RHB, Tokio Marine Ink RM1.6bn Bancassurance Deal to Boost Profits
RHB Banking Group has signed a 20-year bancassurance and bancatakaful partnership with Tokio Marine Life Insurance Malaysia and Takaful Malaysia. The deal, worth up to RM1.6bn in Total Access Fees, is expected to boost RHB's profit margins.
The partnership, part of a broader framework agreement, sees RHB exclusively selling, marketing, and distributing Tokio Marine Life and Takaful Malaysia's products. RHB Bank will collaborate with Tokio Marine Life, while RHB Islamic works with Takaful Malaysia.
RHB's MD and CEO, Dato' Mohd Rashid Mohamad, sees this alignment as crucial to driving non-interest income streams. Tokio Marine Life Insurance Malaysia's CEO, Toi See Jong, shares confidence in the partnership's value and potential. Meanwhile, Tokio Marine Holdings plans to rebrand its subsidiary E.design Insurance for growth in Japan's direct car insurance market.
The RM1.6bn deal, expected to positively impact RHB's profit margins, is a strategic move for both parties. The partnership, with its operational and governance structures outlined, is set to enhance RHB's product offerings and drive growth for Tokio Marine Life and Takaful Malaysia.
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