KUALA LUMPUR (April 25): Etiqa Group Insurance & Takaful closed its financial year ended Dec 31, 2018 (FY18) with 17% gross premium growth at RM7.2 billion from a year earlier and a 19% drop in profit before taxation (PBT) at RM825 million against a backdrop of global economic uncertainty.

In a statement today, Etiqa, the insurance arm of Malayan Banking Bhd (Maybank), said global economic uncertainty impacted investment revenue across the insurance industry.

Etiqa group CEO Kamaludin Ahmad said in the statement: "2018 proved to be a challenging year for Etiqa against a backdrop of global economic uncertainty, which impacted investment revenue across the insurance industry."

"In 2019, we will continue to keep our focus simple by ensuring that a customer's experience with us is fast & easy, and that we provide only the best advice," he said.

In the statement, Etiqa said FY18 gross premium increased after its life insurance and family takaful business grew 16% to RM4.3 billion while the general insurance and takaful segment rose 17% to RM2.9 billion.

Etiqa said PBT dropped 19% primarily due to adverse equity market performance and designation of equities as fair value to profit and loss, adding that such designation resulted in equities' realised and unrealised losses in FY18 compared to FY17's large equity gain.

For FY17, Etiqa said the company also registered investment property disposal gain.

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