Fitch Ratings has affirmed that the core insurance entities of Maybank Ageas Holdings Berhad (MAHB), including Etiqa General Insurance Berhad, Etiqa Life Insurance Berhad, Etiqa General Takaful Berhad, Etiqa Family Takaful Berhad, and Singapore-based Etiqa Insurance Pte. Ltd., are expected to remain financially stable.
According to Fitch, these entities are integral to MAHB’s operations, benefiting from shared branding, management, and operational synergies that reinforce their collective strength.
MAHB continues to be a dominant force in Malaysia’s insurance sector, aided by its affiliation with Malayan Banking Berhad. In the first half of 2024, the company reported a net profit after tax of MYR 385 million ($86.87 million), compared to a profit of MYR 868 million ($195.85 million) in 2023. This represents a significant recovery from a loss of MYR 86 million in 2022.
The company’s stable performance has been supported by strong reserve releases and profitable new business growth, particularly in its Singapore operations.
Fitch also highlighted MAHB’s exposure to Malaysian sovereign investments but assured that the associated risk remains manageable. The ratings agency maintains a stable outlook for the company, indicating expectations of continued financial resilience and steady performance in its key markets.
($1.00 = MYR 4.43)
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