In 2024, the insurance business experienced growth in Malaysia, Qatar, the Philippines, and Singapore, though each market faced distinct challenges.

In Malaysia, the life insurance sector saw a strategic transformation, driven primarily by demographic shifts and a supportive regulatory environment. The market is projected to continue its strong upward trajectory, with forecasts anticipating a compound annual growth rate of 5.2% through to 2028.

Key drivers of this expansion include an ageing population, which is increasing the demand for retirement planning and health coverage, and rising financial literacy among the populace. High new business premiums, particularly for investment-linked products and medical and health insurance, signal growing consumer awareness and demand for comprehensive protection. Overall profitability has improved, bolstered by favourable equity market performance.

The general insurance sector in Malaysia recorded a 6.9% rise in gross written premiums, reaching 23.1 billion ringgit (US$5.43 billion), amid rising motor vehicle sales and infrastructure development. However, underwriting profit declined by 11%, largely due to higher claims, especially in the motor vehicle segment. Medical insurance continued to struggle with rising healthcare costs, leading to a 10% rise in premiums but a high loss ratio of 68%. The industry is adapting by embracing sustainable underwriting and developing products for electric vehicles.

In the Philippines, the insurance industry remained strong, with double‑digit increases in premiums and assets. Life insurance saw a strong take-up, particularly its investment-linked plans. Digital innovation also accelerated, but consumer education was still lagging even as regulatory reforms strengthened the industry’s resilience and broadened access.

Qatar’s insurance market remained relatively small at US$2 billion, with a low penetration rate of 0.9%. Nonetheless, it benefited from strong government investment in infrastructure and major international events, such as the 2024 World Aquatics Championship. These factors supported demand for travel, health, and liability insurance. The market is projected to grow at a 4.8% CAGR through to 2028, supported by increasing product diversity, including climate-related insurance offerings.

In Singapore, 2024 was a year of solid wage growth and enhanced employee benefits, although companies expect a more cautious compensation outlook.

Real wages rose 3.2% last year, a significant jump from 0.4% in 2023, driven by nominal wage growth of 5.6%. About 78.3% of companies raised wages, up from 65.6% in 2023, though the average raise among those giving pay increases was slightly lower at 6.6%. Bonuses also remained common, with about 84% of firms paying them, typically averaging one month’s salary, according to data from the Ministry of Manpower.

Employers are expected to take a more cautious stance on compensation this year due to global uncertainties, with fewer firms planning wage increases. Employers face challenges in retaining talent amid rising salary expectations and increased workloads.

It is in this context that we are announcing the winners of The Asset Triple A Insurance Awards 2025.

Insurance Company of the Year, Life Insurance – Malaysia

Etiqa Life Insurance Berhad wins as the Insurance Company of the Year, Life Insurance, in Malaysia for its strong performance driven by product innovation, digital transformation, and dominance in bancassurance.

The company reported a 287% growth in new business value via its e-channel, fuelled by the successful launch of Phase 2 of its Employees Provident Fund-linked product. Bancassurance, which contributes about 80% of its total business, grew 15.2%, supported by strong collaboration with Maybank and enhancements to its digital platform, which now offers full onboarding, underwriting, payment, and servicing capabilities.

Etiqa Life’s agency force also expanded, growing 23% in manpower while maintaining a 31% agent activity ratio. A new legacy plan is planned for 2025 to further support the agency channel. On the financial side, new business profit improved to 17.3% in 2024 versus 16.9% in 2023, while return on equity increased to 14.2% in 2024 from 13.8% in 2023, driven by strong investment gains and prudent capital use.

Insurance Company of the Year, General Insurance – Malaysia

Etiqa General Insurance Berhad wins the award as Insurance Company of the Year, General Insurance, in Malaysia. The company reinforced its leadership in the general insurance sector through a three-pronged strategy, including corporate dominance, digital innovation, and sustainability.

Its corporate business grew by 19%, with gross written premium (GWP) rising by 11.9% in 2024 outpacing the industry's GWP growth of 7.8% in the same period. Corporate clients, including Malaysia’s top state-owned enterprises (e.g., PETRONAS and Malaysia Airlines), accounted for approximately 70% of its total business. A key differentiator was ERAP (Etiqa Risk Advice and Protect), a pre-underwriting advisory model aimed at reducing risk exposure and improving client loss ratios. This initiative helped shift the market away from price-based competition and built long-term partnerships.

On the digital front, Etiqa remained Malaysia’s leading online insurer with its Etiqa Plus app providing end-to-end insurance services such as motor- and travel-related offerings. Its “Drive Less, Save More” campaign incentivized safer driving and achieved 53% adoption. Travel insurance premiums surged 59% year-on-year, supported by strong partnerships with airlines like Malaysia Airlines and AirAsia, as well as growing direct purchases through digital channels.

Insurance Company of the Year, Employee Benefits – Singapore

HSBC Life (Singapore) wins Insurance Company of the Year, Employee Benefits, in Singapore. Its comprehensive value proposition goes beyond medical insurance, basic healthcare, and term life, while recognizing that employee benefits are crucial for talent acquisition and retention.

HSBC Life has also introduced forward-looking benefits like transgender care and hormone treatments. Since its acquisition of AXA in 2021, it has integrated health and group insurance with its commercial and individual banking solutions, offering a "one-stop" solution.

The company has one of the lowest loss ratios and best-managed claims ratios in the group employee benefits sector, 8-15% better than competitors, allowing them to offer lower premiums to customers. It actively manages claims by working with hospitals and general practitioners for sustainable practices.

HSBC Life invests heavily in analytics and digital tools to monitor trends, inform product design, and provide value-added services like partnering with oncologists for cancer patients and conducting pre-screenings.

Its capital reserves for managing existing portfolios exceed regulatory requirements, demonstrating a strong commitment to covering unforeseen circumstances.

Insurance Company of the Year – Philippines

FPG Insurance has emerged as a frontrunner in the Philippines’ insurance industry through its bold digital innovation, customer-centric offerings, and robust business performance.

One of FPG’s most impressive achievements is its successful digital transformation. The company also partnered with GCash to offer mobile wallet-based insurance through “GInsure”, bringing affordable, accessible protection to a wider clientele. 

Insurance company of the year – Qatar

The Qatar Insurance Company (QIC) wins the award for Insurance Company of the Year in Qatar. The company has consistently stood out as a top-tier insurer not only in the country but across the Gulf Cooperation Council (GCC) region through its digital excellence, customer-first approach, financial strength, and relentless innovation.

The QIC’s user-friendly digital platforms, seamless onboarding, policy handling, swift claims processing, and robust finances. Its forward-thinking product strategy has led to the continuous expansion of insurance lines and digital add-ons beyond core coverage, making it the undisputed leader in the market.

QIC also remains committed to developing the “first insurance-powered digital ecosystem” across apps and web platforms, offering both insurance and non-insurance services such as car rental and repair bookings via its QIC App.

For the full list of winners, please click here.

The awards dinner will be held on September 5, 2025. Please contact celebrate@TheAsset.com for details.