Maybank Ageas core insurance entities expected to remain stable

Fitch notes MAHB’s exposure to Malaysian sovereign investments, but manageable.

Maybank Ageas Holdings Berhad’s (MAHB) core insurance entities, which includes Etiqa General Insurance Berhad, Etiqa Life Insurance Berhad, Etiqa General Takaful Berhad, Etiqa Family Takaful Berhad, and Singapore-based Etiqa Insurance Pte. Ltd., is expected to maintain its financial stability, according to Fitch Ratings.

Fitch considers these entities core to MAHB, with shared branding, management, and operational synergies supporting their collective strength.  

MAHB remains a leading player in Malaysia’s insurance sector, benefiting from its affiliation with Malayan Banking Berhad. 

The company posted a net profit after tax of $86.87m (MYR385m) in the first half of 2024 and $195.85m (MYR868m) in 2023, recovering from a MYR86m loss in 2022. 

Strong reserve releases and profitable new business growth have helped stabilise performance, particularly in Singapore.  

Fitch notes MAHB’s exposure to Malaysian sovereign investments but considers the overall risk level manageable. 

The company is perceived to have a stable outloo, which indicates expectations of continued financial resilience and steady performance in its core markets.

($1.00 = MYR4.43)