Etiqa, Maybank’s insurance arm has been divided 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. The new companies 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.
The company has also appointed four new CEO’s to lead each entity.
The general insurance company will be led by Fukhairudin Mohd Yusof. Zaharudin Daud heads up the general takaful company and Zafri Ab Halim is in charge of family takaful operations.
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.