BANGSAR (Apr 29): Maybank Ageas Holdings Bhd - the operator of Etiqa insurance and takaful brands in the country - aims to expand its footprint in Indonesia and the Phillipines by acquiring "small and inexpensive player" as early as next year.

"We are in talks with few parties to expand our business in the regional market. Obtaining the insurance licence in those countries are quite difficult, therefore through our acquisition, we can leverage on their exisiting licence to operate there," its chief executive officer Kamaludin Ahmad told reporters after presenting its financial results for the year ended Dec 31, 2014 (FY14) here today.

As for the target companies, Kamaludin said Maybank Ageas is looking for lower valuation but with robust business operations and distribution channel.

"Valuation-wise, we are considering between three and five times of the book value. To us, that is quite fair but of course it must also be sensible," he added.

Etiqa made its first regional foray in Singapore last year, providing both general and life insurance products.

Kamaludin also quashed market rumours that Maybank Ageas plans to list Etiqa on the local bourse soon.

"Let me put the matter to rest: yes we are always open to every possible options that will bring us to the next level; but no, we will not be eyeing to list Etiqa anytime soon. We are busy with our business enhancement and regional expansion plan," he said.

In FY14, Maybank Ageas reported a record consolidated pre-tax profit of RM767 million, a 5% increase from RM733 million in FY13, driven by a combined gross written premium and contribution that grew to RM5.02 billion.

"Our profit after tax profit in FY14 dipped 7% to RM542.16 million from RM580.46 million in FY13, due to tax adjustment. I must warn you that assessing an after tax profit alone could mislead the overall performance. Excluding tax adjustment, our performance is robust and on steady growth trajectory," said Maybank Ageas chief financial officer Loke Hoe San.

This year, Kamaluddin expects both the group's insurance and takaful business to chalk growth between 10% and 12% in gross written premium, by focusing on profitable classes and regular premium business.

Etiqa is currently the leading general insurance and takaful player in the country, with a market share of 12.8% and a total of 3.9 million unique customers.

"Our Takaful business remains the top player in the industry, commanding a market share of 47.3% in general Takaful and 20.5% in family Takaful, measured by growth in new business," Kamaludin added.