Top Insurance Companies
in Malaysia
Insurance companies have been operating in the country for
decades,serving the needs of all and sundry. Top 10 of Malaysia looks at some
of the country’s leading life and general insurers (presented in no particular
order).
LIFE INSURANCE
Great Eastern Life Assurance (Malaysia)
Berhad
The company’s tagline, ‘Life is Great!’ aptly reflects its
ambition for continuous growth. Great Eastern currently employs more than
21,000 agents and has 21 operational branches in the country alone. Today,
Great Eastern benefits from a wide network across South-East Asia – one which
covers neighbouring countries: Singapore, Brunei and Indonesia as well as China
and Vietnam. It is also the largest life insurance company in Singapore.
American InternationalAssurance (AIA) Berhad
AIA Berhad is the largest independent listed pan-Asia life
insurance group in the world. In Malaysia, the insurer boasts a network of 23
branches and markets a portfolio of life insurance products via a
multi-distribution system.
Allianz Life Insurance Malaysia Berhad
Allianz Life Insurance Malaysia Berhad (Allianz Life) offers a
comprehensive range of life and health insurance and investment-linked
products. Allianz Life has been recorded as one of the fastest growing life
insurers in Malaysia and continues to show strong growth with RM621.6 million
in GWP for the first six months of 2012, increasing by 12.5% since last year.
Prudential Assurance Malaysia Berhad
Prudential Assurance Malaysia Berhad (PAMB) is part of Prudential
plc of the United Kingdom and was established in Malaysia in 1924.Currently it
has the backing of some1,300 employees and over 13,000 agents and wealth
planners to offer its full range of financial solutions through 43 branches
nationwide
Mayban Life Assurance Berhad
Mayban Life Assurance Berhad(Mayban Life) is the life insurance
subsidiary of Maybank which started operations in 1993. The absence of an
agency force sets Mayban Life apart from the rest. Its products are not
distributed by life agents,but by trained specialists located in Maybank
branches throughout Malaysia. Mayban Life customises its life insurance schemes
exclusively for Malaysians from all walks of life and that incudes financial
planning for children’s education, retirement,protection and investment
schemes.
Tokio Marine Life Insurance Malaysia Berhad
Tokio Marine Life is the preferred life insurer with over 130
years of global experience and over 60 years of local presence in delivering
solid propositions to their customers through its products and services.Tokio Marine
Life is a member of Tokio Marine and Nichido Fire Insurance Co., Ltd, the
oldest and largest non-life insurance company in Japan with more than17,000
employees, 46,000 agents and operates in 446 cities over 39 countries*
worldwide. It is has a credit rating** of AA- by Standard & Poor’s, Aa3 by
Moody’s and A++ by A.M. Best.
Zurich Insurance Malaysia Berhad
Zurich Insurance Malaysia Berhad was born when Zurich Insurance
Group acquired Malaysian Assurance Alliance Berhad from MAA Holdings in 2011.
Acquiring a wealth of talent, the company is powered by an employee base of
more than 1,000 people, excluding 4,500 life agents and 3,000 general insurance
agents.
Manulife Malaysia
Manulife Malaysia has long enjoyed a presence in Malaysia,albeit
under different names.Having first been established as a branch of
Bahamas-based British American Insurance Co, it went on to become British
American(Malaysia) Insurance Berhad and later, John Hancock Life Insurance
Berhad before becoming Manulife Malaysia as it is known today.Currently, the
company serves its customers through its 1,900 agents and 50 branches spread
across the Peninsular and East Malaysia.
Hong Leong Assurance Berhad
Hong Leong Assurance Berhad (HLA) has been operating in Malaysia
as a general insurance company under the name, Malaysia Pacific Insurance
Berhad in 1972 but only added the life insurance business into its range of
products and services a year later. HLA today is one of Malaysia’s leading
domestic brands for financial planning and protection solutions, specialising
in Life Insurance products and services
GENERAL INSURANCE
Kurnia Insurans (Malaysia) Berhad
Kurnia Insurans has grown to become one of the leading general
insurers in the country and region. A part from having a well-recognised brand,
a solid foot holdin the motor insurance sector and gross premiums exceeding the
RM1 billionmark, Kurnia Insurans also features an impressive network which
consists of a workforce of 1,200 employees and 30 branches across Malaysia. The
company also runs operations in neighbouring Thailand and Indonesia.
