In 2005, Maybank Ageas (formerly known as Mayban Ageas), Maybank’s insurance and takaful arm consisting of Mayban General Assurance, Mayban Life Assurance and Mayban Takaful merged with Malaysia National Insurance Berhad, Malaysia's largest national insurer and its subsidiary, Takaful Nasional Sdn Bhd, Malaysia's premier Takaful provider. The merger catapulted Maybank Ageas to the position of second largest insurer in Malaysia.
At the end of 2007, the merger effort with Malaysia National Insurance and Takaful Nasional culminated in the rebranding of the entire Insurance and Takaful group to the new brand name - Etiqa. Etiqa became the single master brand for all conventional and Takaful businesses under Maybank Ageas. The five operating entities are grouped under two anchor subsidiaries for Conventional and Takaful respectively: Malaysia National Insurance Berhad, now known as Etiqa Insurance Berhad, and Takaful Nasional Sdn Bhd, renamed as Etiqa Takaful Berhad.
For the financial year 2010/2011, the Gross Written Premium written by Etiqa stood at RM 4.3 billion (USD 1.33 billion) while Takaful contribution was recorded at RM 2 billion (USD 619 million), placing it as the second largest overall insurer in Malaysia and the no 1 Takaful player in the country, with a profit before tax of RM 505 million (USD 156 million).
Today, Etiqa is a true multi-channel distributor of Insurance and Takaful products via its 18,000 agency force, 31 Insurance and Takaful branches, more than 399 Maybank branches, ATMs and other third-party banks, providing full accessibility and total convenience to customers, unmatched by any other.
At the core of the Etiqa brand is the essence of humanizing Insurance and Takaful. In an industry where agreements are typified by triplicate and fine print, Etiqa seeks to humanize the process by breaking down boundaries through clarity, strength and good conscience. With rock solid foundation, Etiqa is able to provide a unique ability to work hand-in-hand with customers enabling them to live richer lives.
Backed by Malaysia's largest bank, Etiqa's rock solid financial standing puts it in good stead to become the No.1 insurer in Malaysia. Etiqa is already in pole position for the Takaful businesses with a market share of 44% percent in 2011. Etiqa is ranked no. 1 in Combined Insurance and Takaful business for both Life/Family (new business) and General.
Since its launch in 2007, Etiqa continues to garner various international awards as proofs of its leadership in the industry, Etiqa has won the ‘Best Takaful Marketing’ award at the International Takaful Awards 2008 in London, the ‘Most Outstanding Takaful Company’ award at the Kuala Lumpur Islamic Finance Forum in 2008, 2009, 2010 and again in 2011, the ‘Best Brand in Services – Insurance and Takaful’ award at the Brand Laureate Award Night 2009 in Kuala Lumpur and the ‘Best Bancatakaful’ award at the International Takaful Award 2009 in London.