ETIQA ( english )
Mayban Fortis Holdings Berhad was formed in 2001 as a collaboration between Malaysia’s largest local bank, Malayan Banking Berhad (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 grew significantly with the acquisition of 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 to the new brand name – Etiqa. Etiqa will be the single master brand for all conventional and Takaful businesses under Mayban Fortis. 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 RM 4 billion (USD 1.186 billion) while Takaful premium was recorded at RM 900 million (USD 266.78 million), placing it as the second largest overall insurer in Malaysia and the no 1 Takaful player in the country, with a profit before tax of RM 313.5 million (USD 92.93 million).
Today, Etiqa is a true multi-channel distributor of Insurance and Takaful products via its agency force, Insurance and Takaful branches, Maybank branches, ATMs and other third-party banks, providing full accessibility and total convenience to customers, unmatched by any other. Etiqa was also the first company to receive a license from central bank of Malaysia, Bank Negara Malaysia, to set up an International Currency Business Unit.
At the core of the Etiqa brand is the essence of humanising Insurance and Takaful. In an industry where agreements are typified by triplicate and fine print, Etiqa seeks to humanise the process by breaking down boundaries through clarity, strength and good conscience. With rock solid foundation, Etiqa is able to provide a unique ability to work hand-in-hand with customers enabling them to live richer lives.
Backed by Malaysia’s largest bank, Etiqa’s rock solid financial standing puts it in good stead to become the No.1 insurer in Malaysia by the financial year 2009. Etiqa is already in pole position for the Takaful businesses with a market share of 54 percent in 2006. It is also ranked second and third in the life and general insurance businesses respectively.