/Freepik

RHB signs $680m bancassurance deals with Tokio Marine Life, Takaful Malaysia

RHB will distribute life insurance, family takaful, and general takaful products.

RHB Banking Group has signed exclusive 20-year bancassurance and bancatakaful agreements with Tokio Marine Life Insurance Malaysia and Takaful Malaysia, effective 1 August.

Under the deal, RHB will distribute life insurance, family takaful, and general takaful products through its branches and digital channels. 

In return, RHB will receive a Total Access Fee of up to $680m (RM1.6b), tied to projected business volume over the contract period.

The agreements include separate Distribution Agreements and a joint Framework Agreement covering governance and operations.

RHB CEO Dato’ Mohd Rashid Mohamad said the deal supports RHB’s strategy to grow non-interest income. 

Tokio Marine Life CEO Toi See Jong and Takaful Malaysia CEO Nor Azman Zainal said the partnerships will expand access to insurance and takaful offerings in Malaysia.

($1.00 = RM4.24)
 

Follow the link s for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!