Mayban Fortis Holdings Bhd is targeting gross premiums and pre-tax profit of RM7.7bil and RM500mil respectively for its financial year ending June 30, 2009 (FY09).
The insurance and takaful arm of Malayan Banking Bhd (Maybank) plans to achieve this through its new corporate identity, Etiqa, which was launched yesterday.
Etiqa Insurance Bhd and Etiqa Takaful Bhd chairman Tan Sri Megat Zaharuddin Megat Mohd Nor said Etiqa would be a single brand for all conventional and takaful businesses under Mayban Fortis.
“Our aim is to become number one in conventional and takaful insurance in Malaysia,” he told a press conference yesterday.
The Etiqa brand comprises five operating entities under two subsidiaries for conventional and takaful insurance, namely Malaysia National Insurance Bhd (now Etiqa Insurance Bhd) and Takaful Nasional Sdn Bhd (now Etiqa Takaful Bhd).
Mayban Fortis acquired both in 2005.
Megat Zaharuddin said Mayban Fortis was already the leader in the takaful business in Malaysia, with a market share of 54% in 2006, and was ranked second and third in the general and life insurance businesses respectively.
For FY07, Mayban Fortis recorded gross premiums and pre-tax profit of RM4bil and RM313.5mil respectively. Gross premiums from the takaful division alone stood at RM900mil.
Mayban Fortis has forecast its takaful division to record gross premiums of RM1.9bil for FY08.
Despite having a controlling share in the takaful market, Megat Zaharuddin said there was room for growth in the segment.
“The takaful segment currently comprises 6% of the overall insurance industry, and we want to grow it.”
He said the company would achieve its goal by educating the public on the importance of takaful insurance and providing the products and services that were affordable and meaningful to the public.
He also said that unifying the conventional and takaful insurance segments would allow for cross selling between agents from both fields and create stronger growth. Mayban Fortis currently has 14,000 agents nationwide.
Formed in 2001, Mayban Fortis is 70% owned by Maybank, with the remaining 30% owned by Fortis Insurance International NV, a leading European integrated financial services company.