KUALA LUMPUR: Etiqa Group Insurance & Takaful's gross premium for FY ended Dec 31, 2018 increased by 17% to RM7.2bil and retained its position as the top online insurer in the country with more than 65% market share.

However, profit before tax (PBT) fell by 19% to  RM825mil primarily caused by adverse equity market performance and designation of equities as fair value to profit and loss (FVTPL) that resulted in equities realised and unrealised losses, it said on Thursday.

The lower PBT was due to a large equity gain recorded as well as gain from disposal of investment property in FY2017.  

“However, the group can still affirm its strength in the industry with total assets of RM36.1bil, an increase of 4.7% as compared to the previous year,” it said.

Etiqa said its life insurance and family takaful business grew by 16% to RM4.3bil while general insurance and takaful business rose by 17% to RM2.9bil.  

“With this strong performance, Etiqa maintained its top position, in the general takaful segment with 12.3% market share (2017 11.6%) and fourth position in the life/family (new business) segment with 11.2% market share (2017 : 9.9%)  for the Malaysian market,” it said. 

Etiqa is the largest general insurer/takaful player in the country based on gross written premium basis.

Etiqa said it was the top online insurer in Malaysia with more than 65% market share. Its bancassurance channel had a 20% market share in overall life & family new business and 22.8% in regular premium weighted average sales. 

Group CEO, Etiqa Insurance and Takaful  Kamaludin Ahmad said 2018 was a challenging year for Etiqa against a backdrop of global economic uncertainty, which impacted investment revenue across the insurance industry.  

“Despite facing a challenging investment environment, Etiqa emerged as the fastest growing Large Insurance and Takaful provider in Malaysia based on revenue growth.  

“We grew 17% in 2018 with new life/family business growing 19% and general business growing by 10%, while the Malaysian insurance/takaful industry grew by only 5% and 4% for new life business and general business respectively. We also retained our number one bancassurance position, as well as our number 1 Online insurer position, and we’re number two for our fire general business. 

“In 2019, we will continue to keep our focus simple by ensuring that a customer’s experience with us is fast and easy, and that we provide only the best advice,” Kamaludin said.