Aeon Acquired Broker License

Aeon Credit Service (M) Bhd said it has obtained Bank Negara Malaysia (BNM)’s approval to acquire insurance and takaful broking firm Insurepro Sdn Bhd for RM1.7 million. Insurepro’s primary business focus is to provide comprehensive insurance services to strategic and specialized industries in Malaysia.

It said the acquisition, which is expected to be completed in October, will allow the group to distribute both commercial and personal insurance products, including life insurance products by leveraging on the Aeon Group Retail network and Eco system.

Currently, the overall income earned from the insurance is less than 5% of the company’s total income. The newly acquired subsidiary will be transformed into a digital insurtech company, with its main strategy being the direct-to-consumer approach.

With the new Insurtech availability in the market, the group said Insurepro can offer vast insurance and protection schemes to consumers via online tools with more pricing and product options as an advantage of being a broker.