Maybank's Insurance Arm Sees Opportunites In Overseas Presence
Maybank's Insurance Arm Sees Opportunites In Overseas Presence
Maybank hosted an Investor Day with a focus on Etiqa, its group insurance and takaful division, Kenanga noted that the group holds leading positions in all key insurance classes with a strong base supported by strong bancassurance channels with its principal. Going forward, it sees opportunities to widen its overseas presence and to adopt more sustainable frameworks. Maintain forecasts. In FY23, it is noted that Etiqa contributed RM1.1b in pretax profits (c.9% of total group). :
馬來亞銀行舉辦了投資者日，重點關注Etiqa及其集團保險和Takaful部門。凱南加指出，該集團在所有關鍵保險類別中均處於領先地位，擁有堅實的基礎，並得到其委託人強大的銀行保險渠道的支持。展望未來，它看到了擴大海外影響力和採用更可持續框架的機會。維持預測。值得注意的是，在23財年，Etiqa貢獻了11英鎊的稅前利潤（約佔集團總額的9％）。:
Etiqa has a base of 4.2m customers of which 45% of them appear to have been acquired via bancassurance channels. It is also noted that MAYBANK has an overall portfolio of 12.3m customers, of which only 3.3m are als Etiqa customers (i.e. 79%). Kenanga said the group anticipates its bancassurance channel to continue to tap into the wider group's regional network, although we gather that most growth is attributed to life insurance products.
Etiqa擁有42萬名客戶群，其中45％似乎是通過銀行保險渠道獲得的。另據指出，馬來亞銀行的總體投資組合爲1230萬客戶，其中只有330萬也是Etiqa的客戶（即79％）。凱南加說，儘管我們認爲大部分增長歸因於人壽保險產品，但該集團預計其銀行保險渠道將繼續進入更廣泛的集團的區域網絡。
Domestic market the lion's share. From its FY23 gross premium of RM11.5b, 75% of its business originates in Malaysia with
Singapore being its second largest market (18%). The house sees local markets likely to see the greatest support from its notable presence in motor class insurances, where the group prides themselves with a higher expense ratio in favour of well-compensating its panelvendors to strengthen customer experience. The group intends to widen its profit margins here by targeting higher value vehicles and tapping onto its auto finance centres to accelerate growth. Within the motor business, Etiqa appears to have the second largest market share, behind ALLIANZ.
國內市場佔據最大份額。其23財年的總保費爲115令吉，其業務中有75％來自馬來西亞
新加坡是其第二大市場（18％）。該公司認爲，其在汽車類保險方面的顯著影響可能會爲當地市場提供最大的支持。該集團以更高的支出比率而自豪，轉而向其小組供應商提供豐厚的報酬，以增強客戶體驗。該集團打算通過瞄準更高價值的汽車並利用其汽車金融中心來加速增長，從而擴大其在這裏的利潤率。在汽車業務中，Etiqa似乎擁有第二大市場份額，僅次於安聯。
While the group already holds a leading presence amongst its peers, it seeks to defend its position via new innovations to its ecosystem with more direct engagement with customers through its mobile app on air travel notifications, policy teminders and rebates for prolonged uses. Better ease of use could develop stickier relationships to the platform.
儘管該集團已經在同行中佔據領先地位，但它力求通過對生態系統進行新的創新來捍衛自己的地位，通過航空旅行通知、保單提醒和長期使用折扣等移動應用程序與客戶進行更直接的互動。更好的易用性可以與平台建立更緊密的關係。
On the bancassurance space, the group sees opportunities open trom the gradual utilisation of data analytics to ensure more effective targeting and offerings towards potential customers. Supplementing the growth of its general business, the group looks towards more holistic services to corporate clients with comprehensive risk advisory to ensure more relevant premium rates being underwritten.
在銀行保險領域，該集團認爲，逐步利用數據分析可以帶來機遇，以確保更有效地針對潛在客戶並提供服務。爲了補充其一般業務的增長，該集團希望通過全面的風險諮詢爲企業客戶提供更全面的服務，以確保承保更相關的保費率。
In line with MAYBANK's group-wide objective to achieve Net Zero Carbon Equivalent by 2050, Etiqa has moved to not underwrite any Greenfield Coal Power Generation Plants by 2025. It would also work with its partners and the wider supply chain to advocate more sustainable practices (possibly with regards to emissions management and adopting more renewable solutions) whilst offering green insurance products and services.
根據馬來亞銀行集團範圍內的目標，即到2050年實現淨零碳當量，Etiqa已開始在2025年之前不承保任何新建煤炭發電廠。它還將與合作伙伴和更廣泛的供應鏈合作，倡導更可持續的做法（可能涉及排放管理和採用更多的可再生解決方案），同時提供綠色保險產品和服務。
The house maintains its forecast of OUTPERFORM and TP at RM11.00, based on an unchanged GGM-derived FY25F PBV of 1.34x (COE: 9.9%, TG: 3.5%, ROE: 12.0%). Kenanga is of view Maybank will demonstrate operational resilience whilst sustaining its position as the leading bank in terms of market share. The house believes in MAYBANK's ability to provide the most sustainable returns via its consistent market share albeit now with more moderate dividend yields (c.6%).
該行維持其對跑贏大盤和目標價的預測爲11.00令吉，基於 GGM 衍生的 FY25F PBV 爲1.34倍（COE：9.9%，TG：3.5%，投資回報率：12.0%）不變。肯南加認爲，馬來亞銀行將表現出運營彈性，同時保持其在市場份額方面領先銀行的地位。衆議院相信馬來亞銀行有能力通過其穩定的市場份額提供最可持續的回報，儘管現在的股息收益率更爲溫和（約6％）。
譯文內容由第三人軟體翻譯。