AIA & Public Bancassurance Deal

AIA Group Ltd and Public Bank Bhd have extended their exclusive regional bancassurance partnership by 15 years to 2037. AIA said this reflects the strength and success of the existing partnership, and will enable Public Bank to provide its customers with a wider range of life insurance protection and long-term savings solutions.

“Over the next 20 years, AIA and Public Bank will work together, building on the significant progress already achieved to increase the [delivery] of life and health insurance to Public Bank’s more than nine million customers,” said AIA in a statement yesterday.

AIA group chief executive and president Ng Keng Hooi said the group’s bancassurance strategy is to partner with leading financial institutions to broaden its distribution capabilities across the region.

“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 added.

AIA Malaysia chief executive officer (CEO) Anusha Thavarajah said AIA and Pubic Bank have achieved a great deal together in delivering impressive growth and increasing customer penetration in Malaysia.

“We view the roll-out of AIA Vitality, our science-backed wellness programme that incentivises people to make healthy life choices, as central to our ambitions of helping Malaysians live longer, healthier  lives,” she added.

Public Bank managing director and CEO Tan Sri Tay Ah Lek said the extension of the partnership “will see us further deepening our collaboration as we take our bancassurance business to the next level in Malaysia and the Asia-Pacific region”.