed a strong track record of continuous growth within the 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.

The concert will feature top Malaysian artistes such as Datuk Zainal Abidin, Datuk Afdlin Shauki, Altimet and Chelsia Ng.

Meanwhile, the Fun Run has been designed for families including interactive “selfie” pit stops to make the run even more memorable.

“The Etiqa Fun Fest is our way of saying thank you to all our loyal partners and customers who have given us their continuous support over the years.

“All proceeds collected from the Fun Run will go towards charity,” said Kamaludin. — Bernama

It added that D&O is one of the top global suppliers in the automotive LED market and its products would mirror the automotive replacement and facelift cycle.

“Traditionally, new cars are fully redesigned every five years. In between redesigns, the cars are given facelift every two to three years.

“This visibility will place D&O in a better position to strategise and plan ahead as compared to its peers in the semiconductor sector,” MIDF said.

Shares in D&O has been gaining momentum since early-April, increasing more than 31% in the past three months.

However, MIDF said it has adjusted its forecast on D&O’s earnings for financial year 2018 (FY18) and FY19 lower to RM42mil and RM52.4mil, respectively, as it expected lesser contribution from the non-automotive segment and slightly higher labour costs.

MIDF expected that D&O would be able to dish out higher dividend payment due to the company’s strong cash-generating capability.

“The improvement in the financial position has enabled the group to recommence its dividend payment of one sen per share in FY17. The group’s last dividend payment was made for FY08 at 0.35 sen per share,” it said.

In the first quarter ended March 31, D&O generated RM14.3mil cash inflow from its operations.

The group’s net cash position improved to RM13.3mil as at March 31, from RM5.6mil as at Dec 31, 2017.