HISTORY
With 55,000 employees in 170 countries, we are
truly global.
Founded in Switzerland in 1872, the Zurich Insurance Group (“Zurich”) is one of
the world’s leading insurance groups, and one of the few to operate on a truly
global basis.
At Zurich, our mission is to help customers understand and
protect themselves from risk. With about 55,000 employees, we provide a wide
range of general insurance and life insurance products and services. We serve
individuals, small businesses, and mid-sized and large companies, including
multinational corporations, in more than 170 countries. Our customers choose
Zurich because they value our expertise, knowledge and stability. Our brand
promise of intelligent protection is Zurich’s unique approach to understanding
and managing risk – not only on behalf of our customers, but also in the
long-term interest of all stakeholders.
In Malaysia, we have the expertise to meet
your needs.
Zurich has a well-established presence in Malaysia, with a strong management
team and committed and talented employees across the nation and supported by
dedicated Life Insurance, General Insurance, Family Takaful and General Takaful
agents. We combine our global expertise, operational efficiency and financial
strength with the local heritage and knowledge of the Malaysian insurance
market to deliver what matters, when it matters, to our customers in Malaysia.
About Zurich Takaful Malaysia Berhad
Zurich Takaful Malaysia Berhad [Formerly known as MAA Takaful Berhad] is a
leading provider of Takaful products in Malaysia, recording approximately
RM528.0 million in gross earned contributions in 2015 and has over 7,000 agents
in its agency force.
On 4 May 2016, the Zurich Insurance Company Ltd entered into a
conditional Share Purchase Agreement to acquire 100% of the share capital of
MAA Takaful Berhad from MAA Group Berhad [Formerly known as MAA Holdings
Berhad] and Solidarity Group Holding BSC (Closed) of Bahrain.
On 1 July 2016, MAA Takaful Berhad became part of Zurich, one of
the world’s leading insurance groups.The acquisition marks a significant
milestone for Zurich in Malaysia,an exciting market where Zurich is committed
to broadening its solutions and contributing to the growth of the Takaful
industry.
Effective 2 August 2016, MAA Takaful Berhad was officially
renamed to Zurich Takaful Malaysia Berhad.
BOARD OF DIRECTORS
SHARIAH COMMITTEE
MANAGEMENT TEAM
FAQ
As of 1 July 2016, MAA Takaful became part of the Zurich
Insurance Group (“Zurich”), one of the world’s leading insurance groups. The
acquisition marks a significant milestone for Zurich in Malaysia, an exciting
market where Zurich is committed to broadening its solutions and contributing
to the growth of the Takaful industry.
For more information about this exciting venture, please read
on:
About Zurich
Zurich is a leading multi-line insurer that serves its customers in global and
local markets. With about 55,000 employees, we provide a wide range of general
insurance and life insurance products and services. We serve individuals, small
businesses, and mid-sized and large companies, including multinational
corporations, in more than 170 countries.
Our Mission
Our mission is to help our customers understand and protect themselves from
risk.
Who We Are
Founded in Switzerland in 1872, Zurich is one of the world’s most experienced
insurers. Our customers choose Zurich because they value our expertise,
knowledge and stability. Our brand promise of intelligent protection is
Zurich’s unique approach to understanding and managing risk – not only on
behalf of our customers, but also in the long-term interest of all
stakeholders.
What We Do
We are prioritising investment in distinctive positions – our high-potential
market positions in the corporate market, commercial mid-market and select
retail markets. We are managing other businesses for value, while turning
around or exiting underperforming businesses.
How We Do It
We are growing our operating earnings by reducing complication and overhead
costs throughout our business, increasing operational efficiency and improving
processes, and enhancing investment returns. We are also building the necessary
supporting capabilities. In all that we do, we are living up to the Zurich
Commitment to stakeholders, which includes acting responsibly throughout our
business and following our core values.
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No.
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Questions
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Answers
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A. About The Transaction
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1.
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What has happened?
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Zurich Insurance Company Limited,
a subsidiary of Zurich Insurance Group (“Zurich”), has acquired 100% of the
shares of MAA Takaful Berhad (“MAAT”) from MAA Group Berhad (“MAAG”) and
Solidarity Group Holding BSC (Closed) (“Solidarity”).
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2.
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Who is Zurich?
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Zurich is one of the world’s
largest insurance groups and one of the few to operate on a truly global
basis. Founded in 1872 and headquartered in Zurich, Switzerland, Zurich’s
mission is to help customers understand and protect themselves from risk.
Zurich is a leading multi-line
insurer that serves its customers in global and local markets. With about
55,000 employees, Zurich provides a wide range of general insurance and life
insurance products and services. Zurich serves individuals, small businesses,
mid sized and large companies, including multinational corporations in more
than 170 countries. Zurich has a solid financial position with strong credit
rating granted by S&P’s (AA-/stable) . We aspire to become the best
global insurer as measured by our customers, distributors, employees and
shareholders.
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3.
