>Etiqa Insurance Berhad

Etiqa Insurance Berhad

Providing insurance and takaful solutions to both individuals and companies

About

Mayban Fortis Holdings Berhad was formed in 2001 as a collaboration between Malaysia's largest local bank Maybank, and Fortis International NV, one of the largest providers of integrated financial services in Europe. With a stake of 70% by Maybank and 30% by Fortis, the partnership saw the grouping of all Maybank's insurance companies under Mayban Fortis Holdings Berhad.

In 2005, Mayban Fortis acquired Malaysia National Insurance Berhad, Malaysia's largest national insurer and its subsidiary, Takaful Nasional Sdn Bhd, Malaysia's premier takaful provider. Financially, the merger catapulted Mayban Fortis to the position of second largest insurer in Malaysia.

At the end of 2007, the merger effort with Malaysia National Insurance and Takaful Nasional culminated in the rebranding of the entire insurance and takaful group under the new brand name - Etiqa. An ongoing corporate streamlining exercise will see the eventual grouping of five operating entities under two anchor subsidiaries for conventional and Takaful respectively: Malaysia National Insurance Berhad, now known as Etiqa Insurance Berhad, and Takaful Nasional Sdn Bhd, renamed as Etiqa Takaful Berhad.

For the financial year 2006/2007, the gross premium written by Etiqa stood at RM4 billion (USD 1.186 billion) while takaful premium was recorded at RM900 million (USD 266.78 million), placing it as the second largest overall insurer in Malaysia and the number 1 takaful player in the country, with a profit before tax of RM 313.5 million (USD 92.93 million).