Zurich Insurance Group (Zurich) has completed it acquisition of MAA Takaful Berhad (MAAT), one of Malaysia’s leading Takaful providers, on 30th June 2016, MAAT has now been renamed to Zurich Takaful Malaysia Berhad (ZTMB).
ZTMB provides Zurich with appropriate licenses, products and infrastructure to enter the Takaful market. It enables Zurich to access new customer segments with a different range of product suite, in response to the growing demands of this segment and the great growth potential which the local Takaful market has to offer.
“For Zurich to fully realize its potential in Malaysia and achieve the market share that it aspires to, we must be able to provide attractive solutions to customer needs right across the country; particularly in providing them with the necessary products to protect themselves and their assets. Through ZTMB and its sister company, Zurich Insurance Malaysia Berhad (ZIMB), we are confident that we are able to provide our customers with a wide range of Insurance and Takaful solutions across multiple customer segments. The two companies will tap into synergies and complement each other, while leveraging on Zurich’s global expertise to broaden and deepen the solutions available to meet the diverse needs of our customers,” said Philip Smith, Executive Director of ZTMB and Chief Executive Officer of ZIMB.