Allianz General Insurance Company (Malaysia)
Berhad Allianz General Insurance Company (Malaysia) Berhad
(“Allianz General”) is the leading general insurer in Malaysia and has a broad
spectrum of services in personal lines; small to medium enterprise business and
large industrial risks. Allianz General recorded RM852.5million in GWP for the
first six months of 2012. This is an increase by 14.2% as compared to RM746.7
million in 2011.
Etiqa Insurance Berhad
Etiqa Insurance Berhad was the result of the merger between
Malaysia National Insurance (MNI) Berhad and Takaful Nasional Sdn
Berhad.Functioning as the insurance and Takaful arm of Maybank Group. Etiqa
Insurance Berhad today is the longest Takaful operator in Malaysia with a
2,000-strong employee force and is a true multi-channel distributor of
insurance and Takaful products via its 23,000 agency force, 30 Insurance and
Takaful branches, more than 450 Maybank branches, ATMs andother third-party
banks, providing full accessibility and total convenience to customers
MSIG Insurance (Malaysia) Berhad
MSIG, a member of MS&AD Insurance Group is a subsidiary of
Mitsui Sumitomo Insurance Group.MSIG has become one of the largest general
insurers in Malaysia with a nationwide network of 20 branches. It has a
multi-channel distribution network established in partnerships with agents,brokers,
motor franchise, local and Japanese corporate clients as well as partnership
programmes with financial institutions.
Chartis Malaysia Insurance Berhad
Chartis Malaysia Insurance Berhad’s presence in Malaysia can be
traced back to the 1920 in Kuala Lumpur and it became a locally incorporated
Malaysian insurance company in 2008. Today, the company provides its services
to businesses and individuals via its 16 offices nationwide making use of a
network of more than 3,000 professional agents, brokers and staff. It is part
of the Chartis Group, one of the world’s leading general insurers that serves
more than 70 million clients worldwide and has one of the industry’s most
extensive range of products and services, deep claims expertise and excellent
financial strength.
Berjaya Sompo Insurance
Berhad Berjaya Sompo Insurance Berhad,previously known as Berjaya
General Insurance Berhad, beganits operations in Malaysia in 1974. It became
known as Berjaya Sompo Insurance Berhad after Sompo Japan Insurance Inc – Japan’ssecond
largest insurance company– purchased a 30% equity stake inthe company from
Berjaya Capital Berhad. Sompo Japan Insurance Inc has 41 offices and
subsidiaries in 27 countries. Currently, Berjaya Sompo has a network of 22
offices in Malaysia providing a wealth of experience and expertise to
policyholders.
Uni.Asia General Insurance Berhad
Uni.Asia General Insurance Berhad was the brainchild of a
strategic partnership between DRB-HICOM Berhad and United Overseas Bank Group.
DRB-HICOM is one of the largest integrated groups in Malaysia and has
contributed significantly to the region’s industrialisation.The United Overseas
Bank (UOB) Group was founded in 1935 and United Overseas Bank (Malaysia)Berhad
was incorporated in 1993.It is a subsidiary of United Overseas Bank Limited
(UOB), a leading bankin Singapore with an international network comprising 385
offices in18 countries and territories in Asia Pacific, Western Europe and
North America. It is their mission to see Uni.Asia General grow into a leading
force in the general insurance industry.
AmG Insurance Berhad
Formerly part of the composite insurance (life and general)
operation of AmBank Group, AmG Insurance Berhad is a general insurer which
carries the Am Assurance brand. It leverages on an extensive distribution
network which consists of the AmBank Group’s 190 bank branches, 19 AmAssurance
branches plus 2,900 agents who provide the services forthe insurer’s one
million policy holders.
MCIS Zurich Insurance Berhad
The merger between MCIS Insurance and Zurich Malaysia a decade ago
culminated in a strategic and synergic amal gamation that is complemented by
decades of local knowledge and strong global links. Currently, MCIS Zurich
boasts a total of 400,000 policy holders in the country and has assets in
excess of RM3 billion with a solid record for good corporate governance.
AXA Affin General Insurance Berhad
Born of a joint venture between AXA Group and Affin Holdings
Berhad – the former being a long-serving leader in the local finance services
industry – AXA Affin General Insurance Berhad has earned its keep as one of
Malaysia’s most profitable insurance providers. The company employs 3,000
agents and 700 employees, spread across 21 branches nationwide to serve its
300,000 policy holders. It also provides services in formulating comprehensive
plans specially designed for SME businesses as well as providing insurance
services in specialist fields such as Marine and Trade Credit Insurance.
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