Etiqa eyes RM7.5b gross written premiums
Tuesday, October 25, 2011, 04.25 PMEtiqa Insurance and Takaful expects its overall gross written premiums (GWP) to increase to RM7.5 billion by 2015 from RM4.3 billion this year.
Etiqa's current GWP places it second below Great Eastern with GWP amounting to RM5.6 billion.
"It is definitely an achievable target for us considering our solid financial strength and as we increase our GWP from RM2.8 billion in 2006 to RM4.3 billion this year, making us a strong number two in the market," said its chief executive officer Hans de Cuyper.
At a media briefing here today, he said Etiqa Takaful is one of the key players in the development of the takaful industry in Malaysia, being the first takaful company in the world to exceed RM2 billion in contributions in 2011.
He also said the amount was achieved only three years after its takaful contributions touched RM1 billion.
"We have been able to double the revenues for our takaful business in three years' time and by now we are definitely the biggest takaful company in the world," he added.
He said market position is viewed at a combined basis of the insurance premiums and takaful contributions in relation to other industry players.
Although Etiqa is one brand with two separate entities -- insurance and takaful -- he said he wants both to prosper regardless of where the business flows into.
He added that on a combined basis, Etiqa is the second biggest insurance and takaful company in Malaysia.
"With an institution like Maybank behind us, we are definitely going to achieve and maintain our leadership in takaful and insurance," he said referrrig to the company's 2015 target.
De Cuyper said they have the widest distribution platform in the country with Maybank being the bancassurance partner.
Other moves taken by Etiqa in realising the target are upgrading the infrastructure, optimising operations, introduction of new products and looking into humanising insurance and takaful.
"Our goal is to be the market leader in the Malaysian insurance and takaful industry and we will not lose sight of the goal," he said. --Bernama
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