KUALA LUMPUR: Tokio Marine Life Insurance Malaysia Bhd and RHB Bank Bhd are targeting RM4 billion in insurance premiums via an exclusive bancassurance distribution agreement inked by the two parties, said RHB Bank retail director Renzo Viegas.
This will be underpinned largely by their bancassurance business as well as other ancillary businesses within their area of cooperation, he said on Thursday, July 1.
In the medium term, Tokio Marine Life is targeting RM890 million in new business premiums within three years, said Tokio Marine Life chief executive officer Kenneth Wong.
Tokio Marine Life expects to secure RM270 million in the first year, RM300 million in the second year and RM320 million in the third year, he said before the signing ceremony between Tokio Marine Life and RHB Bank.
The agreement, which was signed by Wong and RHB group managing director Datuk Tajuddin Atan, is valued at RM100 million and will last for 10 years from today, he said.
To kick-start the partnership, Tokio Marine Life is launching Guaranteed Income Endowment Plus (GIE Plus), a capital protected single-premium participation endowment plan solely distributed by RHB Bank's network in Malaysia.
Tokio Marine Life and RHB Bank expect to attract 3,000 new customers and increase its fund size to RM100 million within a month.
Also present at the ceremony were Tokio Marine Life chairman Tan Sri Dr Yahya Awang and RHB CAPITAL BHD [] chairman Datuk Mohamed Khadar Merican.
This will be underpinned largely by their bancassurance business as well as other ancillary businesses within their area of cooperation, he said on Thursday, July 1.
In the medium term, Tokio Marine Life is targeting RM890 million in new business premiums within three years, said Tokio Marine Life chief executive officer Kenneth Wong.
Tokio Marine Life expects to secure RM270 million in the first year, RM300 million in the second year and RM320 million in the third year, he said before the signing ceremony between Tokio Marine Life and RHB Bank.
The agreement, which was signed by Wong and RHB group managing director Datuk Tajuddin Atan, is valued at RM100 million and will last for 10 years from today, he said.
To kick-start the partnership, Tokio Marine Life is launching Guaranteed Income Endowment Plus (GIE Plus), a capital protected single-premium participation endowment plan solely distributed by RHB Bank's network in Malaysia.
Tokio Marine Life and RHB Bank expect to attract 3,000 new customers and increase its fund size to RM100 million within a month.
Also present at the ceremony were Tokio Marine Life chairman Tan Sri Dr Yahya Awang and RHB CAPITAL BHD [] chairman Datuk Mohamed Khadar Merican.
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