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Maybank enters Singapore's life insurance market with Etiqa

Maybank Group will stop offering Prudential Assurance's life insurance products, and start selling Etiqa's products at its 22 branches in Singapore.

SINGAPORE: Maybank Group on Tuesday (Aug 12) announced the launch of insurance arm, Etiqa Insurance, following the Monetary Authority of Singapore's license approval in June. It is the company's first foray into the local life insurance market.

Etiqa has already been offering general insurance products in Singapore for the past 50 years as a branch of its Malaysian office. It is the exclusive insurance provider for the Housing and Development Board (HDB) fire insurance scheme. With the regulatory approval, Etiqa is now a licensed life and general insurance company and Maybank said in its statement that it will sell the company's life insurance products at its 22 Singapore branches. 

It added that the 10-year agreement with Prudential Assurance has concluded. Maybank had exclusively offered the latter's life insurance products in Singapore under that agreement.

"We're looking to Etiqa to increase Maybank's market share and presence in Singapore," said Mr Lim Hong Tat, CEO of Maybank Singapore and Head of Group Community Financial Services.

Etiqa said it aims to be a top 10 life insurer in Singapore within the next five years, and will launch 12 products and nine riders to address the protection and savings needs of customers.

Etiqa CEO Sue Chi Kong said: "The life insurance industry achieved a 24 per cent growth for the first quarter of the year, and continues to make strong headwinds as it remains an area of focus among the public.

"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."