Monday, December 13, 2010

Etiqa Takaful Bhd grew by 32 per cent for the 2009/2010 financial year to RM2.4 billion

Etiqa Takaful Bhd grew its total premium by 32 per cent for the 2009/2010 financial year to RM2.4 billion, thanks to strong performance across all business channels and innovation in business operations and processes.

This makes it the first takaful operator to breach the RM2 billion mark.

The company saw profit before tax grow by 18 per cent to RM107 million, from RM90 million in the 2008/2009 financial year.

"Since the Etiqa brand was launched two-and-a-half years ago, we have been experiencing tremendous growth year after year. Surpassing the RM2 billion mark in total revenue last financial year just reaffirms Etiqa Takaful's leadership and pole position in the Takaful market and industry," Etiqa Takaful chief executive officer Shahril Azuar Jimin said in a statement yesterday.

During the same financial year, Etiqa Takaful's total assets grew 16 per cent.

Gross contribution for the family business recorded an increase of 30 per cent while the general business saw an increase of 40 per cent.

Shahril said the company's strength is in its multi-channel organisation.

Etiqa Takaful has 23,000 agents and 30 branches nationwide, together with parent company Maybank's 450 branches around Malaysia and other third-party banks.

As of March, Etiqa commanded 44 per cent of the entire Malaysian Takaful market, in a field of eight Takaful operators.

The growth in its motor business was attributed to a transformation in the new motor business process, making it simpler and easier for customers to get their motor coverage.

Etiqa Takaful was recently awarded the 'Most Outstanding Takaful Company' at the Kuala Lumpur Islamic Finance Forum 2010, winning it for the third year in a row since 2008.

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