Malaysia-based diversified financial conglomerate Maybank Group has expanded its reach in Singapore with the launch of its business division, Etiqa Insurance.
The Malaysian lender said that the launch of the new life and general insurance operation follows the permission granted by the Singapore Monetary Authority of Singapore on 13 June 2014. This also marks the company’s foray into the local life insurance market.
Etiqa Insurance has been offering general insurance solutions in Singapore for the last 50 years as a branch of its Malaysian office, and will now market its life insurance products at Maybank’s 22 branches across the country.
Maybank Singapore CEO and group community financial services head Datuk Lim Hong Tat said: "Etiqa’s entry into Singapore’s life insurance market will provide consumers with greater choice and will ensure that our customers are served more holistically by all of us in the Maybank Group.
"This reiterates Maybank’s intent to be the single port of call for consumers’ finance-related needs.
"We’ve enjoyed a long and successful track record in the bancassurance field and are ready to accelerate our growth and contribution in this space."
Maybank Singapore’s bancassurance revenue has been increasing at an average annual rate of more than 50% over the last three years.
Etiqa Insurance CEO Sue Chi Kong said: "Life insurance will continue to be a cornerstone in a consumer’s financial portfolio.
"Coupled with the rising affluence in Singapore and increasing awareness about the need to plan for retirement and other life needs, we see strong potential in this sector and are proud to be expanding our offer from general to life insurance to make a difference in the life of our customers."
In order to meet the protection and savings needs of customers, Etiqa will roll out 12 products and nine riders in Singapore. The company aims to emerge as one of the 10 life insurers in Singapore within the next five years.
Maybank Group will stop offering Prudential Assurance’s life insurance products with the launch of Etiqa. In 2004, the lender signed a deal with Prudential to offer its life insurance products through its sales channels in Singapore for 10 years.
Image: Menara Maybank, Maybank’s main headquarters. Photo: courtesy of Calvin Teo.