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Why did Zurich acquire MAA Takaful
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Zurich is keen to expand its
presence in Malaysia as Malaysia is one of the key Asian markets with
significant growth prospects. The acquisition of MAA Takaful is another
milestone in our emerging-market strategy. It expands our presence in the
Asia-Pacific region and positions us for further profitable growth.
Because MAA Takaful is one of the
most well-established Takaful operators in Malaysia, it offers Zurich a unique
opportunity to acquire a national distribution platform and a more mature
infrastructure to penetrate the Takaful market – something which would be
extremely difficult to replicate from scratch. To be successful in this
market, it is important that we offer products and solutions that meet all
our customers’ needs, including the more than 60% of Malaysia’s population
who are Muslims ( 2010 Census ). The size of the company and the Takaful
market will also give Zurich a significantly enhanced capability in South
East Asia.
Zurich recognises the strengths of
MAA Takaful in its 9 years of takaful expertise; a strong and experienced
management team and loyal employee base; an extensive tied-agency in Takaful
Family; a quality team to support General Takaful; and over 1.1 million
certificate holders in Malaysia.
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4.
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Will the company name and brand be
changed?
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Yes, the company name will change
to reflect the change of ownership of the company, as soon as we have
received all the necessary approvals.
MAA Takaful is a well respected
company in Malaysia. We will look to combine MAA Takaful’s strong reputation
and Takaful market knowledge with Zurich’s international brand. A gradual
transition to the Zurich brand will be implemented.
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5.
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You already have a stake in the
Malaysian insurance market ( Zurich Insurance Malaysia Berhad ). What is the
relationship between MAA Takaful Berhad and Zurich Insurance Malaysia Berhad?
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Zurich currently owns a 100% stake
in Zurich Insurance Malaysia Berhad which holds conventional Life and GI
licenses. With the acquisition of MAA Takaful Berhad, Zurich will acquire a
controlling interest in Takaful Family and General Takaful licenses to
penetrate the Takaful market.
With the acquisition, Zurich
Insurance Company Limited is parent company to both MAA Takaful Berhad and
Zurich Insurance Malaysia Berhad.
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6.
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Can you tell us about Zurich
Insurance Malaysia Berhad?
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In 2011 Zurich acquired Malaysian
Assurance Alliance Berhad ( MAA ), rebranded it as Zurich Insurance Malaysia
Berhad in 2012. Since 2011, we have continued to build on the MAA base and
develop the business strongly, bringing technology and new insurance
solutions to the market.
Today, Zurich Insurance Malaysia
Berhad has a nationwide footprint of 39 branches. Agents and distributors
remain as the dominant distribution channel for the Malaysian market as well
as for Zurich.
In the life insurance market,
Zurich Insurance Malaysia Berhad has a market share of 2.7% ( measured by APE
) and is ranked 8th out of 14 players. Zurich Insurance Malaysia’s general
insurance business has a market share of 3.6% and is ranked 11th out of 23
general insurance companies in Malaysia.
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B. Policy Terms &
Benefits
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1.
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How will this transaction affect
me?
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There will be no impact on the
benefits (terms & conditions) and provisions included in existing
certificate holder contracts of the company. The company will continue
servicing existing MAA Takaful customers and their contracts will remain
valid, with all obligations honored until the end of their term. MAA Takaful
customers will continue to enjoy the high quality of services provided by the
agent/ distributor and by the company.
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2.
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What are the benefits of this
acquisition to me as a customer?
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MAA Takaful customers will be
provided with broader range of products for their financial protection and
wealth management needs. They will also have access to insurance products
from Zurich Insurance Malaysia and takaful products from MAA Takaful, in line
with their wishes and requirements.
MAA Takaful and Zurich Insurance
Malaysia will synergise and complement each other and leverage on Zurich’s
global expertise to broaden and develop more innovative products to meet the
ever changing needs of customers.
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3.
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Do I need to do anything with my
existing certificates?
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You do not need to do anything but
continue to enjoy the benefits of your existing certificates as well as the
quality services provided by your agent and the company.
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4.
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Will there be any change in the certificate
contribution?
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The certificate contribution will
not change as a result of this transaction.
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C. Service Procedures
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1.
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Will my contact person change?
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You will continue to be served by
your existing agent / broker ( and the company’s Customer Service team /
Claims team )
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2.
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Who will deal with my claims? Will
there be any change in the claim procedures?
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Your claims will be handled by
your existing agent/ broker and the company’s Claims team with no change on
claim procedures.
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3.
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Will the service standards be
changed from what I used to receive from MAA Takaful ( and my agent )?
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At Zurich, customers are always at
the centre of everything we do. With effective procedures and measuring
mechanisms in place, we assure you that the service quality will be
maintained and enhanced continuously.
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4.
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Will the Customer Service centre I
used to visit for services remain?
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The company will continue to
operate with the existing branch/office network. We will review our business
strategy and customer needs to assess if further changes should take place.
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