Etiqa, Maybank’s insurance arm, has been split into four different companies in order to focus on their respective business areas.
The resulting entities are divided on life and non-life lines, as well as takaful (Islamic) and conventional insurance types. These are Etiqa General Insurance, Etiqa Life Insurance, Etiqa General Takaful, and Etiqa Family Takaful.
According to a statement issued by Etiqa, the move will also reduce risks and increase stability as it seeks to find the most efficient shareholder, capital, and organisational structure for the firm.
“To deliver these efficiencies and to steer Etiqa to greater heights, we have appointed four new chief executive officers for each of the four new entities,” the insurer added.
Fukhairudin Mohd Yusof leads the general insurance company, Zaharudin Daud heads the general takaful company, while Zafri Ab Halim is in charge of family takaful operations. Meanwhile, Kamaludin Ahmad, CEO of the parent company Maybank Ageas Holdings, will be responsible for Etiqa Life Insurance in an interim capacity.
Etiqa currently distributes its products through 10,000 agents, 24 own branches, and 350 Maybank branches in Malaysia, as well as a growing online channel. It has also expanded to other markets in the Southeast Asian region, namely Singapore, Indonesia, and the Philippines.
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