HONG KONG: AIA Group Ltd and Public Bank Bhd have announced a 15-year extension to their existing exclusive regional bancassurance agreement that extends the partnership to 2037.
This new agreement reflects the strength and success of the existing partnership and will enable Public Bank to provide its customers with a broadened range of high-quality life insurance protection and long-term savings solutions from AIA.
Over the next 20 years, AIA and Public Bank will work together, building on the significant progress already achieved, to increase the penetration of life and health insurance across Public Bank’s more than nine million customers.
AIA group CEO and president Ng Keng Hooi said the agreement is aligned with its bancassurance strategy of partnering with leading financial institutions to broaden its distribution capabilities across the region, and it is the most recent in a succession of major new partnerships that AIA has entered into this year.
“We expect the strengthening of our long-term partnership with Public Bank to deliver strong value for AIA’s customers and shareholders over the next 20 years,” he said in a statement.
Public Bank managing director and CEO Tan Sri Tay Ah Lek said this new agreement reflects the success that it has delivered in partnership with AIA and will see the bank further deepening its collaboration as it takes its bancassurance business to the next level not only in Malaysia, but in Asia-Pacific markets where Public Bank has a presence.
Source: The Sun Daily