Latest news with #bancatakaful
Yahoo
04-08-2025
- Business
- Yahoo
HB strikes bancassurance deals with Tokio Marine Life and Takaful Malaysia
RHB Banking Group has entered a bancassurance and bancatakaful partnership with Tokio Marine Life Insurance Malaysia and Takaful Malaysia for 20 years. RHB will exclusively sell, market and distribute Tokio Marine Life and Takaful Malaysia's life insurance and takaful products in Malaysia. The distribution agreements will see RHB Bank collaborate with Tokio Marine Life, and RHB Islamic work in tandem with Takaful Malaysia. This is part of a larger framework agreement that outlines the operational and governance structure for the partnerships. Tokio Marine Life Insurance Malaysia CEO Toi See Jong said: 'We are confident that this next chapter will see us deliver even greater value to the community, combining Tokio Marine's global insurance expertise with RHB's local reach and customer trust.' The deal includes a Total Access Fee of up to RM1.6bn, payable to RHB. This fee corresponds to the expected volume of business that the bank will generate through the sales of these insurance and takaful products over the course of the agreements. The partnerships are expected to have a positive effect on RHB's profit margins before tax, the joint press release said. RHB Banking Group MD and CEO Dato' Mohd Rashid Mohamad stated: 'This long-term and exclusive banca partnerships reinforces our commitment to staying relevant to our customers, diversifying our income streams and driving sustainable long-term growth. 'This aligns with our PROGRESS27 strategic priorities, which is already in motion, enabling us to deliver broader value to our stakeholders while driving our non-interest income streams.' Recently, Tokio Marine Holdings disclosed plans to rebrand its subsidiary Insurance to improve growth in Japan's direct auto insurance market. "HB strikes bancassurance deals with Tokio Marine Life and Takaful Malaysia " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
01-08-2025
- Business
- CNA
RHB Bank seals 20-year insurance and bancatakaful deals with Tokio Marine and Takaful Malaysia
Malaysia's RHB Bank on Friday said it entered exclusive 20-year bancassurance and bancatakaful agreements with Tokio Marine Life Insurance Malaysia and Takaful Malaysia. Takaful Malaysia refers collectively to insurer Syarikat Takaful Malaysia Keluarga and its unit. In Malaysia, conventional insurance and bancatakaful agreements, which provide sharia-compliant insurance options, allow insurers to sell their products through a bank's distribution network. Under the agreements, RHB will receive up to 1.6 billion ringgit ($374.27 million) in access fees over the agreement duration for exclusively distributing conventional life insurance and takaful products through its branch network and digital channels in Malaysia.
