Etiqa Completes Merger Master Plan, Transfers Mayban Life Assurance Bhd's business to Etiqa Insurance Berhad

Kuala Lumpur - Etiqa, the largest Malaysian composite insurer and takaful operator, announces that it has reached the final stage of its merger, which started in 2005, as it transfers the businesses, assets and liabilities of Mayban Life Assurance Berhad to Etiqa Insurance Berhad, effective 1 November 2010.

"This is the final step in our merger under the Etiqa brand name. This stronger and more stable structure will allow Etiqa to be more focused in expanding its business, both organically and inorganically. As for our current Mayban Life Assurance policy holders and business partners, the terms and conditions remains unchanged," said Dato Aminuddin MD Desa, Chief Executive Officer, Etiqa Insurance & Takaful.

The Etiqa brand was launched in November 2007 as part of the merger which saw Malaysia National Insurance Berhad and Takaful Nasional Sdn Bhd merging with Maybank's insurance and takaful arm, Mayban Fortis Holdings Berhad, consisting of Mayban Life Assurance Bhd, Mayban General Assurance Bhd and Mayban Takaful Berhad.

Earlier in the merger, Mayban General Assurance Bhd was merged into Etiqa Insurance Bhd and Mayban Takaful Berhad was merged into Etiqa Takaful Bhd. With the merging of Mayban Life into Etiqa Insurance, Etiqa is now more focus with its two operating licenses, one each for Etiqa Insurance Berhad and Etiqa Takaful Berhad.

"Etiqa is a true multi channel provider, unmatched by any other as we are reachable through more than 450 Maybank branches; 36 Etiqa branches nationwide; more than 28000 agents, brokers and cooperatives; and through our Etiqa Oneline call centre at 1300 13 888 and our website, www.etiqa.com.my. Now under the single Etiqa brand, we offer one stop solution for all your insurance and takaful needs and this is very much reflective of our brand platform of humanizing insurance and takaful," added Aminuddin.

As one of the largest bancassurance provider, Etiqa underwrites all insurance and takaful plans offered by Maybank.

With Mayban Life Assurance Bhd transferring its businesses to Etiqa Insurance Berhad, this has increased Etiqa Insurance Berhad asset size to RM13.5 billion and a policy holders insurance fund size of RM 11.1 billion.

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