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Maybank insurance arm divided into 4 entities

Malayan Banking Bhd.'s insurance arm Etiqa has split into four separate companies to minimize risks, among other things, The Edge Markets reported.

The entities are Etiqa General Insurance Bhd., Etiqa General Takaful Bhd., Etiqa Family Takaful Bhd. and Etiqa Life Insurance Bhd. Their parent company is Maybank Ageas Holdings Bhd.

According to the report, Fukhairudin Mohd Yusof, Zaharudin Daud and Zafri Ab Halim were respectively named CEOs of Etiqa General Insurance, Etiqa General Takaful and Etiqa Family Takaful. Kamaludin Ahmad was named interim CEO for Etiqa Life Insurance.