MAA Takaful Acquisition - FAQs | The Zurich Story | Tell Me About Zurich | Zurich Malaysia

MAA Takaful Acquisition - FAQs

MAA Takaful Acquisition - FAQs

MAA Takaful is now part of the Zurich Insurance Group

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:

What has happened?

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”).

Why did Zurich acquire MAA Takaful?

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.

Will MAA Takaful name and brand be changed?

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.

What is the relationship between MAA Takaful Berhad and Zurich Insurance Malaysia Berhad?

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.

What are the benefits of this acquisition to me as a Zurich Insurance Malaysia customer?

As a Zurich Insurance Malaysia customer, you will be provided with broader range of products for your financial protection and wealth management needs. You will have access to insurance products from Zurich Insurance Malaysia and takaful products from MAA Takaful, in line with your 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.

How will this transaction affect MAA Takaful customers?

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.