Maybank looks to list its insurance arm

Malayan Banking (Maybank) is seeking to list its insurance arm, which will see the largest listed insurance business in terms of market capitalisation. Maybank’s insurance business is conducted by Etiqa International Holdings, which owns 69.05% of Maybank Ageas Holdings. The Etiqa provides life and general insurance in Malaysia, Singapore and the Philippines. While its ownership is relatively small within the Maybank group, Etiqa is the biggest insurance company in Malaysia but has little exposure away from the country. It has been reported that Etiqa is aiming to be a major regional player using Maybank’s extensive network of branches in Asean. Its Singapore business unit has been able to grow in the past three years. In Malaysia, there are also opportunities to grow further as insurance penetration is still low. For the financial year ended 31 December 2016, Maybank Ageas made a record pre-tax profit of MYR810.3 million, an increase of more than a third from the MYR604.4 million posted for 2015.