KUALA LUMPUR (March 8): Maybank Ageas Holdings Bhd, the parent company of Etiqa Insurance Bhd and Etiqa Takaful Bhd, recorded the highest ever pre-tax profit of RM810.3 million for the financial year ended Dec 31, 2016 (FY16), up 34% from RM604.4 million in FY15.

The insurance and takaful arm of Malayan Banking Bhd (Maybank) recorded total assets of RM31.9 billion, while its total combined gross premium and contribution came in at RM5.3 billion. Investment income totalled RM1.1 billion while gross benefits and claims payout were RM4 billion over the year.

"With this strong performance, Etiqa Takaful continues to command a market share of 49% in general takaful and 16.3% in (the new business of) family takaful," Etiqa said in a statement today.

Etiqa's bancassurance channel has a market share of 18% in regular premium sales, while its online business serves 89.7% of the market in general insurance and general takaful online sales, it said.

"We are excited about our strength and depth within all our business lines, and look forward to another successful year in 2017," said Maybank Ageas chief executive officer Kamaludin Ahmad.

"Most importantly though, Etiqa believes that being the market leader is more than just numbers, it is about being available to our customers when they need us," he added, citing the Flood Warning SMSes it sent to almost 15,000 policy holders a few days before the floods hit their states.